PDC 2006 Minutes

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Staff members present were Maryjo Downey, PDC Administrator, and Terry Blevins, PDC Housing Improvement Program Director. </div> <div> <B>Approval of Minutes</b>  </div> <div> The Board proceeded with review of the Minutes of the October 26, 2005 meeting. Dan Troyer 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 October, November and December 2005, and the list of January expenses totaling $155,253.16. Jerry Allen moved the Board approve payment of the bills and accept the financial reports. Keith Forristall seconded the motion, which carried unanimously. </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> There was no Housing Program report to bring before the Board.</div> <div> <B>Revised PDC Brochure</b></div> <div> The revised brochures were printed with the PDC web address missing, so Jo Downey will have them reprinted. The design of the new brochures is similar to that of other agency brochures, she said.</div> <div> <B>Heritage Tourism Project Update</b></div> <div> Jo Downey said the region's museums will meet March 10 to discuss the 2006 Our Journey marketing effort. The museums were invited with a memo that explained the Community Services Technical Grant that will  assist  with  the  program  this year.  Jo said that grant will allow use of a museum consultant to help museums better utilize their existing resources. The ultimate goal is to get the facilities more “visitor-ready,” she said. Jo hopes the local museums can contribute toward the matching funds required by this grant. An effort is being made to include the Elbert County Museum this season. Ideas for the new season include providing a bus tour of all museums for all museum operators to acquaint them with the heritage tourism resources across the region and to help them develop a “target niche” for each museum. Also planned is a familiarization tour for metro journalists and new press kits developed by bhawkins, Inc. Dan Troyer suggested the Our Journey Pass be marketed through Burlington's Old Town Museum, as the museum's entrance is being relocated to the east end for accessibility from the Welcome Center.</div> <div> The Colorado Tourism Office has requested proposals for regional pilot heritage tourism projects, however, Jo said she doesn't expect to submit a proposal for these funds at this time. The deadline is too near to develop adequate matching funds and appropriate partners, and she feels this region's attractions would score low on accessibility because of their limited open hours. </div> <div> <B>Enterprise Zone Annual Report</b></div> <div> Copies of the 2005 East Central Enterprise Zone annual report were given to Board members for their information.  Jo Downey explained that success in meeting the objectives of the zone are measured by changes in each county's nonresidential property tax valuation. The East Central Zone is one of the first six zones created in Colorado and will mark its 20th year in 2006. </div> <div> Jo pointed out that two Enterprise Zone contribution projects, the Good Samaritan Home in Simla and the Burlington Park Pavilion, are no longer included on the list. They were removed because their goals had been attained.</div> <div> <B>Web Site Statistics</b></div> <div> Due to the absence of Elwin Boody, PDC website statistics were not available for the Board. The next report will include assurances that the inoperable links have been repaired.</div> <div> <B>Demographics Information for PDC Region</b></div> <div> The Colorado State Demography offices released the final Colorado population estimates for 2004, and Jo Downey circulated copies for the Board's information. According to these estimates, the combined population of Cheyenne, Elbert, Kit Carson and Lincoln counties is estimated at 38,585, as of July 2004, up about 2,000 persons from 2000 but down slightly from 2003. Elbert County, with 22,453, showed a population increase of one percent over 2003, but the other three counties all showed small decreases in population during that year: Cheyenne County, 2,157, down 1.2% from 2003; Kit Carson County, 7,954, down 1.2%; and Lincoln County, 6,021, down 2.1%.</div> <div> <B>PDC “Real Estate” Update/Dickinson House/Section House</b></div> <div> Jo Downey reported that both PDC houses in Cheyenne Wells remain rented, but there is one vacant apartment in Stratton. Jo said she is working with a previous tenant to collect money owed to PDC, and will be proceeding in Small Claims Court against another previous tenant who failed to pay as agreed.</div> <div> Jo said the State Historical Fund has approved a second grant for completion of the Elizabeth Section House restoration project, and she asked the Board to accept the grant. Dorothy Stone moved the PDC accept the grant for Phase II of the Section House restoration project. Dan Troyer seconded the motion, which carried unanimously. </div> <div> <B>Loan Activity/Administrative Cost Discussion</b></div> <div> PDC business loan activity has been very slow, Jo Downey reported, and no loans have been made from Community Development Block Grant funds awarded for that purpose for nearly a year. This lack of activity has drastically reduced PDC's options for paying the administrative costs of the program. Compounding the problem, Jo said, is the fact that much of PDC's money is tied up in real estate in a very slow market or in long-term housing loans. Following Board discussion, it was the consensus to encourage the Business Loan manager to redouble his efforts, especially in meeting with the region's banks to reacquaint them with PDC's loan programs to help with start-up businesses.  