Agenda 8-a - Minutes - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 $5.3 million required to build, but IFC would consider it as a bridge loan allowing for construction to begin, and repayment to occur in years 2 and 3. She said if pledges are made, but not received, IFC would ask that this portion of the loan be forgiven. Chair Dorosin said there is consensus to review the policy in the fall, and asked if the Board would accept leaving the no interest loan on the table, in order to get more information from staff on the 19th. He said if the Board does not do a loan, then the $100,000 can go to the reserve. Bonnie Hammersley said the Board can park the monies in the social justice fund, which is at $250,000 in the budget. A motion was made by Commissioner Marcoplos, seconded by Commissioner Price to revisit this policy in the fall, and to add the zero interest loan criteria item tentatively for the June 19th meeting. Commissioner Price asked if Commissioner Marcoplos meant to discuss this at a work session in the fall or at the retreat in January 2019. Commissioner Marcoplos said the fall. Commissioner Rich said the loan part sounds too open to her, and asked if the vote could be split into two motions. Chair Dorosin said yes, and the first vote would be to discuss the policy at a work session as early as possible in the fall. VOTE: UNANIMOUS A motion was made by Chair Dorosin, seconded by that the Board will put aside $100,000 in the social justice fund to be earmarked for a zero interest loan with staff bringing back the criteria will work for the repayments and terms on June 19, 2018. Travis Myren said the policy states that staff would negotiate the terms with the applicable outside agency, but staff can bring a general framework. Commissioner Rich asked if this is $100,000 over three years, or $100,000 per year, for three years. Chair Dorosin said he was thinking it would be $100,000 for this year. Bonnie Hammersley said she would assume this would be reviewed each year. Chair Dorosin said to do this for a year, have the policy discussion and then re -visit this at next budget cycle as a loan or something else. Commissioner Rich asked if this is part of the motion. Chair Dorosin said yes. Commissioner Rich said she has questions about possibly forgiving the loan. Chair Dorosin said that is not part of the discussion now. Commissioner Rich said the Board is talking about the loan and voting now, and asked if the Board is committing to making the loan this evening. Commissioner Price said no, not until next week after staff brings back information. Bonnie Hammersley said moving the funds from the social justice fund would be a simple budget amendment, and can be done at any time during the year. Bonnie Hammersley asked if more clarification would be provided on what the Board seeks from staff next week.