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Applicant asks for $440,000 revolving loan; board schedules executive session
Summary
A business presenter asked the board for a $440,000 revolving loan to cover operating costs and escrow for a building purchase; the board moved to review the application in executive session and invited the applicant and staff. The request was introduced and executive session was set for the end of the meeting.
A presenter asked the Select Board on Dec. 15 for what he described as a $440,000 revolving loan to cover two weeks of operating costs and to fund an escrow account to purchase a building with a closing scheduled for the 23rd. "We're ready to move money into the escrow account to purchase the building," the presenter said, adding that mortgage and insurance were already in place.
The board agreed to consider the application in executive session to review confidential business planning material and trade-secret information. Chair (speaker 1) moved that the board enter an executive session under the cited statutory exemptions and invited Rosemary and the applicant to join. The board entered executive session at 09:11 to review the loan application and related confidential documents, with no public deliberation recorded outside the closed session.