If there is no relief in terms of new loans by the end of June, the Board directed Jo Downey to seek ways to either share the Business Loan Manager's expertise with other revolving loan funds who can share the expense or eliminate the position. In that case, PDC would need to find a loan package contractor who could assist PDC at such time as loan activity began again.</div> <div> <B>Other Business</b></div> <div> Jerry Allen raised an issue regarding service on the PDC Board. He said he and several other members served on the Housing Improvement Program loan committee, but that group has been inactive for some time. Unless Board members are members of the business loan committee, he said, there is really nothing for them to do. He asked if the Board should consider restructuring in some way. Following discussion, the consensus was to hold Board meetings every other month, rather than monthly meetings, unless the press of business indicates an interim meeting is necessary; to have the entire Board of Directors act as the business loan committee; and, if necessary, to hold business loan committee meetings via teleconference, since those meetings are not open to the public anyway. At the close of this discussion Brett Legg appointed the entire Board of Directors to act as the loan committee for both business loans and housing loans.</div> <div> <B>Next Meeting Date/Location</b></div> <div> The next meeting of the PDC Board of Directors will be Wednesday, March 22, 2006 in Hugo. If a loan committee is required before that time, it will be called by teleconference. </div> <div> <B>Adjournment</b></div> <div> There being no other business, Brett Legg declared the meeting adjourned at 9:05 p.m.</div> <bR> <div> <A HREF="id36_2006_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="february_2006"><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>February 2006</b></div> <div> No PDC Board of Directors meeting was scheduled for February.</div> <bR> <div> <A HREF="id36_2006_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_2006_1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A><B>Prairie Development Corporation</b></div> <div> <B>Board of Directors Meeting Minutes</b></div> <div> <B>March 22, 2006</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 7:37 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 Lori Kelly, Jerry Allen, Shelly Lofdahl, Dorothy Stone, Keith Forristall, Dana Siekman and Dan Troyer. Staff members present were Maryjo Downey, PDC Administrator, Elwin Boody, Business Loan Manager, and Terry Blevins, PDC Housing Improvement Program Director. </div> <div> <B>Approval of Minutes  </b></div> <div> The Board proceeded with review of the Minutes of the January 25, 2006 meeting. Dan Troyer 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 reports for March 22, 2006, and the list of expenses for the past month totaling $77,077.33. Dana Siekman moved the Board approve payment of the bills and accept the financial reports. Keith Forristall seconded the motion, which carried unanimously. </div> <div> <B>Business Loan Committee Recommendations</b></div> <div> Brett Legg presented a request from First National Bank of Stratton for a five-year, 50% loan guarantee for a service business in Kit Carson County. Proceeds of the loan will be used to obtain a building and remodel it. The guarantee would be in the form of a $17,500 certificate of deposit and was recommended for approval by the loan committee.</div> <div> Dan Troyer moved the loan guarantee application be approved as presented. Lori Kelly seconded the motion, which carried 7-0 with Dana Siekman abstaining. </div> <div> <B>Housing Program Report</b></div> <div> Terry Blevins presented the following recommendations from the loan committee:</div> <div> <B>06-E58</b> in Lincoln County qualified for the program at 43% of the county's median income, household of one.    PDC staff approved an emergency repair loan of $1,900.00 at 3% interest,  with repayment over 84 months. The loan committee recommended affirmation of this loan decision.</div> <div> <B>05-R98</b> in Kit Carson County qualified for the program at 22% of the county's median income. This borrower was previously approved for a single family, owner-occupied housing rehabilitation loan totaling $8,000.00. Because he needs additional work and has a slight increase in income, he requested an additional $2,000.00 from PDC. The loan committee endorsed the staff recommendation that the loan be modified to add $2,000.00, and that the payment amount be increased to $100.00 per month. Repayment would be at zero interest over 96 months. </div> <div> Dana Siekman moved the loan applications of 06-E58 and 05-R98 be approved as presented. Keith Forristall seconded the motion, which carried unanimously.