PDC 2005 Minutes

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Dickinson House in Hugo, Colorado. The meeting was delayed as those present watched the video presentation to be given at the Colorado Preservation, Inc. annual conference in February. In addition to Brett Legg, board members present included Keith Forristall, Shelly Lofdahl, Jerry Allen, Ed Rarick, Dana Siekman, Dorothy Stone and Dan Troyer. Staff members present were Maryjo Downey, PDC Administrator, Elwin Boody, PDC Business Loan Manager, and Terry Blevins, PDC Housing Improvement Program Director.  </div> <div> The Board proceeded to elect new officers for the ensuing year. Chairman Brett Legg opened the floor for nominations. Keith Forristall moved that all officers currently serving be elected to continue in the same offices. Dorothy Stone seconded the motion, which carried unanimously.</div> <div> <B>Introduction of Board and Guests</b></div> <div> There were no guests present.</div> <div> <B>Approval of Minutes  </b></div> <div> The Board proceeded with review of the Minutes of the November 23, 2004 meeting. Dana Siekman moved the Minutes be approved as submitted; Ed Rarick seconded the motion, which carried unanimously.</div> <div> <B>Financial report   </b></div> <div> Jo Downey presented the financial report for November 2004 and list of expenses for $84,554.50. Ed Rarick moved the Board approve the report and payment of the bills. Dana Siekman seconded the motion, which carried unanimously. </div> <div> <B>Business Loan Committee Recommendations</b></div> <div> Brett Legg told the Board that the Business Loan Committee recommended approval of two applications. </div> <div> The first request was for a PDC Direct Loan for a retail business expansion in Lincoln County. The loan request was for $100,000, to be repaid over seven years at six percent interest. Collateral would include a $44,000 certificate of deposit pledged to PDC, along with junior liens on all equipment, furniture, fixtures, accounts and the business property.  Use of the loan proceeds would be to help finance a new building, furniture and fixtures and operating capital. Dan Troyer moved the loan be approved as presented. Dana Siekman seconded the motion, which carried 7-0 with Brett Legg abstaining.</div> <div> The second request was for a Micro Enterprise Loan for a new retail business in Lincoln County. The loan request was for $25,000, to be repaid over seven years at six percent interest. Collateral would include a second deed of trust on the property and a second lien on all equipment, furniture, inventory and accounts. This would be a family business, with all members providing personal guarantees, as well. Use of the loan proceeds would be to help purchase equipment, furniture and fixtures and inventory. Dana Siekman moved the loan be approved as presented. Brett Legg seconded the motion, which carried 6-0 with Shelly Lofdahl and Ed Rarick abstaining.</div> <div> <B>Housing Program Report</b></div> <div> There was no housing program report for this meeting.</div> <div> <B>Enterprise Zone Plan Report</b></div> <div> Jo Downey told the Board she needed to update the zone objective status for 2004, but she needs to obtain data from the affected county assessors to do so. Because Elbert County includes a small area that is not included in the zone, it is a computer process for the Elbert County Assessor. Once that information becomes available, however, she will complete the update. The new objectives must be filed with the state by February 14, she said, and they will be brought to the PDC Board at the February meeting.</div> <div> <B>Web Site Targeted Marketing</b></div> <div> Jo Downey said PDC now has 230 names and email addresses for Arriba-Flagler School alumni in the “Come Home Again” database. Brian Hawkins of b Hawkins inc. is developing an interactive email campaign to be used as a test of this marketing effort.</div> <div> <B>Heritage Tourism Project</b></div> <div> Jo Downey circulated a copy of the 2005 Heritage Tourism Media Schedule calling for ad placement in the Denver and Colorado Springs daily newspapers, in the AAA/Encompass Magazine and at <A HREF="http://www.colorado.com" TARGET="_top" TITLE="http://www.colorado.com"><U>www.colorado.com</U></A>. The ads would be placed between May and August in the publications, and would be on the website for a year. Total cost of the campaign will be $24,508.96. Work is ongoing on the local brochure inserts advertising local museums with regular operating hours, and on informational inserts listing area antique outlets, bed & breakfast locations and state and national historic sites in the region.</div> <div> <B>Web Site Updates and “Stats”</b></div> <div> Elwin Boody told the Board that data used in preparing the web site statistics for <A HREF="http://www.prairiedevelopment.com" TARGET="_top" TITLE="http://www.prairiedevelopment.com"><U>www.prairiedevelopment.com</U></A> will be changed in January, and the reports will look different based on the new data. Information now available indicates the visits to the web site are holding up from month to month, he added.</div> <div> <B>PDC “Real Estate” Update</b></div> <div> Jo Downey told the Board that one of the rental apartments in Stratton remains vacant. The previous tenant has begun repaying PDC amounts owed for back rent and clean-up costs, as agreed. There has been no change in the status of the rental houses in Cheyenne Wells.</div> <div> <B>Dickinson House Sales “Tactics”/Price??</b></div> <div> Jo Downey told the Board that PDC will be taking a sales flyer advertising the Dickinson House to the Colorado Preservation, Inc. conference in February, and will be listing the house for sale on eBay on the Internet. However, she said the Board needs to set the sales price for the home. Following a lengthy discussion, the Board agreed by consensus to set the sales price for the Dickinson House at $137,500.</div> <bR> <div> Jo said an open house for the local public will be scheduled, and a local real estate agent will be commissioned to handle the sale.</div> <div> <B>Section House Status </b></div> <div> There has been no activity at the Section House. PDC still anticipates receipt of a contract with the architectural firm doing the bid designs and specifications.</div> <div> <B>February Meeting Date/Location</b></div> <div> The next meeting of the PDC Board of Directors will be Wednesday, February 23, 2005 at the Limon Town Hall.</div> <div> <B>Other </b></div> <div> There being no other business, Brett Legg declared the meeting adjourned at 9:11 p.m.</div> <bR> <div> <A HREF="id36_2005_pdc_minutes.htm" TARGET="_top" TITLE="PDC Board Minutes"><U><B><IMG SRC="10532200.gif" border=0 width="50" height="32" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></b></U></A></div> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="february_2005"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></b></div> <div> <B>Prairie Development Corporation</b></div> <div> <B>Board of Directors Meeting Minutes</b></div> <div> <B>February 23, 2005</b></div> <div> <B>Call to Order</b></div> <div> Chairman Brett Legg called the meeting of the Prairie Development Corporation Board of Directors to order at 7:46 p.m. at the Limon Town Hall in Limon, Colorado. In addition to Brett Legg, board members present included Keith Forristall, Jerry Allen, Dana Siekman, Dorothy Stone and Dan Troyer. Staff members present were Maryjo Downey, PDC Administrator, Elwin Boody, PDC Business Loan Manager, and Terry Blevins, PDC Housing Improvement Program Director.  </div> <div> <B>Introduction of Board and Guests</b></div> <div> There were no guests present.</div> <div> <B>2005/2006 Officers</b></div> <div> Jo Downey explained that the Board voted in January to retain the same officers, but those officers need to be named for the official Minutes. She said the officers for 2005/2006 are: Brett Legg, chairman; Dana Siekman, vice-chairman; Jerry Allen, secretary/treasurer.</div> <div> <B>Approval of Minutes  </b></div> <div> The Board proceeded with review of the Minutes of the January 26, 2005 meeting. Dana Siekman moved the Minutes be approved as submitted; Jerry Allen seconded the motion, which carried unanimously.</div> <div> <B>Financial report   </b></div> <div> Jo Downey reminded the Board that last month the financial report was not available for review, although the Board approved payment of the January bills. She presented the financial reports for January 26, 2005 and for February 23, 2005, and the list of February expenses totaling $36,810.80. Jerry Allen moved the Board approve the reports and payment of the February bills. Dan Troyer seconded the motion, which carried unanimously. </div> <div> <B>Business Loan Committee Recommendations</b></div> <div> Brett Legg told the Board that the Business Loan Committee recommended approval of a PDC Mini-Loan for start-up of a new service business in Kit Carson County. The loan amount would be $25,000, with repayment over 84 months at six percent interest, with monthly payments of $365.21. Loan proceeds would be used for a building for the business, and the borrower would use his home and business facilities, equipment, furniture and fixtures, inventory and accounts as collateral for the loan. </div> <div> Dana Siekman moved the loan be approved as recommended. Dorothy Stone seconded the motion, which carried unanimously.