PDC 2007 Minutes

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Jo Downey asked that two proposed resolutions be added the agenda for this meeting.</div> <div> <B>Introduction of 2007 Board and Guests</b></div> <div> In addition to Dana Siekman, board members present included Shelly Lofdahl, Dorothy Stone, Jerry Allen, Ed Rarick, Nancy Bogenhagen, Jerry Monks and Deni Coryell. Staff members present were Maryjo Downey, PDC Administrator, and Terry Blevins, PDC Special Projects Coordinator. </div> <div> <B>Financial report </b>  </div> <div> Jo Downey presented the financial report for November, and the list of expenses since for October and November totaling $133,898.88. Jerry Allen moved the Board approve payment of the bills and accept the financial reports. Ed Rarick seconded the motion, which carried unanimously. Jo also presented the 2007 PDC budget, which was reviewed by the Board. Jo said PDC's 2006 expenditures were below projections because the business loan manager position was eliminated and replaced with loan packaging by contract.</div> <div> <B>Election of Officers</b></div> <div> Ed Rarick nominated Dana Siekman as PDC Board Chairman for 2007, and Shelly Lofdahl seconded the nomination. Ed moved nominations be closed and a unanimous ballot be cast for Dana Siekman. Dorothy Stone seconded the motion, which carried 7-0 with Dana abstaining. Dana Siekman nominated Ed Rarick as Vice-Chairman, and Dorothy Stone seconded the nomination. Jerry Allen moved nominations be closed and a unanimous ballot be cast for Ed Rarick. Shelly Lofdahl seconded the motion, which carried unanimously. Shelly Lofdahl then moved the Board elect Jerry Allen as Secretary/Treasurer. Dorothy Stone seconded the motion, which carried unanimously.</div> <div> <B>Approval of Minutes of November 27, 2006</b></div> <div> The Board proceeded with review of the Minutes of the November 27, 2006 meeting. Ed Rarick moved the Minutes be approved as submitted; Shelly Lofdahl seconded the motion, which carried 7 to 0 with Nancy Bogenhagen abstaining.</div> <div> <B>Business Loan Recommendations</b></div> <div> There were no business loan recommendations to come before the Board.</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 a summary of the heritage tourism program and a copy of the Our Journey packet had been mailed previously to the new Board members. The contract with the museum consultant runs through April 2007. All preliminary reports under the contract are completed and the consultant now is working on exhibit and sign designs. This year, the $7,500 prize awarded to PDC's Heritage Tourism Program by the El Pomar Foundation will help defray the costs of the program. A new insert for the Lincoln County Hedlund House Museum is being produced for the coming season; the insert needed for the Elbert County Museum is on hold until the museum has been renovated and can reopen. Also for the new season, PDC is re-doing the “Name That Town” insert and inserts listing bed and breakfasts, antique shops, and national and state historic register sites. Work is underway on a new events guide for 2007, which also is circulated outside the Heritage Tourism program and is posted on the Our Journey website, and on a new ticket that will grant free admission to participating museums and will give ticket holders a chance to win free books or a stay in a bed and breakfast on the Plains. During the coming year, PDC will be developing a new brochure about the New Deal and New Deal projects in our four counties, and PDC will renew its public relations contract which proved highly successful last season.</div> <div> <B>Business Cash Incentive Programs</b></div> <div> Jo Downey circulated information on the East Central Enterprise Zone, Enhanced Rural Enterprise Zone Job Credits and the Job Creation Performance Incentive Fund. She said these programs are successful incentives for maintaining jobs in this region and regional salaries above the state average.</div> <div> <B>El Pomar Award/Banquet</b></div> <div> Prairie Development Corporation received the El Pomar Foundation's 2006 Henry McAllister Award for Special Projects for the Our Journey heritage tourism project. The awards were presented November 28 at ceremonies in Colorado Springs. Jo Downey said Lori Kelly attended the ceremonies and accepted the award on behalf of PDC. Jo and Shelly Lofdahl planned to attend, as well, but were prevented by inclement weather. The award included a plaque and a cash award of $7,500 that will be applied to the heritage tourism program, Jo said.