</div> <div> <B>Revised PDC By-Laws</b></div> <div> Jo Downey told the Board that a recent review of the PDC By-Laws revealed them to be out-dated. PDC staff updated the By-Laws and copies were distributed to the Board members for review and action. Discussion produced several minor wording changes in the draft revision. Lori Kelly moved the revised PDC By-Laws be approved, including the wording changes proposed in discussion. Jerry Allen seconded the motion, which carried unanimously.</div> <div> <B>Heritage Tourism Pilot Project RFP</b></div> <div> Since the previous Board meeting, Jo Downey learned that the Colorado Tourism Office intended to provide grant funding for three to four regional heritage tourism pilot projects. Given PDC's and the East Central Council of Local Governments' long history of developing partnerships for regional projects, Jo said she changed her mind about submitting an application for these funds. Earlier this month, representatives of the museums, PDC staff and consultants for public relations and museum development met in Limon to determine the level of interest and to make other plans. Jo and the museum consultant, Rand Hood, will soon visit all museums in the region to review their needs. Other plans for the pilot project include identification of New Deal sites in the region, and signing of those sites; development of “The Heritage Way,” a program encouraging the business community to support the museums by supplementing the volunteers; an inner circle tour, in which representatives of all the museums have an opportunity to visit all of the other museums in the region; development of the Russian Thistle, or tumbleweed, as a tourist attraction; development of unique exhibits and improved signing for all museums. </div> <div> <B>Web Site Statistics</b></div> <div> Elwin Boody reported that the number of page views on the PDC 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>, was down slightly in February from January. One interesting observation he reported was the time spent per top page visit. The number of visits lasting one minute or less was down substantially in February, but the number of visits lasting from one to two minutes had more than tripled. Elwin said the website resulted in one housing program inquiry in February, and one business loan program inquiry in March.</div> <div> <B>PDC “Real Estate” Update/Dickinson House/Section House</b></div> <div> Jo Downey reported that both apartments are occupied in Stratton. She is prepared to file a small claims court action against a former tenant who failed to pay amounts due as agreed, but has not been able to physically file it, so far.  In Cheyenne Wells, one unit is occupied and one is vacant. The Dickinson House in Hugo continues to attract an occasional looker but has received no serious interest. And restoration work on the Section House in Elizabeth is ongoing. The house has been raised and work is underway on the new foundation.</div> <div> <B>Loan Activity/Administrative Cost Status</b></div> <div> Jo Downey reported that one loan application for $100,000 is pending. If that loan is approved in time, staff will be able to continue efforts through June to generate more business loan activity to maintain the program. Otherwise, she said, the program remains in the same position as it was at the January meeting, with an ever-decreasing ability to pay the business loan program's administrative costs. The problem is not a complete lack of business loans, she pointed out, but is an inability to loan funds from the Community Development Block Grant, which has loan funds remaining but no additional administrative funds.</div> <div> <B>May Meeting Date/Location</b></div> <div> The next meeting of the PDC Board of Directors will be Wednesday, May 24, 2006 in Stratton, CO. </div> <div> <B>Other /Adjournment</b></div> <div> Jo Downey reported that PDC has been nominated for an excellence award from the El Pomar Foundation.</div> <div> Terry Blevins reported that USDA Rural Development has approved a new Home Loan Partnership Fund grant in the amount of $280,000, which represents loan funds providing 80% funding for the purchase of five homes by eligible homebuyers. As a partner, PDC has agreed to provide $70,000 loan funds making up the remaining 20% for these purchases.</div> <div> Terry also circulated copies of an <I>Elbert County News</I> article, dated February 16, 2006, about the Section House restoration project in Elizabeth.</div> <div> There being no other business, Brett Legg declared the meeting adjourned at 8:51 p.m. </div> <bR> <div> <A HREF="id36_2006_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> <B> <A NAME="april_2006"><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>April 2006</b></div> <div> No PDC Board of Directors meeting was scheduled for April.