</div> <div> <B>Housing Program Report/Project Income Discussion</b></div> <div> There was no other housing program report for this meeting. However, Jo Downey stated that PDC has accumulated more than $200,000 in project income from past grant-funded loans. She reminded the Board of problems encountered during operation of the grant-funded single family, owner-occupied residential rehabilitation program. For example, the program requires a knowledgeable person to inspect home and to write bid specifications. In the past, PDC used an in-house rehab specialist until program levels no longer justified a fulltime person in this role. PDC also contracted for inspection and estimating services, but had trouble finding the expertise available locally. Brett Legg said a well-established contractor in Cheyenne County is planning to retire, and might be able to do this work for PDC. He agreed to talk to the contractor.</div> <div> The project income can be used for acquisition and rehab for resale, and this program may, in fact, be the best possibility for use of these funds. She asked for assistance in locating a good prospect in a location that offers a reasonable market for resale of the property after rehabilitation. Brett Legg and Dorothy Stone both mentioned properties that might be potential acquisition & rehab projects, and Terry Blevins agreed to consider those properties. Another outlet for the fund would be an expanded down payment assistance program, and Jo said PDC needs to renew program-marketing efforts to local lenders.</div> <div> <B>2004 Enterprise Zone Credits Summary</b></div> <div> Jo Downey had sent copies of the East Central Enterprise Zone 2004 Business Development Objectives Summary and the annual EZ certification comparisons to Board members prior to the meeting. Due to the land area involved in this zone, the East Central Enterprise Zone measures its progress in meeting its objectives by tracking changes in non-residential assessed valuation. She said minimal progress was made in 2004 toward meeting the business development objectives, as non-residential assessed valuation totals actually decreased $8 million from the previous year. The decrease was largely due to decreases in oil and gas valuation in Cheyenne County. Commercial valuation increased, but industrial valuation did not. The Summary also discusses continued promotion of the region for expansion of existing businesses and industries, and development of a new heritage tourism program designed to benefit local businesses.</div> <div> <B>Web Site Targeted Marketing/ Heritage Tourism Update/March 11 Meeting</b></div> <div> Jo Downey said she hopes to have something solid regarding the web site targeted marketing project to show the Board by the next meeting. A plan is being developed in cooperation with bhawkins, inc., the same firm developing the new heritage tourism marketing program.</div> <div> Jo said she hopes to have an outline for the heritage tourism marketing program by the next PDC Board meeting. She is scheduling another meeting involving the East Central Council of Local Governments, PDC  and  local  museum  interests for March 11. Brian Hawkins will attend that meeting to present several advertising concepts with the hope of gaining consensus from the group on a single marketing approach.</div> <div> Jo said the reconstituted <A HREF="http://www.ourjourney.info" TARGET="_top" TITLE="http://www.ourjourney.info"><U>www.ourjourney.info</U></A> website should be online and tested by May. She said she is excited at how interactive the website will be.</div> <div> <B>Web Site Updates and “Stats”</b></div> <div> Elwin Boody told the Board the website statistics for <A HREF="http://www.prairiedevelopment.com" TARGET="_top" TITLE="http://www.prairiedevelopment.com"><U>www.prairiedevelopment.com</U></A> are now being reported differently, and hopefully, more accurately, than in the past. However, with only one month's data on the report, it is too early to draw any meaningful conclusions from the report.</div> <div> <B>PDC “Real Estate” Update</b></div> <div> Jo Downey told the Board there had been no changes in the status of any of the PDC-owned properties. One of the Stratton apartments remains vacant.</div> <div> <B>Dickinson House Open House/Easement/Sales Status</b></div> <div> Jo Downey told the Board that an Open House will be held at the Dickinson House on Sunday, March 13, 2005, from 1:30 to 3:30 p.m. The historic easement required by the State Historical Fund has been executed, with Brett Legg signing the Colorado Historical Foundation's easement papers prior to the PDC Board meeting. </div> <div> The Dickinson House project was the subject of a video presentation at the recent Colorado Preservation, Inc.'s Saving Places Conference. Jo said Terry Blevins presented the video at a session with the theme of “Not Every Old Building Can Be A Museum.” The video was well received, she said. Jo added that the Dickinson House was one of five winners of CPI's 2005 State Honor Award, to be presented May 4 as part of the Dana Crawford Award Program in Denver.</div> <div> <B>Section House Status </b></div> <div> Architectural contracts for the former Denver & New Orleans Railroad Section House restoration project in Elizabeth have been executed with Slaterpaull Architects, according to Jo Downey. The architects now are working on the restoration designs and bid specifications. When completed, PDC intends to sell the historic building for some commercial use.</div> <div> <B>March Meeting Date/Location</b></div> <div> The next meeting of the PDC Board of Directors will be Wednesday, March 23, 2005 at Limon.</div> <div> <B>Other </b></div> <div> There being no other business, Brett Legg declared the meeting adjourned at 8:44 p.m. </div> <bR> <div> <A HREF="id36_2005_pdc_minutes.htm" TARGET="_top" TITLE="PDC Board Minutes"><U><B><IMG SRC="10532200.gif" border=0 width="50" height="32" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></b></U></A></div> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <DIV ALIGN="LEFT"></DIV> <div>  <A NAME="march_2005"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></div> <div> <B>Prairie Development Corporation</b></div> <div> <B>Board of Directors Meeting Minutes</b></div> <div> <B>March 23, 2005</b></div> <div> <B>Call to Order</b></div> <div> Chairman Brett Legg called the meeting of the Prairie Development Corporation Board of Directors to order at 7:30 p.m. at the Limon Town Hall in Limon, Colorado. In addition to Brett Legg, board members present included Keith Forristall, Jerry Allen, Ed Rarick, Dorothy Stone and Dan Troyer. Staff members present were Elwin Boody, PDC Business Loan Manager, and Terry Blevins, PDC Housing Improvement Program Director. Maryjo Downey, PDC Administrator, was unable to attend.</div> <div> <B>Introduction of Board and Guests</b></div> <div> There were no guests present.</div> <div> <B>Approval of Minutes  </b></div> <div> The Board proceeded with review of the Minutes of the February 23, 2005 meeting. Jerry Allen moved the Minutes be approved as submitted; Dan Troyer  seconded the motion, which carried unanimously.</div> <div> <B>Financial report   </b></div> <div> Elwin Boody presented the financial reports for March 23, 2005, and the list of March expenses totaling $78,801.64. Ed Rarick moved the Board approve the reports and payment of the March bills. Dorothy Stone seconded the motion, which carried unanimously. Ed Rarick inquired about the PDC budget. Terry Blevins said he would ask Jo Downey to discuss the budget at the next meeting.</div> <div> <B>Business Loan Committee Recommendations</b></div> <div> There were no Business Loan Committee recommendations to come before the Board. </div> <div> <B>Housing Program Report</b></div> <div> Terry Blevins presented one housing loan application for the Board's consideration, 05-RP13. The applicant is a disabled senior citizen who had to leave her mobile home due to health problems caused by mold. She has found a used mobile home to purchase, and a daughter has deeded a city lot for placement of the home. The municipality has granted a variance to allow the home. Loan funds would be used to help purchase the home and pay for its setup. The borrower is at 25 percent of the median income. Housing Program staff recommended a loan of $3,800, with repayment over 10 years at 0.00% interest. Brett Legg spoke in support of the applicant in this case. Jerry Allen moved the loan be approved with the terms presented; Keith Forristall seconded the motion, which carried unanimously.</div> <div> Terry reported that one Rural Home Loan Partnership loan was closed recently in Lincoln County. 