</div> <div> <B>PDC “Real Estate” Update</b></div> <div> Jo Downey said one of the Stratton apartments has been vacated, but a new tenant was found within three days. All of the houses in Cheyenne Wells continue to be occupied. </div> <div> <B>Dickinson House/Section House Status</b></div> <div> Terry Blevins reported a sales contract is in place for the John P. Dickinson House in Hugo, with a sales price of $105,000. The sale will be closed in mid-February. There also has been good interest in the Section House at Elizabeth reported by the real estate agent.</div> <div> At this point, Jo presented the Board with copies of two proposed resolutions related to the sale of real property. The Board reviewed Resolution PDC/RE01-07, a resolution authorizing the sale of real property located in Hugo, Colorado owned by Prairie Development Corporation. This resolution allows the sale of the John P. Dickinson House at 306 3rd Street, Hugo to the Richard W. Messer and Margaret A. Messer Living Trust for $105,000. The resolution also authorized and directed the PDC Administrator and/or the Special Projects Director to sign all documents related to this sale. Ed Rarick moved Resolution PDC/RE01-07 be approved. Jerry Allen seconded the motion, which carried unanimously.</div> <div> The Board also reviewed Resolution PDC/RE02-07, a resolution authorizing the sale of real property located in Elizabeth, Colorado owned by Prairie Development Corporation. Following discussion, the Board agreed the authority granted was too broad in language and asked that it be restricted to any transaction previously approved by the Board. Jo Downey said a revised resolution will be prepared for Board consideration later.</div> <div> <B>Loan Activity</b></div> <div> Returning to the need to generate more business loans during the present slow business cycle, Dana Siekman encouraged all Board members to bring their ideas for better utilization of the loan fund to Jo Downey. </div> <div> <B>March Meeting Date/Location</b></div> <div> The next meeting of the PDC Board of Directors will be March 28, 2007 at Elizabeth, CO. </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, Dana Siekman declared the meeting adjourned at 9:08 p.m.</div> <bR> <div> <A HREF="id36_2007_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="february_2007_1"><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 2007</b></div> <div> No PDC Board of Directors meeting was scheduled for February.</div> <bR> <div> <A HREF="id36_2007_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> <DIV ALIGN="LEFT"></DIV> <div>  <A NAME="march_2007_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 28, 2007</b></div> <div> <B>Call to Order</b></div> <div> Dana Siekman called the Prairie Development Corporation Board of Directors meeting to order at 7:31 p.m. at the Denver & New Orleans Railroad Section House at Elizabeth, Colorado. </div> <div> <B>Introduction of Board and Guests</b></div> <div> In addition to Dana Siekman, board members present included Jerry Monks, Ed Rarick, Dorothy Stone and Jerry Allen. Staff members present were Maryjo Downey, PDC Administrator, Laura Erbert, PDC Fiscal Officer, and Terry Blevins, PDC Special Projects Coordinator. Guests included Chris Lamay, Elizabeth Town Manager, and John Hill of <I>The Ranchland News</I> at Simla.</div> <div> <B>Approval of Minutes of January 24, 2007</b></div> <div> The Board proceeded with review of the Minutes of the January 24, 2007 meeting. Ed Rarick 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 presented the financial reports for the past three months, December 2006 through February 2007, and the list of expenses since the last meeting totaling $68,499.62. Ed Rarick moved the Board ratify checks issued by the staff as listed. Jerry Monks seconded the motion, which carried unanimously. Jerry Allen moved the Board accept the financial reports. Dorothy Stone seconded the motion, which carried unanimously. </div> <div> <B>Business Loan Recommendations</b></div> <div> Dana Siekman presented one CDBG loan request for a new business in Kit Carson County. The Loan Committee recommended approval of a loan for $100,000, to be repaid over 10 years at 8.25% interest. In addition to the usual requirements of the revolving loan fund, the borrowers would pay a one percent origination fee and the Colorado Office of Economic Development's Financial Review Committee must also approve the loan. Applicants would be required to have life insurance policies valued at $100,000 with proceeds being assigned to PDC as loss payee, and PDC would be listed as loss payee on all business insurance. Borrowers would permit PDC to obtain annual proof form the Colorado Department of Revenue that all state and withholding taxes have been paid. The loan would be secured by a second deed of trust filing on the project real estate, on the borrowers' personal home and rental properties, by personal guarantees from the borrowers, and by a UCC filing on all equipment not attached to the business. The project must demonstrate creation of six fulltime equivalent employment opportunities, with at least four of those filled by low- or moderate-income persons. The borrowers must furnish financial statements semi-annually for the first two years, then annually thereafter.  