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RWJPA increases Mario Cristaldo's line of credit by $60,000 to finish Red House project
Summary
The JPA voted unanimously to boost Mario Cristaldo's line of credit by $60,000, with repayment due on the earlier of the note date or sale of his Rothsay property, after Cristaldo reported cash-flow shortfalls on the Red House project.
Mario Cristaldo told the board that cash flow for the Red House project is tight because he diverted funds to a Rothsay project that has not yet sold; he estimated an additional $91,000 would be needed to finish the Red House work.
Amy Clark noted the existing line of credit was $110,000 and that about $30,000 remained available. Nathan Berseth moved to increase Cristaldo's line of credit by $60,000; Perry Miller seconded the motion. The board approved the increase by unanimous roll call vote.
Under the approved terms the $60,000 will be due on the earlier of the contractual date provided in the line of credit note or upon sale of the Rothsay house. The board did not discuss additional collateral or interest changes in the meeting record; staff will document repayment terms in the loan paperwork.