05-JP79 is a single, female head of household with two children, at 39 percent of the county's median income. PDC loaned $18,000 at one percent interest, with repayment over 33 years. Rural Development loaned $72,000 with the same terms. PDC has first security position for this loan.</div> <div> Terry also presented a foreclosure update:</div> <div> Three foreclosure actions terminated when the borrowers cured their defaults. All were Rural Home Loan Partnership loans.</div> <div>      Another RHLP loan is in foreclosure initiated by Rural Development.</div> <div> A fifth RHLP loan foreclosure has been completed, and PDC is waiting to see if Rural Development finds another buyer for the property or otherwise redeems it by paying off PDC's interest.</div> <div> Two down payment assistance loans were accelerated in February. One case will be filed in small claims court and PDC will sue on the note in the other case. PDC has a second deed of trust as security for DPA loans.</div> <div> Dan Troyer moved the Housing Program Report be accepted. Ed Rarick seconded the motion, which carried unanimously.</div> <div> <B>2005 Enterprise Zone Credits Summary Through 3-28-05</b></div> <div> Elwin Boody told the Board that he was unable to complete the report in time for this meeting, but promised to have it available for the April meeting.</div> <div> <B>Web Site Targeted Marketing</b></div> <div> Elwin Boody said Jo Downey has been working on this project and will have a report for the Board in April.</div> <div> <B>Heritage Tourism Meeting Results</b></div> <div> Terry Blevins told the Board he was unable attend the March 11 meeting, but Jo Downey had reported the meeting was well-attended. He said Jo described it as “a good meeting” and was satisfied with the results. She probably will give a more complete report at the April meeting of the PDC Board.</div> <div> <B>Web Site Updates and “Stats”</b></div> <div> Elwin Boody told the Board that work to make the website links work properly is ongoing. Elwin presented the website statistics for February 2005, which showed more visits to the site than in January, but for short durations. There was one PDC inquiry in February as a result of the website. Elwin said he still is unable to access site statistics for the <A HREF="http://www.comehomeagain.com" TARGET="_top" TITLE="http://www.comehomeagain.com"><U><U>www.comehomeagain.com</U></U></A> website.</div> <div> <B>PDC “Real Estate” Update</b></div> <div> Terry Blevins reported there has been no change regarding occupancy of any of PDC's properties in the past month.</div> <div> <B>Dickinson House Open House Report/ Sales Status</b></div> <div> Terry Blevins said the open house was a success, with more than 40 persons touring the project in spite of inclement weather earlier in the day. Visitors had refreshments and many watched both Dickinson videos that were showing throughout the open house. Several interested parties have looked at the house. The best prospect is a retired woman who would relocate from another state if her daughter and son-in-law are successful in buying an agricultural property nearby. </div> <div> <B>Section House Status </b></div> <div> The architects have visited the project site for more measurements and investigations, and are now in the process of developing project designs and specifications. Terry Blevins said the designs should be finished in April and forwarded to the State Historical Fund for approval and/or comment. The state response and any required changes should be completed in May, and the architects expect to be seeking bids for the work by June 2005.</div> <div> <B>Dana Crawford Awards</b></div> <div> Terry Blevins reminded the Board that PDC will receive one of five State Honor Awards from Colorado Preservation Inc. at a banquet in May. He asked that any Board members planning to attend to state their intentions to Jo Downey, if they haven't already done so.</div> <div> <B>April Meeting Date/Location</b></div> <div> The next meeting of the PDC Board of Directors will be Wednesday, April 27, 2005 at Flagler.</div> <div> <B>Other </b></div> <div> Terry Blevins reported that an Elizabeth business owner, has expressed interest in the vacant PDC Board position. Terry contacted him and offered to answer any questions about the PDC or Board responsibilities, but was told he had been fully informed by Dorothy Stone. Terry advised him to express his interest in the vacancy to John Metli, chairman of the Elbert County Commissioners, where the appointment must be made. </div> <div> There being no other business, Brett Legg declared the meeting adjourned at 8 p.m. </div> <bR> <div> <A HREF="id36_2005_pdc_minutes.htm" TARGET="_top" TITLE="PDC Board Minutes"><U><B><IMG SRC="10532200.gif" border=0 width="50" height="32" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></b></U></A></div> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <DIV ALIGN="LEFT"></DIV> <div>  <A NAME="april_2005"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></div> <div> <B>Prairie Development Corporation</b></div> <div> <B>Board of Directors Meeting Minutes</b></div> <div> <B>April 27, 2005</b></div> <div> <B>Call to Order</b></div> <div> Chairman Brett Legg called the meeting of the Prairie Development Corporation Board of Directors to order at 7:27 p.m. at the High Plains Bank in Flagler, Colorado. In addition to Brett Legg, board members present included Ed Rarick, Jerry Allen, Dan Troyer, Dorothy Stone, Shelly Lofdahl and Lori Kelly. Staff members present were Maryjo Downey, PDC Administrator, Elwin Boody, PDC Business Loan Manager, and Terry Blevins, PDC Housing Improvement Program Director. </div> <div> <B>Introduction of Board and Guests</b></div> <div> There were no guests present. Jo Downey introduced Lori Kelly of Simla, who has been appointed by the Elbert County Commissioners to fill the vacancy left by the resignation of Roni Carr.</div> <div> <B>Approval of Minutes  </b></div> <div> The Board proceeded with review of the Minutes of the March 23, 2005 meeting. Jerry Allen moved the Minutes be approved as submitted; Dan Troyer seconded the motion, which carried unanimously.</div> <div> <B>Financial report   </b></div> <div> Jo Downey presented the financial reports for April 27, 2005, and the list of April expenses totaling $80,212.08. Jerry Allen moved the Board approve the reports and payment of the April bills. Shelly Lofdahl seconded the motion, which carried unanimously. Jo said the 2004 audit is nearly complete, and auditor Mike May will present the audit to the Board by the June Board meeting.</div> <div> <B>Business Loan Committee Recommendations</b></div> <div> Brett Legg said the Business Loan Committee has recommended approval of a PDC Mini-Loan for start-up of a new service and manufacturing business. The Committee recommended a loan of $17,000, with repayment over three years at 5.75 percent interest. A loan origination fee of two percent and a $50 application fee would be assessed. The funds could be used for inventory and working capital. Collateral would include a second security position on equipment, furniture, fixtures, accounts and inventory; personal guarantees from the borrower and spouse; and a lien on the equity on the borrower's personal residence. The borrower is to maintain life insurance with PDC as assignee and business insurance with PDC as loss payee; he is to sign a power of attorney allowing PDC to obtain tax status reports from the Colorado Department of Revenue during the life of the loan, and the tax status report form itself. He is to obtain a lease for his place of business that will extend through the life of the loan. He is to obtain written assurance from his former employer that the firm will not assert a claim against the borrower for profits from sale of his product.   The loan is contingent on receipt of a letter from the bank committing a $42,000 bank loan. The borrower is to submit financial statements monthly during the term of the loan.</div> <div> Dorothy Stone moved the loan be approved as recommended. Ed Rarick seconded the motion, which passed 6-0, with Brett Legg abstaining.</div> <div> <B>Housing Program Report</b></div> <div> Terry Blevins presented one housing loan application for the Board's consideration, 97-E35m. The applicant is a disabled senior citizen who has had several emergency repair loans from PDC in the past. She has an excellent repayment history with PDC, and still has an outstanding loan balance of $2,460.00, at 0.00% interest. She needs a new exterior door, as the present door doesn't fit well, permits infiltration of air and has broken glass in the window. This door is an unusual size and will require a custom-made door. The door and installation will cost $845. </div> <div> The issue is this: this borrower no longer has her name on her deed. The house is in her daughter's name only, and the subject home is now not technically owner-occupied. However, the daughter always has co-signed her mother's PDC notes and is willing to do so again. Because the loan amount requested is small, and because this individual has been a faithful and grateful borrower for a number of years, Terry asked the Board to make an exception to the guidelines in this case to permit the repair. The cost of the door replacement would be added to her existing loan balance and her repayment period would be extended 10 additional months.