Dorothy Stone moved the Board accept the recommendation of the Loan Committee. Jerry Allen seconded the motion, which carried 4-0, with Ed Rarick abstaining.</div> <div> <B>Housing Loan Recommendations</b></div> <div> There were no housing loan recommendations to come before the Board.</div> <div> <B>Real Estate Resolution</b></div> <div> The Board reviewed resolution PDC/RE02-07. This resolution would authorize Maryjo M. Downey and Terry W. Blevins to sign, on behalf of the Prairie Development Corporation, documents relative to the approved purchase and/or sale of real property. Dorothy Stone moved the resolution PDC/RE02-07 be adopted. Jerry Monks seconded the motion, which carried unanimously.</div> <div> <B>Operations Resolution</b></div> <div> The Board reviewed revised operations resolutions for the Prairie Development Corporation. These resolutions appoint legal and fiscal representatives for the corporation and designate specific authority for staff members performing specific tasks. It was pointed out that the name “Kerr” was misspelled in the resolution. Ed Rarick moved the revised operations resolutions be adopted, as corrected. Dorothy Stone seconded the motion, which carried unanimously.</div> <div> <B>Heritage Tourism Update</b></div> <div> Jo Downey reported that a new insert for the Lincoln County Hedlund House Museum at Hugo is being added to the Our Journey marketing kit this season. Copies of the insert were available for Board members to see. The Our Journey ticket, which offers free admission to participating attractions for visitors to the area is being updated, including addition of a new private museum at Arriba. The Name That Town brochure has been updated, also, as have inserts for local antique shops, bed and breakfasts and tea rooms, and for state and national historic register sites. Jo said the PDC will again contract for public relations assistance, given its success last year. Colorado Springs and Pueblo media will be added.</div> <div> A new project will be called “Little Songs on the Prairie,” if funded. PDC has applied for a $5,500 Colorado Council on the Arts grant to bring musicians and musical acts to complement the Our Journey attractions. Participating museums would schedule one or two performances in conjunction with local activities by contributing $150 each per event. The remainder of the one-to-one match will come from PDC unrestricted funds. The goal of the project is to attract more local residents to the area's heritage tourism attractions. </div> <div> <B>Consideration of MicroEnterprise Loan Limit Increase</b></div> <div> Jo Downey reported that the Colorado Office of Economic Development's Financial Review Committee has increased the maximum loan limit for the MicroEnterprise loan program from $25,000 to $100,000 with no additional job creation requirement. She asked the Board to consider amendments to the loan policy that would accommodate this change. Jerry Allen moved the Board amend the loan policy as requested. Ed Rarick seconded  the motion, which carried unanimously.</div> <div> <B>Enterprise Zone Annual Report</b></div> <div> The Board had received copies of the 2006 East Central Enterprise Zone annual report for review. Jo Downey explained that stated objectives for the zone are measured in terms of non-residential assessed value. Information from the report has been made available to the public via a news release, she said. The Investment Tax Credit continues to be the most utilized credit offered by the Enterprise Zone. Jo reminded the Board that credits of $450 or less are not certified by the Zone and are not included in the annual report.</div> <div> <B>2007 Events Guide</b></div> <div> Jo Downey said 15,000 copies of the 2007 Events Guide are being printed this year and will again be distributed to local residents by sending copies home with children from school. Board members received copies of the draft events guide and were asked to review them and to identify any local events that may have been overlooked.</div> <div> <B>PDC “Real Estate” Update</b></div> <div> Jo Downey reported that all PDC-owned rental units are occupied and rent payments are current.