</div> <bR> <bR> <div> <A HREF="id36_2006_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> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="may_2006"><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>May 24, 2006</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 8:06 p.m. at the Claremont Inn in Stratton, Colorado. </div> <div> <B>Introduction of Board and Guests</b></div> <div> In addition to Brett Legg, board members present included Lori Kelly, Shelly Lofdahl, Dorothy Stone, Keith Forristall, Dana Siekman, Ed Rarick and Dan Troyer. Staff members present were Maryjo Downey, PDC Administrator, Elwin Boody, Business Loan Manager, and Terry Blevins, PDC Housing Improvement Program Director. </div> <div> <B>Approval of Minutes  </b></div> <div> The Board proceeded with review of the Minutes of the March 22, 2006 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 told the Board that the fiscal officer is on leave this week and financial reports weren't ready for this meeting. They will be mailed out for Board review.</div> <div> <B>Business Loan Recommendations</b></div> <div> There were no business loan recommendations.</div> <div> <B>Housing Loan Recommendations</b></div> <div> There were no housing loan recommendations.</div> <div> <B>Board/Staff Policies</b></div> <div> The draft copy of the Code of Ethics and Policy for the Board of Directors and Executive Management Staff of the Prairie Development Corporation was previously mailed to Board members for review. Jo said the positions of executive director, business loan manager, housing program manager, fiscal officer and auditor would be covered by this code. Discussion of board members surrounded potential problems caused by the code as well as the benefits. Dorothy Stone recommended the draft be changed to use more positive language. Ed Rarick moved the Board table adoption of this policy for further review and discussion at the next meeting. Lori Kelly seconded the motion, which carried unanimously. </div> <div> <B>Population Estimates</b></div> <div> Colorado county population estimates as of July 1, 2005 were given for the Board's information. Jo Downey said these estimates provide information about counties only. Municipal population estimates will be available in about a month. Jo pointed out that these population estimates are preliminary and can be challenged if local governments believe them to be in error.</div> <div> <B>Heritage Tourism Update/Public Relations Plan</b></div> <div> Jo Downey gave a brief recap of this season's Heritage Tourism marketing effort. This year, PDC decided to invest more of its resources in public relations than in buying print advertisements. The campaign is targeting Colorado's Front Range residents. Jo said she is very pleased with the public relations effort to date. Copies of printed articles that result from the effort will be retained, and PDC will attempt to measure the effort's success by comparing contacts for information with previous years and by monitoring visitation at the museums and participation with the My Journey pass. Jo also discussed the contents of the Our Journey packets that are mailed to prospective visitors and outlined plans for an “inner circle” tour, in which local museum operators and volunteers have an opportunity to visit the other participating museums. </div> <div> <I><B>Our Journey </b></I><B>DVD</b></div> <div> Jo Downey explained the history of the Our Journey DVD, which was developed for presentation at the annual Colorado-Wyoming Museum Association conference in Cheyenne, Wyoming, earlier in May. Because no staff members were available to present the DVD, two members of the East Central Council of Local Governments Board of Directors, Rayetta Palmer and Steve Burgess, made the presentation. PDC Board members asked that the DVD be shown to the Board following adjournment of this meeting.</div> <div> <B>Marketing Grant</b></div> <div> Jo Downey said PDC should know within a couple of weeks if the marketing grant that is the basis of the Heritage Tourism program will be increased from $25,000 to $30,000. If the grant is increased, the amount of matching funds will increase as well. Cooper-Clark Foundation had given $18,000 to PDC to help leverage the pilot project grant from Colorado Tourism Office. That grant application was not accepted, however, Jo said Cooper-Clark Foundation is willing to let PDC keep the $18,000 for use for “hard costs,” such as new museum signage.</div> <div> <B>Web Site Statistics</b></div> <div> Elwin Boody reported the PDC 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>, showed a significant increase in visits during March 2006, having nearly as many visits in March as in January and February combined. Visitors spent much more time at the site, as well.</div> <div> <B>Events Guide for 2006</b></div> <div> Jo Downey said copies of the regional events guide have been circulated at locations throughout the region. Lori Kelly was pleased to report her children had brought copies of the regional events guide home from school.</div> <div> <B>PDC “Real Estate” Update/Dickinson House/Section House</b></div> <div> Staff reported no news out of the ordinary regarding PDC's properties.