</div> <div> Jerry Allen moved the Board make an exception to the owner-occupied requirement in this case and to allow this repair on her home. Shelly Lofdahl seconded the motion, which carried unanimously.</div> <div> <B>2005 PDC Budget</b></div> <div> In response to a request from Ed Rarick in March, Jo Downey circulated copies of the PDC annual budget and explained the various line items. Ed asked if the budget could be presented in comparison with the previous year's actual expenditures; Jo said she would provide that information at the end of the second quarter, 2005.</div> <div> <B>2005 Enterprise Zone Credits Summary through 4-15-05</b></div> <div> Jo Downey briefly discussed the Enterprise Zone tax credits as of April 15. Region wide, taxpayers have claimed $638,112 in tax credits, which Jo said represents dollars retained in the region, rather than sent to state government. The majority of the tax credits (about 95%) were claimed as Investment Tax Credits; the rest were Job Training Credits and New Business Jobs Credits. By far, the most tax credits were claimed in the agricultural sector, which represented 83% of the total. The business sector claiming the next largest total was the service industry, with 7%. Total credits by county were: Cheyenne-44 taxpayers claiming $111,790; Elbert-seven taxpayers claiming $52,232; Kit Carson-165 taxpayers claiming $391,964; Lincoln-53 taxpayers claiming $82,127.</div> <div> <B>Web Site Targeted Marketing Alternatives/Selection</b></div> <div> Jo Downey circulated two alternative marketing strategies from bhawkins, inc. and asked Board members to indicate which strategy they preferred. The members were equally divided in their opinions, but most favored some blend of the two strategies. Jo will ask for a blended proposal to present to the Board in May. </div> <div> <B>Heritage Tourism Project Update</b></div> <div> Jo Downey said the AAA magazine containing PDC's “Our Journey” ad has been delivered to its readers and PDC already has received 15 telephone calls wanting the brochure and accompanying information. Unfortunately, there is nothing to send out, yet, however, a kit will be completed prior to Memorial Day. She said all persons requesting a kit will receive the “Our Journey Pass” which will admit them to the area museums free of charge. The pass will be stamped by the museums visited, and if the individual visits eight of the 10 museums, a gift will be given in gratitude. The gift has been undetermined. Visitors to all 10 museums will be eligible to win a free stay at the Claremont Inn in Stratton. The Our Journey website, <A HREF="http://www.ourjourney.info" TARGET="_top" TITLE="http://www.ourjourney.info"><U><U>www.ourjourney.info</U></U></A>, will be activated by mid-May.</div> <div> <B>Web Site Updates and “Stats”</b></div> <div> Elwin Boody told the Board that all contact links are working from the PDC website, <A HREF="http://www.prairiedevelopment.com" TARGET="_top" TITLE="http://www.prairiedevelopment.com"><U><U>www.prairiedevelopment.com</U></U></A>, and all of the East Central Council of Governments program websites, the Our Journey website and the PDC website are now forwarded/masked to the PDC website. Visitor statistics for the website show there were more visitors in February, and again in March, than were seen during the best month in 2004.</div> <div> <B>PDC “Real Estate” Update</b></div> <div> Jo Downey said PDC continues to advertise one vacant apartment in Stratton. All other PDC rentals are occupied and paid current.</div> <div> <B>Dickinson House Sales Status</b></div> <div> Terry Blevins told the Board that there has been no progress on sale of the Dickinson House in Hugo. Two different parties expressed interest in the house, but nothing has been heard lately from one of them. The other party was willing to buy, but the sale hinged on sale of another property, which did not take place.</div> <div> <B>Section House Update</b></div> <div> Jo Downey reported that there is a party interested in purchasing the Section House in Elizabeth, once restoration is completed. Jo has met with this person at the house and discussed the restoration plans with her. </div> <div> Slaterpaull Architects has completed designs for the Section House restoration and has submitted them to the State Historical Fund for approval. This stage of the design process is known as the “90%” stage. The architects will make any adjustments required by the state, and then the project will be ready to advertise for bid.</div> <div> <B>Dana Crawford Awards</b></div> <div> Brett Legg and Terry Blevins will accept the State Honor Award on behalf of the Dickinson House Project at the annual Dana Crawford Awards program May 4, hosted by Colorado Preservation, Inc. Jo Downey and Dorothy Stone also will attend, on behalf of PDC.</div> <div> <B>May Meeting Date/Location</b></div> <div> The next meeting of the PDC Board of Directors will be Wednesday, May 25, 2005 at Hugo. The Board will meet in Elizabeth June 22, 2005.</div> <div> <B>Other </b></div> <div> There was no other business to come before the Board.</div> <div> <B>Adjournment</b></div> <div> There being no other business, Brett Legg declared the meeting adjourned at 9:03 p.m.</div> <bR> <div> <A HREF="id36_2005_pdc_minutes.htm" TARGET="_top" TITLE="PDC Board Minutes"><U><B><IMG SRC="10532200.gif" border=0 width="50" height="32" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></b></U></A></div> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <DIV ALIGN="LEFT"></DIV> <div>  <A NAME="may_2005"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></div> <div> <B>Prairie Development Corporation</b></div> <div> <B>Board of Directors Meeting Minutes</b></div> <div> <B>May 25, 2005</b></div> <div> <B>Call to Order</b></div> <div> Chairman Brett Legg called the meeting of the Prairie Development Corporation Board of Directors to order at 7:30 p.m. at the Eastern Trails Cultural Arts Center, Hugo, Colorado. In addition to Brett Legg, board members present included Shelly Lofdahl, Ed Rarick, Dan Troyer, Lori Kelly, Jerry Allen, Dana Siekman and Keith Forristall. Staff members present were Maryjo Downey, PDC Administrator, Elwin Boody, PDC Business Loan Manager, and Terry Blevins, PDC Housing Improvement Program Director. </div> <div> <B>Introduction of Board and Guests</b></div> <div> There were no guests present. </div> <div> <B>Approval of Minutes  </b></div> <div> The Board proceeded with review of the Minutes of the April 27, 2005 meeting. Jerry Allen moved the Minutes be approved as submitted; Ed Rarick seconded the motion, which carried unanimously.</div> <div> <B>Financial report   </b></div> <div> Jo Downey presented the financial reports for May 25, 2005, and the list of expenses totaling $43,789.01. Dana Siekman moved the Board approve the reports and payment of the bills. Dan Troyer seconded the motion, which carried unanimously. </div> <div> <B>2004 Audit Report</b></div> <div> The Board reviewed the 2004 PDC audit report. Ed Rarick moved the audit report be approved. Lori Kelly seconded the motion, which carried unanimously.</div> <div> <B>Business Loan Committee Recommendations</b></div> <div> There were no Business Loan Committee recommendations to come before the Board.</div> <div> <B>Housing Program Report</b></div> <div> Terry Blevins presented the Housing Improvement Program report, which included three staff-approved loans. The first two were down payment assistance loans:</div> <div> <I>05-DPA59-</I>In Lincoln County, borrowers qualified for the program at 70% of the county's median income,  household of two.  PDC loaned $5,940.00 with repayment at 3.00% interest over 10 years.  The participating bank loaned $78,060.00 at 7.5% interest with repayment over 30 years.</div> <div> <I>05-DPA60-</I>In Cheyenne County, borrower qualified for the program at 64% of the county's median income, household of one. PDC loaned $5,800.00 with repayment at 3.00% interest over 10 years. The participating bank loaned $25,500.00 at 8.85% with repayment over 15 years.</div> <div> PDC has second security position on both of these loans.</div> <div> The third loan, 05-E55, was an emergency repair loan. In Kit Carson County, these borrowers qualified for the program at 41% of the county's median income, household of three. PDC loaned $614.40, with no interest, and with repayment over 15 months. </div> <div> Keith Forristall moved the Housing Improvement Program report be accepted. Dan Troyer seconded the motion, which carried unanimously.