</div> <div> <B>Section House Status</b></div> <div> Terry Blevins said the anticipated sale of the Section House had fallen through after the buyer had the house inspected. Some of the concerns noted by the inspector were related to the historic preservation of the house, such as doors and windows out of square and floors stained and discolored, he said. The project architect is reviewing the report.</div> <div> <B>Loan Activity Status</b></div> <div> Jo Downey reported increased interest in PDC's business loan programs, saying there are a couple of potential loan applicants in Limon.</div> <div> The contract for the present CDBG loan fund will expire June 30, and Jo said any remaining dollars not loaned will be deobligated at that time. Therefore, to make sure the loan fund remains adequately capitalized, PDC will apply for a new capitalization grant; the application process will take 90 to 120 days.</div> <div> <B>Next Meeting Date/Location</b></div> <div> The next meeting of the PDC Board of Directors will be May 23, 2007 at Cheyenne Wells. </div> <div> <B>Other</b></div> <div> Laura Erbert told the Board that the 2006 PDC audit report should be available in time for the next Board meeting.</div> <div> <B>Adjournment</b></div> <div> There being no other business, Dana Siekman declared the meeting adjourned at 9:14 p.m.</div> <bR> <bR> <div> <A HREF="id36_2007_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> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="april_2007_1"><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 2007</b></div> <div> No PDC Board of Directors meeting was scheduled for April.</div> <bR> <div> <A HREF="id36_2007_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> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="may_2007_1"><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>May 2007</b></div> <div> The PDC Board of Directors meeting scheduled for May has been postponed until June 27.</div> <bR> <div> <A HREF="id36_2007_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> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="june_2007"><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 27, 2007</b></div> <div> <B>Call to Order</b></div> <div> Vice Chairman Ed Rarick called the Prairie Development Corporation Board of Directors meeting to order at 7:44 p.m. at the Java Enterprises office in Cheyenne Wells, Colorado. </div> <div> <B>Introduction of Board and Guests</b></div> <div> In addition to Ed Rarick, board members present included Lori Kelly, Dorothy Stone, Nancy Bogenhagen and Jerry Allen. Staff members present were Maryjo Downey, PDC Administrator, and Terry Blevins, PDC Special Projects Coordinator. Former PDC Board Chairman Brett Legg was a guest.</div> <div> <B>Approval of Minutes of March 28, 2007</b></div> <div> The Board proceeded with review of the Minutes of the March 28, 2007 meeting. Jerry Allen moved the Minutes be approved as submitted; Dorothy Stone seconded the motion, which carried 4-0, with Nancy Bogenhagen abstaining.</div> <div> <B>Financial report   </b></div> <div> Jo Downey presented the financial reports for the months of March through May 2007, and the list of expenses since the last meeting totaling $297,056.87. Nancy Bogenhagen moved the Board accept the financial reports. Lori Kelly seconded the motion, which carried unanimously. Dorothy Stone moved the Board ratify checks issued by the staff as listed. Lori Kelly seconded the motion, which carried unanimously.</div> <div> <B>2006 Audit</b></div> <div> Jo Downey told the Board that the audit of PDC's 2006 resulted in no significant issues in the audit report. Following a brief discussion, Ed Rarick asked that the Minutes reflect the Board's review and acceptance of the audit report by consensus.</div> <div> <B>Business Loan Recommendations</b></div> <div> A Microenterprise Program loan request has been postponed pending receipt of additional information. Votes on this application will be conducted by email, and Minutes reporting the discussions and votes will be included with the June 27 PDC Minutes.</div> <div> <B>Housing Loan Recommendations</b></div> <div> There were no housing loan recommendations to come before the Board.</div> <div> <B>CDBG Grant #5</b></div> <div> Jo Downey reported the present Community Development Block Grant is nearly out of funds. She reminded Board members that the grant is accepted by Lincoln County on behalf of all four counties in the region and is administered by PDC by subcontract with Lincoln County. This grant contract was scheduled to expire June 30,  2007,  but the State has decided to extend the contract to the end of December.  Jo said she submitted, on behalf of Lincoln County, a budget amendment accommodating the additional administrative cost connected with the long contract term. No additional funds are involved, she said.