</div> <div> <B>EZ Credit Summary</b></div> <div> Taxpayers in Region V received $1,130,427 in enterprise zone tax credits in 2005, Jo Downey reported. The most common credit claimed was the investment tax credit, which totaled $1,096,495. Other credits claimed included the job training credit and the new business jobs credit. There were 53 cash contributions to the region's enterprise zone projects, with Plains Medical Center in Limon receiving the most at $31,200, closely followed by the City of Burlington/Burlington Training Facility which received $29,922.50. Value of the tax credits for all donations was $20,923.75. There also were two in-kind contributions for the Burlington Palmer Park Pavillion, totaling $77,600 (earning credits of $9,700), and two enterprise zone rehabilitation expenditures totaling $12,289.62, earning credits of $3,072.15. </div> <div> During the first quarter of 2006, enterprise zone credits totaling $528,319 were claimed. There have been eight contributions to enterprise zone projects totaling $3,050, earning tax credits totaling $762.50.</div> <div> <B>Loan Activity/Administrative Cost Status</b></div> <div> Jo Downey announced that PDC business loan activity has not increased over the past six months as hoped, in spite of the staff's efforts to market the program. It therefore has become necessary to eliminate the fulltime position of PDC Business Loan Manager as of the end of June. PDC will attempt to contract or co-op financial analysis and loan package preparation when needed thereafter. Shelly Lofdahl moved the position of PDC Business Loan Manager be discontinued, effective June 30, 2006. Keith Forristall seconded the motion, which carried unanimously. Dana Siekman thanked Elwin Boody for a job well done, and the other members of the Board concurred when Dana described this action as “a sad duty.”</div> <div> <B>July Meeting Date/Location</b></div> <div> The next meeting of the PDC Board of Directors will be Wednesday, July 26, 2006 in Limon. </div> <div> <B>Other /Adjournment</b></div> <div> Dorothy Stone asked if she could obtain copies of the full expenditures for restoration of the Dickinson House and of the Elizabeth Section House. Terry Blevins will provide this information.</div> <div> Jo Downey reported the 2005 PDC audit was completed in a timely manner and can be reviewed by the Board outside the meeting.</div> <div> There being no other business, Brett Legg declared the meeting adjourned at 9:03 p.m. </div> <bR> <div> <A HREF="id36_2006_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> <B> <A NAME="june_2006"><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>June 2006</b></div> <div> No PDC Board of Directors meeting was scheduled for June.</div> <bR> <bR> <div> <A HREF="id36_2006_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> <B> <A NAME="july_2006"><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>July 2006</b></div> <div> No PDC Board of Directors meeting was scheduled for July.</div> <bR> <bR> <div> <A HREF="id36_2006_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> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="august_2006"><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>August 23, 2006</b></div> <div> <B>Call to Order</b></div> <div> Vice-chairman Dana Siekman called the meeting of the Prairie Development Corporation Board of Directors to order at 7:46 p.m. at the Town Hall in Limon, Colorado. </div> <div> <B>Introduction of Board and Guests</b></div> <div> In addition to Dana Siekman, board members present included Lori Kelly, Shelly Lofdahl, Dorothy Stone, Keith Forristall, Ed Rarick and Jerry Allen. Staff members present were Maryjo Downey, PDC Administrator and Terry Blevins, PDC Housing Improvement Program Director. </div> <div> <B>Approval of Minutes  </b></div> <div> The Board proceeded with review of the Minutes of the May 24, 2006 meeting. Lori Kelly 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 August 22, 2006, and the list of expenses for the past month totaling $260,594.65. Shelly Lofdahl moved the Board approve payment of the bills and accept the financial reports. Ed Rarick seconded the motion, which carried unanimously.</div> <div> <B>Loan Recommendations</b></div> <div> Dana Siekman presented one request for a $29,000 business loan guarantee in Lincoln County that was approved by mail last month. Keith Forristall moved the Board affirm the guaranteed loan request. Ed Rarick seconded the motion, which carried 6-0 with Shelly Lofdahl abstaining. There were no housing loan recommendations to be considered by the Board.</div> <div> <B>Board/Staff Policies</b></div> <div> In May, the Board tabled decision regarding a proposed Code of Ethics and Policy for the Board of Directors and Executive Management Staff of PDC until any recommended changes by the Board could be implemented. Jo Downey told the Board that the new policies would be considered later, as there has not been time to do the necessary revisions. She received no changes and it was the consensus of those present to table any further discussion on the need for such policies indefinitely.