</div> <div> Terry also presented an appeal from a borrower. For partnership loans made with Rural Development, PDC matches RD's subsidized interest rates for buyers of owner-occupied homes. This particular borrower had moved from her home, believing that her son would be purchasing it. However, when PDC learned the son was not an eligible borrower, the lower interest rate was replaced by the maximum rate of 5.75 percent. The borrower appealed the decision, stating she was moving back into the house and would again be making the payments. Following discussion of this case, the Board agreed by consensus to reinstate the lower interest rate, if the borrower is, in fact, again occupying the house. The Board also instructed Terry to ascertain Rural Development's response to this situation.</div> <div> <B>Web Site Targeted Marketing Campaign: “Straight Pole”</b></div> <div> Jo Downey distributed a memo from Brian Hawkins of bhawkins inc. As the PDC Board decided in April to blend the two campaign proposals, known as “straightforward” and “pole,” Brian said the new hybrid campaign will include three emails to alumni of the Arriba-Flagler School District, two using the ”straightforward” approach and one using the “pole” approach. The latter approach will be used first. The emails, designed to interest alumni in moving back to the area, will explain the partnership between the Flagler Alumni Association and Colorado Central Plains. There will be followup surveys and correspondence to start an “authentic interaction” with the alumni, Brian said. The first emails are scheduled for early June.</div> <div> <B>Heritage Tourism Project Status</b></div> <div> Jo Downey circulated copies of materials being sent to individuals responding to PDC's heritage tourism advertising campaign. She said the office has received calls requesting information kits from 55 person, to date. The new website, <A HREF="http://www.ourjourney.info" TARGET="_top" TITLE="http://www.ourjourney.info"><U><U>www.ourjourney.info</U></U></A>, is now available for viewing. Terry Blevins connected to the site during the meeting so that Board members could see how it looks. Jo said the site is being fine-tuned presently, and there are plans to expand it, eventually.</div> <div> <B>Web Site Updates and “Stats”</b></div> <div> Elwin Boody told the Board that there were fewer visits to the PDC website, <A HREF="http://www.prairiedevelopment.com" TARGET="_top" TITLE="http://www.prairiedevelopment.com"><U><U>www.prairiedevelopment.com</U></U></A>, during April than in March, but April's visitors appeared to remain at the site more than twice as long as previously. Next, this website and the heritage tourism website will be linked with each other.</div> <div> <B>PDC “Real Estate” Update</b></div> <div> Jo Downey said the one vacant apartment in Stratton has been rented.</div> <div> <B>Dickinson House Sales Status</b></div> <div> Terry Blevins told the Board that there has been no progress on sale of the Dickinson House in Hugo. </div> <div> <B>Section House Update</b></div> <div> Terry Blevins said PDC has requested bids for the restoration work at the Section House in Elizabeth. Invitations to bid were mailed to four contractors, and advertisements requesting bids were placed in the <I>Elbert County News</I>, <I>Ranchland News</I> at Simla, and <I>The Limon Leader</I> newspapers. A contractors' walk-through at the project site was scheduled for June 8, and bids will be opened at 4 p.m. June 22, in Stratton.  </div> <div> <B>Dana Crawford Awards</b></div> <div> Jo Downey gave a brief report about the Dana Crawford Award banquet, at which PDC's Dickinson House project was an award recipient. Brett Legg, Dorothy Stone, Jo Downey and Terry Blevins attended, representing PDC, and Brett and Terry accepted the award. Jo said a DVD showing brief descriptions of the award-winning projects is available for any Board member wanting to see it.</div> <div> <B>May Meeting Date/Location</b></div> <div> The next meeting of the PDC Board of Directors will be Wednesday, June 22, 2005 in Elizabeth. </div> <div> <B>Other /Adjournment</b></div> <div> There being no other business, Brett Legg declared the meeting adjourned at 8:21 p.m. </div> <bR> <div> <A HREF="id36_2005_pdc_minutes.htm" TARGET="_top" TITLE="PDC Board Minutes"><U><B><IMG SRC="10532200.gif" border=0 width="50" height="32" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></b></U></A></div> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <DIV ALIGN="LEFT"></DIV> <div>  <A NAME="june_2005"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></div> <div> <B>Prairie Development Corporation</b></div> <div> <B>Board of Directors Meeting Minutes</b></div> <div> <B>June, 2005</b></div> <div> There was no PDC Board of Directors meeting held in June.</div> <bR> <div> <A HREF="id36_2005_pdc_minutes.htm" TARGET="_top" TITLE="PDC Board Minutes"><U><B><IMG SRC="10532200.gif" border=0 width="50" height="32" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></b></U></A></div> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <div>  <A NAME="july_2005"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></div> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B>Prairie Development Corporation</b></div> <div> <B>Board of Directors Meeting Minutes</b></div> <div> <B>July 27, 2005</b></div> <bR> <div> <B>Call to Order</b></div> <bR> <div> Chairman Brett Legg called the meeting of the Prairie Development Corporation Board of Directors to order at 7:15 p.m. at the Town Hall, Limon, Colorado. In addition to Brett Legg, board members present included Shelly Lofdahl, Dorothy Stone, Dan Troyer and Keith Forristall. Staff members present were Maryjo Downey, PDC Administrator, Elwin Boody, PDC Business Loan Manager, and Terry Blevins, PDC Housing Improvement Program Director. It was duly noted that the meeting was beginning prior to the advertised time, and all members agreed to revisit earlier agenda items if members of the public should arrive at the meeting at 7:30 p.m. However, no members of the public attended this meeting.</div> <bR> <div> <B>Introduction of Board and Guests</b></div> <bR> <div> There were no guests present. </div> <bR> <div> <B>Approval of Minutes  </b></div> <bR> <div> The Board proceeded with review of the Minutes of the May 25, 2005 meeting (there was no meeting in June). Dan Troyer moved the Minutes be approved as submitted; Shelly Lofdahl seconded the motion, which carried unanimously.</div> <bR> <div> <B>Financial report   </b></div> <bR> <div> Jo Downey presented the financial report through May 31, 2005, and the list of July expenses totaling $92,674.77. Dan Troyer moved the Board approve the report and payment of the bills. Shelly Lofdahl seconded the motion, which carried unanimously. </div> <bR> <div> <B>Business Loan Committee Recommendations</b></div> <bR> <div> There were no Business Loan Committee recommendations to come before the Board.</div> <bR> <div> <B>Housing Program Report</b></div> <bR> <div> Terry Blevins presented the Housing Improvement Program report, which included two staff-approved Rural Home Loan Partnership loans:</div> <bR> <div> <B>05-JP80-</b>In Kit Carson County, the borrower qualified for the program at 34% of the county's median income, household of two.  PDC loaned $16,260.00 with repayment at 1.00% interest over 33 years. Rural Development loaned $65,040.00 with the same terms. PDC has first security position on this loan.</div> <bR> <div> <B>05-JP81-</b>In Kit Carson County, the borrower qualified for the program at 69% of the county's median income, household of one.  PDC is loaning $13,560.00 with repayment at 3.875% interest over 33 years. Rural Development is loaning $54,240.00 with the same terms. This loan closes August 1, 2005, Terry said, and PDC will have first security position.</div> <bR> <div> Keith Forristall moved the Housing Improvement Program report be accepted. Dan Troyer seconded the motion, which carried unanimously.</div> <bR> <div> Terry also presented a single family, owner-occupied housing rehabilitation loan application from Kit Carson County. This borrower is more than 60 years of age, disabled and single, with a gross annual household income at 22% of the county's median income. The borrower requested a loan of $10,000. The staff recommended approval of the $10,000 loan, with repayment over 120 months at no interest. However, Terry said there is a concern that payments on this loan would leave the borrower with nothing extra from his income each month. Following discussion, Dan Troyer moved that PDC approve a loan of $5,000 to this individual to perform some of the work, and that PDC staff work with the borrower in seeking a weatherization grant for installation of a new furnace. Depending on need, progress and other factors, PDC could consider loaning additional funds at a later date. Keith Forristall seconded the motion, which carried 3-1, with Shelly Lofdahl opposed.</div> <bR> <div> And finally, Terry circulated copies of PDC Housing Improvement Program Loan Summaries, from the program's first loan application in April 1993 through June 2005. Terry invited Board members to review the report at their leisure. He will respond to any questions at the next meeting. He pointed out that a few homebuyer loans combined down payment assistance and closing costs assistance funds, but are reported only as down payment assistance loans.