</div> <div> Lincoln County has agreed to apply for a new CDBG grant to support this business loan program. Public hearings will be scheduled in the next few weeks in which the region's citizens can offer comments on the grant program being closed out and the new grant program being requested. Jo said she hopes the new application will be submitted by September 2007.</div> <div> Ed Rarick expressed the Board's appreciation for Jo Downey's work relative to the new grant application. </div> <div> <B>2007 Our Journey Kits/Public Relations</b></div> <div> Jo Downey circulated the media tour summary for May 22-24 in the Denver metropolitan area that listed several pages of radio, television and print media interviews about the Our Journey heritage tourism marketing project. Another media tour in the Pueblo-Colorado Springs area is scheduled for July.</div> <div> <FONT SIZE="3" COLOR="#000000" FACE="Palatino Linotype" >She also discussed ad placements and circulated copies of the new information packets being sent to individuals requesting them. More than 500 packets have been mailed already. Jo said the </FONT><A HREF="http://www.ourjourney.info" TARGET="_top" TITLE="http://www.ourjourney.info"><U><U>www.ourjourney.info</U></U></A> <FONT SIZE="3" COLOR="#000000" FACE="Palatino Linotype" >website activity is up, with PDC receiving an average of nine information requests daily via the Internet.</FONT></div> <div> Brian Hawkins has suggested compiling a new songbook in 2008 for the packet and including a karaoke CD for a traveling sing-along. The Board thought this a good idea, budget permitting.</div> <div> <B>PDC “Real Estate” Update</b></div> <div> Jo Downey reported that all PDC apartments are presently rented and paid current. Terry Blevins reported that one of the Cheyenne Wells houses is rented but the other is vacant. An individual has expressed interest in purchasing the vacant house, he said.</div> <div> <B>Section House Status</b></div> <div> Terry Blevins said there has been no news reported regarding sale of the Section House. In response to an earlier concern about the ability of the floors to withstand heavier furnishings, PDC has obtained an engineer's bid for performing a structural assessment. If necessary, this assessment can be included as a condition of any sales contract.</div> <div> <B>Loan Activity Status</b></div> <div> Jo Downey reported there have been no contacts within the past two weeks by individuals with potential loan projects. However, she said the business loan program has been more active in the last six months than was in the prior two years.</div> <div> <B>Next Meeting Date/Location</b></div> <div> The next meeting of the PDC Board of Directors will be August 22, 2007 at Flagler. </div> <div> <B>Other</b></div> <div> Jo Downey reported the Colorado Council on the Arts awarded a $4,680 grant to PDC for the “Little Songs On The Prairie” project, designed to bring musical acts to Colorado's Central Plains while, at the same time, encouraging area residents to support their local heritage tourism attractions. PDC had requested a grant of $5,500, Jo said. Jerry Allen moved the PDC accept the $4,680 grant from the Colorado Council on the Arts.  Lori Kelly seconded the motion, which carried unanimously.</div> <div> Dorothy Stone announced an open house at her office in Elizabeth from 4 to 8 p.m. on August 24, 2007. The open house commemorates the 100th  anniversary  of  her building.  The Board agreed by consensus with Ed Rarick's suggestion that PDC host an open house at the Section House at Elizabeth in conjunction with Dorothy's open house.</div> <div> <B>Adjournment</b></div> <div> There being no other business, Ed Rarick declared the meeting adjourned at 8:42 p.m.</div> <bR> <div> <A HREF="id36_2007_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> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="july_2007"><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 e-mail Meeting Minutes</b></div> <div> <B>July 27, 2007</b></div> <div> A CDBG micro-enterprise loan application was received from a Kit Carson County manufacturer requesting a loan of $82,500 to purchase machinery and equipment, to provide working capital and to obtain technical assistance for the business. It was proposed to make this loan with repayment over 10 years at 8.5% interest. At the June 27, 2007 meeting of the PDC Loan Committee, action on this application was postponed until July when members would vote by email after reviewing the business plan. </div> <div> Members voted in both their capacities as Loan Committee members and as PDC Directors.