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Lapeer Main Street Inc. renews $100,000 line of credit and updates account signers
Summary
In a convened Lapeer Main Street Inc. session, the board voted to renew a $100,000 facade-loan line of credit with Choice 1 Bank for three years, updated account signers and authorized the chair to sign renewal paperwork.
During the Executive Committee meeting the board convened as Lapeer Main Street Inc. and voted to renew a $100,000 line of credit through Choice 1 Bank for another three-year term to continue the façade-loan program.
Speaker 1 explained the line of credit and noted prior discussions with Choice 1 Bank about a possible future increase in the credit limit. Speaker 7 moved to renew the program for three years and Speaker 2 supported the motion. The committee approved the renewal by voice vote and then approved an update to the organization's account signers (recommended signers: Mindy as chair, Tim vice chair, and Megan as treasurer).
The board also authorized the chair (Mindy) to sign the necessary renewal and extension paperwork with Choice 1 Bank. Motions carried by voice vote; no roll-call tallies are recorded in the transcript.
Next steps: staff will proceed with paperwork for the renewal and provide documentation to Choice 1 Bank and report back to the board.