</div> <div> <B>Heritage Tourism Update/Public Relations Plan</b></div> <div> Jo Downey summarized the successful Heritage Tourism program during this summer. She briefly discussed media coverage of the program and responses to the website, <FONT SIZE="3" COLOR="#0000FF" FACE="Palatino Linotype" ><A HREF="http://www.ourjourney.info" TARGET="_top" TITLE="http://www.ourjourney.info"><U><U>www.ourjourney.info</U></U></A></FONT>. Office staff mailed out more than 700 copies of the Our Journey packet, she said. Most packet materials will be available for use again during the 2007 season. Expenditure of $4,600 for a quarter-page ad in the Colorado Vacation Guide is being considered for next year's campaign, as is development of new card inserts for a couple of museums to add to the Our Journey packet. Museums being considered include the Elbert County Museum at Kiowa and Lincoln County's Hedlund House Museum at Hugo.</div> <div> <B>Marketing Grant</b></div> <div> Jo Downey reported that the Colorado Economic Development Commission denied all of the rural Enterprise Zones' request for an increase in marketing grants funds from $25,000 to $30,000. This grant helps form the basis for the Heritage Tourism marketing program.</div> <div> <B>El Pomar Award</b></div> <div> Prairie Development Corporation is a finalist for El Pomar Foundation's 2006 Awards for Excellence, which Jo Downey said guarantees an award of at least $7,500 to PDC. She said members of the Board should plan to attend the awards dinner in Colorado Springs in November to accept the award. </div> <div> <B>PDC “Real Estate” Update</b></div> <div> Jo Downey reported a successful small claims court action against a former Stratton apartment tenant. A second former tenant who owes PDC back rent and/or damage money has moved to Kansas, but Jo said PDC will continue efforts to collect from that party.</div> <div> <B>Dickinson House/Section House costs</b></div> <div> The Board previously had received cost summaries for both projects from Terry Blevins. The John P. Dickinson House restoration project in Hugo has cost $344,057 to date; original budget for the project was $168,235. The Denver and New Orleans Railroad Section House restoration project in Elizabeth has cost $253,090 to date; original budget for the project was $372,100. All costs include original purchase price and monthly utility and upkeep expenses. At the conclusion of a discussion of the Dickinson House, the Board agreed by consensus to accept an amount within a specified range if offered, even if it is less than the asking price.</div> <div> <B>Loan Activity/Loan Packaging Contractors</b></div> <div> Jo Downey reported that PDC is currently negotiating with the Pueblo and San Luis Valley revolving loan funds for certain contract services necessary in developing good business loans for the PDC Business Loan Program. Final contracts for these services will be presented to the Board at a later date.</div> <div> <B>September/October Meeting Date/Location</b></div> <div> The next meeting of the PDC Board of Directors will be October 25, if needed. The November meeting will be scheduled in Stratton, and there will be no December meeting.</div> <div> <B>Other /Adjournment</b></div> <div> There being no other business, Dana Siekman declared the meeting adjourned at 8:28 p.m.</div> <bR> <bR> <div> <A HREF="id36_2006_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> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="september_2006"><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>September 2006</b></div> <div> No PDC Board of Directors meeting was scheduled for September.</div> <bR> <bR> <div> <A HREF="id36_2006_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> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="october_2006"><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>October 2006</b></div> <div> No PDC Board of Directors meeting was scheduled for October.</div> <bR> <bR> <div> <A HREF="id36_2006_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> <bR> <bR> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="november_2006_1"><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>November 27, 2006</b></div> <div> <B>Call to Order</b></div> <div> Chairman Brett Legg called the Prairie Development Corporation Board of Directors to order at 7:33 p.m. at the Claremont Inn in Stratton, Colorado. </div> <div> <B>Introduction of Board and Guests</b></div> <div> In addition to Brett Legg, board members present included Lori Kelly, Shelly Lofdahl, Dorothy Stone and Ed Rarick. Staff members present were Maryjo Downey, PDC Administrator, and Terry Blevins, PDC Special Projects Coordinator. </div> <div> <B>Approval of Minutes  </b></div> <div> The Board proceeded with review of the Minutes of the August 23, 2006 meeting. Shelly Lofdahl 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 August 31, 2006, and the list of expenses since the last meeting totaling $242,149.45. Shelly Lofdahl moved the Board approve payment of the bills and accept the financial reports. Lori Kelly seconded the motion, which carried unanimously. Ed Rarick asked if PDC had a budget document for 2007. Jo Downey said the budget being drafted and a copy will be provided for the next meeting. An on-going budgetary problem is PDC's lack of substantive business loans. This lack of activity means the PDC must continue to use a portion of its capital funds to assist in defraying operational expenses.