</div> <div> On July 20, 2007, Ed Rarick moved the PDC loan $20,000 from PDC Revolved funds with repayment over 12 months at 8.5% interest, with interest-only payments of $145 per month. This loan is to be secured by Purchase Money Security Interest in the new equipment. There will be a 2% origination fee and a $50 application fee. Dorothy Stone seconded the motion on July 23, 2007. The motion carried 6-1, with Ed Rarick, Dorothy Stone, Lori Kelly, Jerry Allen, Nancy Bogenhagen and Deni Coryell voting in favor, and with Jerry Monks opposed.</div> <bR> <div> <A HREF="id36_2007_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> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="august_2007"><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>August 22, 2007</b></div> <div> <B>Call to Order</b></div> <div> Dana Siekman called the Prairie Development Corporation Board of Directors meeting to order at 7:31 p.m. at the High Plains Bank at Flagler, Colorado. </div> <div> <B>Introduction of Board and Guests</b></div> <div> In addition to Dana Siekman, board members present included Ed Rarick, Jerry Monks, Deni Coryell, Shelly Lofdahl and Nancy Bogenhagen. Staff members present were Maryjo Downey, PDC Administrator, and Terry Blevins, PDC Special Projects Coordinator. </div> <div> Jo Downey asked that an additional business item, completion of a Comprehensive Economic Development Strategy (CEDS), be added the agenda.</div> <div> <B>Approval of Minutes of June 27, 2007</b></div> <div> The Board proceeded with review of the Minutes of the June 27, 2007 meeting. Ed Rarick moved the Minutes of the June 27, 2007 meeting and of the email meeting be approved as submitted. Deni Coryell seconded the motion, which carried unanimously.     </div> <div> <B>Financial Report</b></div> <div> Jo Downey presented the financial reports for June and July 2007, and the list of expenses since the last meeting totaling $78,202.96. Nancy Bogenhagen moved the Board approve the financial reports and affirm payment of the bills. Deni Coryell seconded the motion, which carried unanimously.</div> <div> <B>Business Loan Recommendations</b></div> <div> There were no business loan recommendations to come before the Board.</div> <div> <B>Housing Loan Recommendations</b></div> <div> There were no housing loan recommendations to come before the Board.</div> <div> <B>Status of CDBG Grant #5</b></div> <div> As with earlier Community Development Block Grants that supported the business loan programs, Jo Downey said Grant #5 will be intergovernmental, with Lincoln County acting as grantee on behalf of all four counties. Administration of the grant and operation of the loan fund will be subcontracted to the East Central Council of Local Governments and to the Prairie Development Corporation, respectively.</div> <div> Jo told the Board that public hearings seeking comment on the existing CDBG grant and on the plans for the next grant were held in all four counties, but attracted no testimony. She said the new grant request would include $400,000 for loan funds and an additional 15% for administration of the grant. She hopes to submit the application by late October or early November, with a new grant contract available near the end of the year. The current grant period expires December 31, 2007, she said.</div> <div> <B>2007 Our Journey Project Update</b></div> <div> Jo Downey reported that PDC has mailed more than 450 Our Journey packets to persons requesting them as a result of the project's marketing efforts and website. She said museum operators believe the marketing campaign is improving turnout, or at least maintaining it in the face of higher fuel costs and hot summer temperatures. Visitors having their Our Journey tickets stamped have made positive comments about the project.</div> <div> Sign frames for the new museum signs have been completed at a cost of $900 each and were delivered to the museums. Visual West is designing the individual signs. They will not include an Our Journey logo, but will have an appearance, a “common look,” to indicate they are part of the Our Journey program. Visual West also has completed exhibit and design recommendations for the museums. Jo said PDC would help the museums implement the recommendations, although the museums must raise the necessary funds.</div> <div> <B>PDC “Real Estate” Update</b></div> <div> Jo Downey told the Board that all PDC rental units continue to be occupied. One of PDC's houses in Cheyenne Wells has been sold, leaving PDC with only one residence available for sale.</div> <div> Terry Blevins presented Resolution PDC/RE03-07, authorizing the sale of real property in Cheyenne Wells, for the Board's review. Shelly Lofdahl moved the Board adopt Resolution PDC/RE03-07. Jerry Monks seconded the motion, which carried unanimously.