</div> <bR> <div> <B>Web Site Targeted Marketing Campaign Responses</b></div> <bR> <div> Jo Downey said PDC purchased a mailing list from the Arriba-Flagler School District Alumni Association containing email addresses for alumni who do not reside in the local area. PDC's “Come Home Again” marketing materials were sent to 219 individuals on this list, but PDC learned that more than a third of the email addresses provided are no longer active addresses. Among others, some actually belonged to local residents. However, she said about 20 percent of the alumni at appropriate email addresses participated in the poll. The next effort will be sent to the 139 known genuine email addresses, and it will target housing interests using the John P. Dickinson House in Hugo as an example.</div> <bR> <div> The next decision facing the PDC will be whether to direct the email marketing program to alumni from a different part of the region. Jo said PDC has learned that how it obtains email addresses will be critical to any future marketing program.</div> <bR> <div> <B>Heritage Tourism Project Update</b></div> <bR> <div> <FONT SIZE="3" COLOR="#000000" FACE="Palatino Linotype" >Jo Downey circulated copies of statistical reports showing visits to the Heritage Tourism website,</FONT> <FONT SIZE="3" COLOR="#0000FF" FACE="Palatino Linotype" ><A HREF="http://" TARGET="_top" TITLE="http://"><U><U>www.ourjourney.info</U></U></A></FONT>. <FONT SIZE="3" COLOR="#000000" FACE="Palatino Linotype" >Two hundred of the informational packets, including the “My Journey” pass for participating attractions,  had  been  mailed  in  response to telephone inquiries. Two of the “My Journey” passes were completely stamped by all participating attractions and were entered for the drawing for the free stay at a local bed and breakfast facility. While it's difficult to pinpoint the cause, Jo said she knows attendance at the Kit Carson County Carousel is up by 15% this season, and Carousel-related item sales have doubled over past seasons.</FONT></div> <bR> <div> <B>Web Site Statistics</b></div> <bR> <div> Elwin Boody noted that the number of page views was down for the Prairie Development Corporation website, <FONT SIZE="3" COLOR="#0000FF" FACE="Palatino Linotype" ><A HREF="http://www.prairiedevelopment.com" TARGET="_top" TITLE="http://www.prairiedevelopment.com"><U><U>www.prairiedevelopment.com</U></U></A></FONT>. He said the busy summer season might be the cause.</div> <bR> <div> <B>PDC “Real Estate” Update</b></div> <bR> <div> Jo Downey said there has been no change in status or occupancy for any of the PDC-owned rental properties in the region.</div> <bR> <div> <B>Dickinson House Sales Status</b></div> <bR> <div> Terry Blevins said there has been no recent interest shown in the Dickinson House at Hugo, and no response to the property's posting on the real estate firm's website. The associate broker who is trying to sell the house is working with another company in an effort to get the property included on the Multiple Listing Service in the metropolitan area.</div> <bR> <div> <B>Section House Bids</b></div> <bR> <div> Terry Blevins circulated copies of the bid opening results. Bids were opened June 22 at 4 p.m.; two bids were received. The apparent low bid was $260,822.47. </div> <bR> <div> Jo Downey said the total budget for this project is $262,000, but that amount includes payments to the architect and for required archaeological monitoring and the historic easement. Several items in both bids, specifically the doors and windows and general conditions, were considerably higher than the architect's estimates, she said.</div> <bR> <div> Jo has held discussions with the State Historical Fund, and she said there might be a possibility of reducing the scope of the project under this grant, and obtaining a second grant to complete the remaining, historic-related elements. However, she said the current grant requires the historic easement, which cannot be granted until all of the restoration work is completed. Phasing the project could require a change in the contract to eliminate the easement from this first phase.</div> <bR> <div> Following extensive Board discussion, Dorothy Stone moved the PDC request the State Historic Fund to modify the work program for the existing grant as discussed, and to authorize the staff to deal with the historic easement issue. Keith Forristall seconded the motion, which carried unanimously.</div> <bR> <div> <B>Enterprise Zone Tax Credit Report</b></div> <bR> <div> Jo Downey briefly discussed the East Central Council of Governments Enterprise Zone Certifications report for 2005, though June 30. As of this report, she noted, total enterprise zone tax credits claimed in this region was $699,540, including: $119,608 in Cheyenne County; $54,622 in Elbert County; $442,072 in Kit Carson County; and $83,238 in Lincoln County. She said smaller tax credits of $450 or less need not be certified, and the report does not reflect those smaller credits. There could be many thousands of dollars in small credits, in addition to the larger credits reported, she said.</div> <bR> <div> <B>August Meeting Date/Location</b></div> <bR> <div> The next meeting of the PDC Board of Directors will be Wednesday, August 24, 2005 in Simla. </div> <bR> <div> <B>Other /Adjournment</b></div> <bR> <div> There being no other business, Brett Legg declared the meeting adjourned at 8:30 p.m. </div> <bR> <div> <A HREF="id36_2005_pdc_minutes.htm" TARGET="_top" TITLE="PDC Board Minutes"><U><B><IMG SRC="10532200.gif" border=0 width="50" height="32" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></b></U></A></div> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <DIV ALIGN="LEFT"></DIV> <div>  <A NAME="august_2005"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></div> <div> <B>Prairie Development Corporation</b></div> <div> <B>Board of Directors Meeting Minutes</b></div> <div> <B>August, 2005</b></div> <div> The PDC Board of Directors meeting for August was cancelled.</div> <bR> <div> <A HREF="id36_2005_pdc_minutes.htm" TARGET="_top" TITLE="PDC Board Minutes"><U><B><IMG SRC="10532200.gif" border=0 width="50" height="32" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></b></U></A></div> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <DIV ALIGN="LEFT"></DIV> <div>  <A NAME="september_2005"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></div> <div> <B>Prairie Development Corporation</b></div> <div> <B>Board of Directors Meeting Minutes</b></div> <div> <B>September 26, 2005</b></div> <bR> <div> <B>Call to Order</b></div> <bR> <div> Chairman Brett Legg called the meeting of the Prairie Development Corporation Board of Directors to order at 7:31 p.m. at the Town Hall, Simla, Colorado. </div> <bR> <div> <B>Introduction of Board and Guests</b></div> <bR> <div> In addition to Brett Legg, board members present included Dana Siekman, Shelly Lofdahl, Ed Rarick, Lori Kelly, Keith Forristall and Jerry Allen. Staff members present were Maryjo Downey, PDC Administrator, Elwin Boody, PDC Business Loan Manager, and Terry Blevins, PDC Housing Improvement Program Director. Guests present included Simla Mayor Jerry Allen and Town Trustee Charles Hawker. </div> <bR> <div> <B>Approval of Minutes  </b></div> <bR> <div> The Board proceeded with review of the Minutes of the July 27, 2005 meeting (there was no meeting in August). Jerry Allen moved the Minutes be approved as submitted; Lori Kelly seconded the motion, which carried unanimously.</div> <bR> <div> <B>Financial report   </b></div> <bR> <div> Jo Downey presented the financial report through September 2005, and the list of August and September expenses totaling $75,560.44. Dana Siekman moved the Board approve the report and payment of the bills. Ed Rarick seconded the motion, which carried unanimously. </div> <bR> <div> <B>Business Loan Committee Recommendations</b></div> <bR> <div> Brett Legg presented the Business Loan Committee recommendation for approval of one PDC-RLF loan in the amount of $100,000. Interest rate would be at 6.75%, with a repayment term of 10 years. A 2% origination fee would be collected at the time of closing. Loan funds, to be used for inventory and loan fees, would be disbursed according to the needs of the project. Loan collateral and security would include a third lien position on all equipment, furniture, fixtures and accounts; a second UCC lien on inventory; continuation of an existing second deed of trust on the original site and warehouse facility but adding a third deed of trust on the same parcel; a third deed of trust on the new facility and land; and a first or second deed of trust on an additional 40-acre parcel. Loan approval is contingent on satisfactory receipt of a letter from the primary lender and the Colorado Lending Source affirming other loans totaling $562,905; receipt of the $47,491 cash injection from the borrowers; completion of the environmental review; and approval of the loan from Colorado Office of Economic Development. Other PDC requirements include: quarterly job fulfillment reports for one year;  appropriate property and casualty insurance on collateral  and life insurance on the  borrowers;  personal  guarantees  from  the co-makers of the loan; quarterly tax status reports from the Colorado Department of Revenue; and monthly financial statements and copies of annual tax returns. Ed Rarick moved this loan be approved and forwarded to the Colorado Office of Economic Development for review. Dana Siekman seconded the motion, which carried unanimously.