December 12, 2016 Special Meeting Minutes

Village of Louisville

Meeting Minutes

December 12, 2016

5:30 PM Special Meeting 

SPECIAL MEETING MINUTES

At 5:30 PM, the Village Board of Trustee’s met in Special Session, those in attendance were, President Dale Murbarger, Trustee Danny Miller, Trustee Steve Stortzum, Trustee Nancy Byers, Trustee Troy Fender and Trustee Angie Frye. Also in attendance were Attorney Barry Bright, Clerk Angela Stanfield, Treasurer Stephanie Bailey, Superintendent Troy Elwood, Marty Garrett and Keith Patridge of Glamour Farms Boutique. Trustee Gina Rinehart arrived at 5:36 PM. Wade Harrison of Glamour Farms Boutique arrived 5:40 PM. Marty Garrett, Keith Patridge and Wade Harrison left at 6:48 PM. 

President Murbarger called the meeting to order at 5:35 PM. 

Roll Call taken and the following Village authorities announced present at the beginning of the December 12, 2016 Special Meeting: President Dale Murbarger, Trustee Danny Miller, Trustee Steve Stortzum, Trustee Troy Fender, Trustee Nancy Byers, and Trustee Angie Frye. Trustee Gina Rinehart absent. 

Pledge of Allegiance followed. 

The purpose of the Special Meeting is to discuss Industrial Fund and TIF (Tax Increment Financing) Fund. 

Marty Garrett of Glamour Farms Boutique addressed the board and asked the Village Board to consider assisting Glamour Farms Boutique in their relocation expansion project of their business. Marty Garrett stated he is looking to purchase property at 14094 Highway 45, Louisville, to relocate and expand their Glamour Farms Boutique business. Marty Garrett informed the board the purpose for relocating, is to meet the increasingly supply and demand of the business, and stated Glamour Farms Boutique has outgrown its current facility at 250 Route 45 South in Louisville. 

Village board discussed Industrial Fund and TIF Fund to consider assisting Glamour Farms Boutique in their relocation expansion project. 

Village board agreed to assist Glamour Farms Boutique with a twenty five year, $125,000 loan from the Village Industrial Fund, to assist in their relocation expansion project. Village board and Marty Garrett agreed to terms of agreement as follows; zero percent interest rate for the first five years, one percent interest rate for next five years, two percent interest rate for next five years, three percent interest rate for next five years, three percent interest rate for next five years, and agreement can be negotiated at any time. Attorney Barry Bright will prepare official agreement. 

Village board discussed TIF Fund options to assist Glamour Farms Boutique in their relocation expansion project. Village board discussed TIF options with Keith Moran of Moran Economic Development. Keith Moran presented details on TIF and stated that Marty Garrett of Glamour Farms Boutique must first complete a TIF Application. Keith Moran stated he would review the TIF Application and determine options, and advise the Village Board on how TIF could assistance Glamour Farms Boutique in their relocation expansion project. 

A motion made by Trustee Byers and seconded by Trustee Rinehart to approve twenty five year, $125,000 loan from the Village Industrial Fund to MDG Properties LLC (Glamour Farms Boutique) with terms agreed to; first five years zero percent interest, next five years one percent interest, next five years two percent interest, next five years three percent interest, next five years three percent interest, and the agreement to be negotiated at any time.

Roll Call

6 Ayes – 0 Nays – 0 Absent – Motion Carried 

A motion made by Trustee Miller and seconded by Trustee Fender to authorize and approve services with Keith Moran of Moran Economic Development for TIF (Tax Increment Financing).

Roll Call

6 Ayes – 0 Nays – 0 Absent – Motion Carried 

A motion to adjourn made by Trustee Rinehart and seconded by Trustee Frye at 6:58 PM.

Roll Call

6 Ayes – 0 Nays – 0 Absent – Motion Carried  

Angela Stanfield, Village Clerk

Dale Murbarger, Village President 

 

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