</div> <div> <B>Section House Upcoming Open House</b></div> <div> Board members were reminded of the open house planned for the Denver & New Orleans Railroad Section House in Elizabeth Friday, August 24. This open house was scheduled in conjunction with the 100th anniversary of the old Elizabeth bank building that now serves as PDC Board member Dorothy Stone's law office.</div> <div> <B>Population Estimates</b></div> <div> Jo Downey circulated the most recent population estimates for the incorporated municipalities and counties in this region for the Board's information. The estimates, as of July 2006, generally showed population had declined compared with the estimates of July 2005, and vacant housing units had increased.</div> <div> <B>Loan Activity Status</b></div> <div> Jo Downey reported some increased interest in PDC's business loan programs. She said she had several contacts recently, and had made a couple of referrals to the Small Business Development Center.</div> <div> <B>2007 CDBG Income Guidelines</b></div> <div> The current Community Block Grant Income Guidelines were circulated to Board members for their information. Jo Downey said these maximum income limits illustrate the level of incomes necessary for CDBG eligibility, but they do not apply to the borrower. She said 51% of all jobs created or maintained using CDBG funds must go to persons meeting these guidelines.</div> <div> <B>Economic Development Administration Comprehensive Economic Development Strategies</b></div> <div> At a recent business finance forum in Limon, a representative of the federal Economic Development Administration encouraged the four counties in East Central Colorado to form an EDA district, which would make additional federal funds available for projects. Jo Downey said the region is eligible to be an EDA district because Lincoln County's per capita income is below average. </div> <div> Jo said the first step in becoming an EDA district is to complete a Comprehensive Economic Development Strategy (CEDS). She estimated it would take a year to write the CEDS. A consultant would be used to complete parts of it. Jo said a $55,000 grant, given on a 70/30 matching basis, is available to help complete the CEDS.</div> <div> Either PDC or ECCOG can submit the grant application, but the eventual EDA district would require a board of directors comprised of 51% or more elected officials and 35% or more members from the private sector. At the present time, Jo said, neither the ECCOG Board nor the Prairie Development Corporation Board meets that requirement. It would be easier to transition changes to the PDC Board, she said, but it would be at least two years before any change would be necessary. </div> <div> It was the consensus of the majority of the Board members to proceed with development of a CEDS for this region.</div> <div> <B>Next Meeting Date/Location</b></div> <div> The next meeting of the PDC Board of Directors will be October 24, 2007 at Hugo.          </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, Dana Siekman declared the meeting adjourned at 8:50 p.m.</div> <bR> <div> <A HREF="id36_2007_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> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="september_2007"><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 2007</b></div> <div> The PDC Board of Directors meeting scheduled for September was postponed until October 24.</div> <bR> <div> <A HREF="id36_2007_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> <bR> <bR> <bR> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="october_2007"><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 24, 2007</b></div> <div> <B>Call to Order</b></div> <div> Dana Siekman called the Prairie Development Corporation Board of Directors meeting to order at 7:23 p.m. at the Community Building, Hugo, Colorado. </div> <div> <B>Introduction of Board and Guests</b></div> <div> In addition to Dana Siekman, board members present included Ed Rarick, Lori Kelly, Jerry Allen, Dorothy Stone and Nancy Bogenhagen. Staff members present were Maryjo Downey, PDC Administrator, and Terry Blevins, PDC Special Projects Coordinator. </div> <div> <B>Approval of Minutes of August 22, 2007</b></div> <div> The Board proceeded with review of the Minutes of the August 22, 2007 meeting. Ed Rarick moved the Minutes of the August 22, 2007 meeting be approved as submitted. Nancy Bogenhagen seconded the motion, which carried unanimously.<B>     </b></div> <div> <B>Financial Report</b></div> <div> Jo Downey presented the financial reports for August and September 2007, and the list of expenses since the last meeting totaling $26,249.78. Following discussion, Jerry Allen moved the Board accept the financial reports as corrected and affirm payment of the bills. Dorothy Stone seconded the motion, which carried unanimously.