</div> <bR> <div> <B>Housing Program Report</b></div> <bR> <div> Terry Blevins presented the Housing Improvement Program report, which included one staff-approved down payment assistance loan in Cheyenne County. Applicant 05-DPA61 qualified for the program at 73 percent of the county's median income for a household of one. PDC loaned $5,940 at three percent interest, with repayment over 10 years. The borrower contributed more than $1,000 of his own funds, and his bank loaned $28,737.50 at six percent interest, with repayment over 15 years. PDC has a second security position on this loan; the house was appraised at $41,700. Keith Forristall moved this report be accepted; Ed Rarick seconded the motion, which carried unanimously.</div> <bR> <div> Terry also presented two single-family housing rehabilitation loan applications.</div> <bR> <div> The Board previously approved a $5,000 loan for applicant 05-R98, and agreed to revisit the application if that amount proved inadequate. Terry said the borrower has spent the loan down and still needs $3,000 to complete his work. These additional funds would increase his loan payments by $25 per month. Keith Forristall moved the loan of an additional $3,000 be approved as requested. Lori Kelly seconded the motion, which carried unanimously.</div> <bR> <div> New applicant 05-R99 in Kit Carson County qualified for the program at 53 percent of the county's median income, household of two. These loan proceeds would be used to make floor repairs, including new floor coverings, exterior paint and other minor repairs. Terry said PDC staff recommended a loan of $8,150, including recording fees, at one percent interest with repayment over 10 years. He said the loan should be made contingent on verification of all applicant information. While recommending the home be inspected for termites, Ed Rarick moved the loan be approved as recommended. Shelly Lofdahl seconded the motion, which carried unanimously.</div> <bR> <div> <B>Population Estimates</b></div> <bR> <div> Jo Downey circulated July 1, 2004 population estimates for the four counties in this region, telling the Board the handouts were for informational purposes only.</div> <bR> <div> <B>Heritage Tourism Project Report/2005 Work Program</b></div> <bR> <div> The close of the 2005 tourism season brought positive comments from both visitors and area museums regarding the recent Our Journey promotion, according to Jo Downey. She said she will give a final report on visits to the <FONT SIZE="3" COLOR="#0000CC" FACE="Palatino Linotype" ><A HREF="http://www.ourjourney.info" TARGET="_top" TITLE="http://www.ourjourney.info"><U><I><U>www.ourjourney.info</U></I></U></A></FONT> website at the next meeting.</div> <bR> <div> Planning is underway for the next season already. Colorado will be launching a statewide heritage tourism campaign and website.  Two pilot grant programs  (one for regional and one for themed  heritage tourism programs) will be offered, but Jo said it's too early to tell if the east central region would be eligible for that funding.</div> <bR> <div> The East Central Council of Local Governments will be seeking Energy Impact Assistance Grant funds to help with the heritage tourism program. These funds, which would be in addition to ECCOG's regular technical assistance grant, would be used to retain a museum consultant to do capacity building with local museums. This grant would be for one year only. Jo said she would be talking to the publicly owned museums about this program, once a contract is offered. There may be additional matching funds needed, she said, and she may seek local funds from the museums and from PDC.</div> <bR> <div> The names of all museum visitors who visited the requisite number of museums over the summer and had their Our Journey passes stamped by each one were placed in an envelope, and at this meeting, Jo asked Shelly Lofdahl to draw one name from the group. The name of Linda Olsen of Limon was drawn; Ms. Olsen won a free stay at the Claremont Inn in Stratton. The results of the drawing will be sent to all participants.</div> <bR> <div> <B>Web Site Statistics</b></div> <bR> <div> Elwin Boody reported there were 2,344 page views in August for the <A HREF="http://www.prairiedevelopment.com" TARGET="_top" TITLE="http://www.prairiedevelopment.com"><U>www.prairiedevelopment.com</U></A> website. He said this number reflects a reduced number of visits; in fact, the number of page views in five of the previous eight months were higher. Elwin said the PDC business loan program and housing loan program are receiving no inquiries as a result of the website, and he questioned whether the website is producing the desired results. Following a general discussion, it was decided to increase efforts to market the website within this region, and in the meantime, Elwin will check all the web links on the site to make sure they are working appropriately. Jerry Allen suggested the website address be placed on the PDC letterhead, also.</div> <bR> <div> <B>Business Financing Options Session on October 27</b><B>th</b></div> <bR> <div> Jo Downey reported that the state's CAPCOs and Office of Economic Development business programs will hold a meeting October 27 in Stratton to outline the various financial programs available from OED. </div> <bR> <div> <B>PDC “Real Estate” Update</b></div> <bR> <div> Jo Downey reported that both PDC apartments in Stratton are rented and that one of PDC's rental homes in Cheyenne Wells may be sold. She said the present tenants are interested in purchasing the house, and a sales contract is being drafted.</div> <bR> <div> <B>Dickinson House Sales Status</b></div> <bR> <div> Terry Blevins reported there has been no recent interest expressed in the Dickinson House.</div> <bR> <div> <B>Section House Status</b></div> <bR> <div> Jo Downey told the Board that almost everything is ready to go with this project. The contractor is ready to begin work and the State Historical Fund verbally okayed PDC's request to complete the project in two phases, due to cost. However, the project must receive final approval by the Town of Elizabeth before it can proceed. The town planning commission and the board of trustees will hold public hearings on the project in October. Jo said an application for a second grant to complete the Section House project has been submitted. </div> <bR> <div> <B>October Meeting Date/Location</b></div> <bR> <div> The next meeting of the PDC Board of Directors will be Wednesday, October 26, 2005 in Hugo. The following meeting will be November 30 in Stratton. No Board meeting will be held in December.</div> <bR> <div> <B>Other /Adjournment</b></div> <bR> <div> There being no other business, Brett Legg declared the meeting adjourned at 8:24 p.m. </div> <bR> <div> <A HREF="id36_2005_pdc_minutes.htm" TARGET="_top" TITLE="PDC Board Minutes"><U><B><IMG SRC="10532200.gif" border=0 width="50" height="32" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></b></U></A></div> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="october_2005"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></b><FONT SIZE="3" COLOR="#000000" FACE="Palatino Linotype" ><B>Prairie Development Corporation</b></FONT></div> <div> <B>Board of Directors Meeting Minutes</b></div> <div> <B>October 26, 2005</b></div> <div> <B>Call to Order</b></div> <div> Chairman Brett Legg called the meeting of the Prairie Development Corporation Board of Directors to order on October 26, 2005 at 7:40 p.m. at the Community Building in Hugo, Colorado. </div> <div> <B>Introduction of Board and Guests</b></div> <div> In addition to Brett Legg, board members present included Dana Siekman, Shelly Lofdahl, Ed Rarick, Dorothy Stone, Keith Forristall and Dan Troyer. Staff members present were Maryjo Downey, PDC Administrator, Elwin Boody, PDC Business Loan Manager, and Terry Blevins, PDC Housing Improvement Program Director. There were no guests present.</div> <div> <B>Approval of Minutes  </b></div> <div> The Board proceeded with review of the Minutes of the September 26, 2005 meeting. Ed Rarick moved the Minutes be approved as submitted; Dana Siekman seconded the motion, which carried unanimously.