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HomeMy WebLinkAbout1991.10.09_OEDA Minutes121 OWASSO ECONOMIC DEVELOPMENT AUTHORITY O MINUTES OF REGULAR MEETING Wednesday, October 9, 1991, 12:00 Noon Owasso City Hall Conference Room 207 S Cedar, Owasso, Oklahoma MEMBERS PRESENT Frank Enzbrenner Michael Watson Tom Kimball Bill Retherford Alan Anderson MEMBERS ABSENT Patricia Marlar Brenda Lawrence 1. CALL TO ORDER AND ROLL CALL STAFF PRESENT Steve Compton Marcia Boutwell Ron Cates Chairperson Frank Enzbrenner called the meeting to order at 12:20 p.m. and declared a quorum present. 2. CONSIDER APPROVAL OF THE MINUTES OF SEPTEMBER 11, 1991 MEETING Tom Kimball moved to approve the minutes of the September 11, 1991 meeting as written. Motion seconded by Alan Anderson. A vote on the motion was recorded as follows: Tom Kimball - Yes Alan Anderson - Yes Michael Watson - Yes Bill Retherford - Yes Frank Enzbrenner - Yes The motion carried 5 -0. 3. CONSIDER APPROVAL OF THE CLAIMS There were no claims to approve. 4. PRESENTATION OF FINANCIAL REPORT There was no financial report. 5. DISCUSSION AND ACTION CONCERNING THE REORGANIZATION OF THE INDUSTRIAL DEVELOPMENT TEAM Steve Compton explained that the purpose of the industrial team reorganization concept is to get persons in addition to those sitting on the OEDA involved in economic development. The team Owasso Economic Development Authority Minutes of October 9, 1991 Page 2 might be set up with a group to set policy and another group to become contacts for prospective businesses. No action was taken on this item. 6. CONSIDERATION AND APPROVAL OF LOAN DOCUMENTATION FOR WOODS PRECISION PRODUCTS INC CDBG LOAN AND RESOLUTION AUTHORIZING LOAN ACTIVITY AND DOCUMENTATION EXECUTION Ron Cates explained the Security Agreement, Subordinated Debenture, Guaranty, and Debenture Agreement, as well as related closing documents. He also discussed a letter he had received from the attorneys for Woods Precision Products Inc relating to some items in the agreements they would like deleted or renegotiated. Following discussion, Tom Kimball moved to approve the resolution authorizing the loan transactions and loan documents, provided the Authority would agree to modifications in the loan documents, if agreed by ODOC, such modifications being the following: In the Security Agreement 1. The term "unencumbered" in paragraph 5, page 5, be deleted. 2. Insert the phrase "to be identified by the Authority" after the word "insurance" in paragraph 9(c), page 7. In the Guaranty -- 1. Jerry and Linda Fidler are not the sole stockholders of the company. In the Debenture Agreement -- 1. Section III, Insurance, should be amended to reflect that the lender will not have an original copy of the life insurance policy and that less than a "full" assignment of benefits is made thereof. 2. Paragraphs in Section IV, Authority agreed to increase the ceiling from $2000 to $10,000. Motion seconded by Bill Retherford. A vote on the motion was as follows: Tom Kimball - Yes Bill Retherford - Yes Michael Watson - Yes Alan Anderson - Yes Frank Enzbrenner - Yes The motion carried 5 -0. w Owasso Economic Development Authority Minutes of October 9, 1991 Page 3 7. STATUS REPORT REGARDING IMPLEMENTATION OF THE ECONOMIC STRATEGY Steve Compton stated that the community brochure has gone to the printer and should be available by the end of the month. 8. ATTORNEY'S REPORT None 9. UNFINISHED BUSINESS None 10. NEW BUSINESS None 11. ADJOURN Alan Anderson moved, seconded by Michael Watson for adjournment. A vote on the motion was as follows: Alan Anderson - Yes Michael Watson - Yes Tom Kimball - Yes Bill Retherford - Yes Frank Enzbrenner - Yes The motion carried 5 -0 and the meeting was adjourned at 1:15 p.m. Chairperson �A� - Secretary /2 -// -9/ Date Approved