</div> <div> <B>Business Loan Recommendations</b></div> <div> Brett Legg presented one $20,000 loan guarantee for a service/retail business in Kit Carson County, asking PDC to guarantee $20,000 with a three-year certificate of deposit earning 4.9%. The Business Loan Committee approved this loan. Ed Rarick moved the PDC Board ratify the loan committee decision regarding this loan guarantee. Lori Kelly seconded the motion, which carried 4-1, with Brett Legg opposed.</div> <div> <B>Housing Loan Recommendations</b></div> <div> There were no housing loan recommendations to come before the Board.</div> <div> <B>Heritage Tourism Update</b></div> <div> Jo Downey said the 2006 Our Journey marketing campaign has been closed out; she said the campaign was quite successful in terms of increasing visitors to the region. All of the region's museums are interested in repeating the Our Journey program in 2007, including the Elbert County Museum, if it is ready to reopen by then.</div> <div> <B>2007 Board Members</b></div> <div> Jo Downey reported that the nine PDC Board positions must be filled for new two-year terms. Appointments are made by the county commissioners in each of the four counties, except for one at-large member who is appointed by the East Central Council of Local Governments Board of Directors. She encouraged any members interested in remaining on the Board to contact their local commissioners. The Board will have at least three new faces in 2007, as Brett Legg of Cheyenne Wells will not seek reappointment. Dan Troyer of Burlington resigned his seat earlier in the fall, and Keith Forristall of Hugo died October 2, 2006. Keith, 55, was the only member of the Board who had served continuously since the PDC was created in 1986. </div> <div> <B>El Pomar Award</b></div> <div> Prairie Development Corporation has received El Pomar Foundation's 2006 Award for Excellence in Special Projects. The awards dinner and presentation are scheduled for November 28th in Colorado Springs. Jo Downey, Shelly Lofdahl and Lori Kelly plan to attend. Part of the award is a cash prize of $7,500 to PDC. Shelly Lofdahl moved the $7,500 be allocated to PDC's Heritage Tourism program. Dorothy Stone seconded the motion, which carried unanimously.</div> <div> <B>PDC “Real Estate” Update</b></div> <div> Jo Downey reported all PDC rental units occupied with tenants paying as agreed.</div> <div> <B>Dickinson House/Section House Status</b></div> <div> Terry Blevins said there has been no recent interest in the Dickinson House in Hugo, although one local person had inquired about leasing the house for use as a bed and breakfast facility. Staff provided information about PDC's lease/purchase agreement and there has been no further contact since that time. Work on the Section House is essentially completed, and Board members from Elbert County were asked to provide a list of real estate sales people from the area who might be interested in listing the Section House for sale. The need for an open house for the people of Elizabeth was discussed, and Jo asked that a display on the Dickinson House be showed at the open house, as well.</div> <div> <B>Loan Activity/Loan Packaging Contractors</b></div> <div> Based on a recommendation from the Business Loan Committee, Ed Rarick moved that PDC contract with the San Luis Valley revolving loan fund for business loan review and packaging. Lori Kelly seconded the motion, which carried unanimously. Jo Downey said she is beginning to see increased interest in PDC's business loan programs, and noted there remains $185,000 from the current Community Development Block Grant to be loaned out. The CDBG contract has been extended to the end of June 2007, she added.</div> <div> <B>January Meeting Date/Location</b></div> <div> The next meeting of the PDC Board of Directors will be January 24. The Board will meet at the restored Denver & New Orleans Railroad Section House in Elizabeth.</div> <div> <B>Other</b></div> <div> Jo Downey reported that had authorized addition of inside storm windows for the east windows of the PDC office building in Stratton. The storm windows are being made by a local contractor and will cost $400 each. The Board approved this move by consensus.</div> <div> Speaking on behalf of the Board, Ed Rarick stated the PDC Board wishes to express its thanks to Brett Legg, Dan Troyer and Keith Forristall for their years of service and input on behalf of Prairie Development Corporation.</div> <div> <B>Adjournment</b></div> <div> There being no other business, Brett Legg declared the meeting adjourned at 8:24 p.m. </div> <bR> <bR> <div> <A HREF="id36_2006_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_2006"><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 2006</b></div> <div> No PDC Board of Directors meeting was scheduled forDecember.</div> <bR> <div> <A HREF="id36_2006_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> </td> </tr></table></body>