</div> <div> <B>Financial report </b>  </div> <div> Jo Downey presented the financial report through September 30, 2005, and the list of October expenses totaling $36,146.55. Dana Siekman moved the Board approve the report and payment of the bills. EdRarick seconded the motion, which carried unanimously. In response to Board member questions, PDC staff will investigate bidding property insurance coverage and periodic review of all insurance coverages, and will obtain more information regarding the "doubtful accounts" line on Page 3 of the financial report.</div> <div> <B>Business Loan Committee Recommendations</b></div> <div> There were no Loan committee recommendations to bring before the Board. </div> <div> <B>Housing Program Report</b></div> <div> Terry Blevins presented the Housing Improvement Program report, which included one emergency repair loan, 05-E56 in Lincoln County. This applicant qualified for the program at 33% of the county's median income, for a household of one. Most of the work to be completed was energy-related. PDC loaned $2,500 at 4% interest, with repayment over 26 months. Terry said this is a repeat borrower who has received previous loans from PDC and has repaid them all as agreed.</div> <div> Keith Forristall moved the Housing Program Report be accepted. Dan Troyer seconded the motion, which carried unanimously.</div> <div> <B>EZ Credits</b></div> <div> Jo Downey circulated copies of the East Central Enterprise Zone 2005 contibutions and certifications through October 24. There have been 19 financial contributions totalling $26,222.50 and two in-kind contributions valued at $77,600.00 received on behalf of eligible projects in Kit Carson and Lincoln counties to date. As a result of these contributions, donors will receive state income tax credits valued at $16,255.63.</div> <div> Regional taxpayers have claimed Enterprise Zone investments totalling $33,239,611 so far this year, resulting in total Enterprise Zone credits of $1,077,925. These credits represent tax dollars that will remain for local investment rather than becoming part of the state budget, Jo explained. These numbers will increase as the year's end approaches, she added.</div> <div> Most of the certified claims were for Investment Tax Credits, and the majority of those were in the agricultural sector of Kit Carson and Cheyenne counties. Next to the ITC, the New Business Jobs Credit was the most used thus far in 2005.</div> <div> Jo reminded the Board that all certifications are public information, and copies must be produced when requested. The Board recommended assessment of a research fee to pay for staff time and equipment used in processing these requests. Jo agreed to discuss the recommendation with the East Central Council of Local Governments Board of Directors, who would have to implement any such fee.</div> <div> <B>Heritage Tourism Project Capacity Building</b></div> <div> Although no contract has been received as yet, the East Central Coiuncil of Local Governments has been awarded Energy Impact Assistance Grant funds to help with the heritage tourism program. Jo Downey said this one-time contract will be used to retain a museum consultant to do capacity building with local museums over a two-year period and to assist with hospitality and volunteer training. Jo said she would be talking to the publicly owned museums about this program, once a contract is offered. However, she assured the Board that any local museum can opt out of the program if it does not want to participate.</div> <div> Jo also provided a report to the Board showing that 1,580 individuals have visited the heritage tourism website, <FONT SIZE="3" COLOR="#0000FF" FACE="Palatino Linotype" ><U>www.ourjourney.info</U></FONT>, since May.</div> <div> <B>Web Site Statistics</b></div> <div> Elwin Boody reported that he has determined that some links on the PDC website, <FONT SIZE="3" COLOR="#0000FF" FACE="Palatino Linotype" ><U>www.prairiedevelopment.com</U></FONT>, are not working, and the "email us" form isn't working, either. He said he hopes to have the problems repaired before the next PDC Board meeting. The website report for September showed the number of visits again declined, although still more than in January 2005. However, those who did visit the site in September tended to spend more time there than in August.</div> <div> <B>Business Financing Options Session on October 26</b><B>th</b></div> <div> Information was provided to the Board pertaining to a Session on Business Financing Options scheduled in Stratton on October 27. Jo Downey said PDC has assisted the State Office of Economic Development in developing this meeting. Response to the meeting has been smaller than anticipated.</div> <div> <B>PDC “Real Estate” Update</b></div> <div> Jo Downey reported that all PDC-owned rental units are occupied. She added that the last two renters in one of the Stratton apartments owe money to PDC for repairs made necessary by their residence there.</div> <div> It was reported at an earlier meeting that renters in one of the Cheyenne Wells houses had indicated an interest in purchasing the house. However, Terry Blevins told the Board that there had beenn no further contact from those renters since that time.</div> <div> <B>Dickinson House Sales Status</b></div> <div> Terry Blevins reported that the Dickinson House in Hugo has been shown to several interested parties, but without success to date. He said another potential buyer was scheduled to look at the house during the coming weekend.</div> <div> <B>Section House Status</b></div> <div> Jo Downey told the Board that most of the hurdles have been overcome and construction on the Section House project in Elizabeth shoiuld begin the following week. The Town of Elizabeth is ready to issue the building permit and a pre-construction conference involving PDC, the contractor, the architect and the State Historical Fund will be held November 4.</div> <div> She also reported that recent heavy snowstorm in the area caused considerable damage to the large tree in the front yard of the Section House. Broken limbs and other debris are being cleaned up, but the services of an arborist may be needed to reshape the tree, she said.</div> <div> <B>2006 Budget</b></div> <div> Jo Downey presented the Board with a proposed budget for PDC for the coming year. The budget proposes revenues and expenditures of $232,894, of which much covers administrative costs. Jo said these costs are a problem because there are inadequate revenues to cover them. None of PDC's housing programs, for example, have revenues that can be used for administration except for a small percentage of each borrower's loan payment. It has been necessary to use financial reserves to make up shortfalls in recent years. Jo also warned the Board that Energy Impact Assistance Grant funds, which are used as matching funds to leverage a number of other revenues, may not be available in future years, depending on the outcome of the 2005 state election in November. However, regardless of the possible need for operational changes in the future, Jo said the PDC budget would be sound for calendar year 2006.</div> <div> <B>November Meeting Date</b></div> <div> The next meeting of the PDC Board of Directors will be Wednesday, November 30, 2005 in Stratton. No Board meeting will be held in December.</div> <div> <B>Other</b></div> <div> Following a brief discussion of requirements for banking institutions regarding homeland security, Dan Troyer moved that PDC check the federal government's list of known terrorists and money launderers each time a loan application is received. Dana Siekman seconded the motion, which carried unanimously.</div> <div> <B>Adjournment</b></div> <div> There being no other business, Brett Legg declared the meeting adjourned at 8:42 p.m. </div> <bR> <div> <A HREF="id36_2005_pdc_minutes.htm" TARGET="_top" TITLE="PDC Board Minutes"><U><B><IMG SRC="10532200.gif" border=0 width="50" height="32" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></b></U></A></div> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="november_2005"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></b><B>Prairie Development Corporation</b></div> <div> <B>Board of Directors Meeting Minutes</b></div> <div> <B>November, 2005</b></div> <div> The PDC Board of Directors meeting for November was cancelled.</div> <bR> <div> <A HREF="id36_2005_pdc_minutes.htm" TARGET="_top" TITLE="PDC Board Minutes"><U><B><IMG SRC="10532200.gif" border=0 width="50" height="32" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></b></U></A></div> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="december_2005"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></b><B>Prairie Development Corporation</b></div> <div> <B>Board of Directors Meeting Minutes</b></div> <div> <B>December, 2005</b></div> <div> No PDC Board of Directors meeting was scheduled for December.</div> <bR> <div> <A HREF="id36_2005_pdc_minutes.htm" TARGET="_top" TITLE="PDC Board Minutes"><U><B><IMG SRC="10532200.gif" border=0 width="50" height="32" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></b></U></A></div> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> </td> </tr></table></body>