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Loan Sub-Committee approves minutes, notes $200,000 settlement and assigns follow-ups
Summary
The EDAB Loan Sub-Committee approved the Jan. 28 minutes, recorded a $200,000 settlement with MJT Holdings (Brightstar Care), concluded no changes to the loan policy are needed, and assigned follow-ups including title-company recommendations and staff presentations to the Land-Use Sub-Committee.
The EDAB Loan Sub-Committee met Feb. 25, 2025, at the Har-Co Resource Center in Bel Air and approved the Jan. 28 meeting minutes with a quorum of four members present.
Members noted that the five loans in the Department of Economic Development portfolio are being repaid by agreement and recorded that MJT Holdings (Brightstar Care) settled on Feb. 21, 2025, for $200,000. The committee commented that the County Council process for such matters can be slow but generally manageable.
On review of the current loan policy, the sub-committee agreed that no updates are necessary at this time. Staff reported outreach from prospective borrowers: Kooper’s Tavern (referred by Jarrettsville Federal) is discussing a large project that could involve VLT loans, and Charm City Run has also expressed interest in EDOF support. Bonnie Barresi told members she has received calls from applicants seeking to use EDOF funds to refinance higher-interest loans but said that refinancing is not permitted under the current loan policy.
Committee Chair Gil Kennedy said he had met with local bank leaders and the County Executive about the EDOF fund. Members also raised concerns about incorrect loan documentation from the current title company and asked colleagues to forward alternate title-company recommendations to staff.
The meeting closed after assigning action items: committee members to forward title-company recommendations to Bonnie Barresi; Raj Goel to present the Route 40 pilot draft to the EDAB Land-Use Sub-Committee and further refine its terms; and Bonnie to continue discussions with Kooper’s Tavern and Charm City Run about possible loan applications. The next meeting is scheduled for March 25, 2025, at 8:30 a.m. at the Har-Co Resource Center.