</div> <div> <B>Business Loan Recommendations</b></div> <div> There were no business loan recommendations to come before the Board.</div> <div> <B>Housing Loan Recommendations</b></div> <div> There were no housing loan recommendations to come before the Board.</div> <div> <B>Status of CDBG Grant #4</b></div> <div> Jo Downey said she has learned the state is willing to extend the current contract through June 2008, with additional funding, if necessary. She said that time extension will be needed, as PDC has received a couple of legitimate loan inquiries recently. The necessary legal publications and environmental reviews connected with the new contract would delay use of those funds and could cause delays in any new loans. However, she will  wait  10  days to see if  the new applications  develop  before requesting additional  funds under the existing contract. Jerry Allen moved the Board request Lincoln County to request a contract extension for this grant for an additional six months, and if necessary, to request additional funds under this grant contract.</div> <div>  Jo asked the Board to consider also requesting permission to make business loans to non-profit organizations. She cited several examples where such loans would benefit economic development and job creation and retention, and she said the option would give the loan program additional flexibility. While the change in policy would then be allowed by the state contract, she reminded the Board that PDC loan policies would still have to be amended before such loans could be considered. Jerry Allen amended his motion to include this change, and Ed Rarick amended his second, as well. The motion carried unanimously.</div> <div> If approved by the state for Contract #4, Jo said it likely would be included in Contract #5, also.</div> <div> <B>Status of CDBG Grant #5</b></div> <div> Jo Downey said the application for the new grant requests $535,000, including $400,000 to recapitalize Prairie Development Corporation's business loan fund, $55,000 for potential feasibility studies and $80,000 for administration. Copies of the draft application have been sent to the state and to the four counties for review.</div> <div> Dana Siekman asked if the PDC should bring the region's water issues to the state's attention. Jo told the Board that a study and report are being prepared on the impacts of recent events, and she expressed the hope that the reported impacts are specific enough to determine individual local needs. She recommended that PDC and the Impact Study Group present the completed report as a part of a future State Economic Development Commission agenda.</div> <div> <B>2008 Our Journey Project Update/Marketing Grants</b></div> <div> Jo Downey circulated copies of her 2007 enterprise zone marketing report that included a summary of activities and results of the Our Journey heritage tourism marketing program. She also included, for the Board's information, 2007 enterprise zone tax credit information through October. So far, the region's taxpayers have claimed $743,311 in state, primarily through investments in their businesses.</div> <div> Jo told the Board that the Colorado Tourism Board is offering grants for regional marketing projects, and she explained a way this grant program could be used to expand the effectiveness of the Our Journey program. The grant would pay two-thirds of the project cost, up to $15,000. She said there are two ways this grant could be used in conjunction with the existing program.</div> <div> First, Jo proposed creating an eight-panel version of the primary Out Journey booklet, along with a smaller version of the Our Journey museum ticket, for use as a cross-marketing brochure. This would be a less expensive piece that could be distributed at the Welcome Centers and by local museums in the region, with the goal of capturing the interest of tourists passing through the region. Second, the grant would be used to create “B-Roll” film, stock video footage of the region's attractions that could be used to illustrate various Our Journey promotions on television.</div> <div> There were no objections from the Board to pursuing this grant as described.</div> <div> <B>Little Songs on the Prairie Status</b></div> <div> Although there was wide support for the project designed to support Colorado musical artists while expanding exposure of east central Colorado residents to this culture, Jo Downey said few of the communities have scheduled events as part of the project. However, she said it's possible more activity will be seen in the Spring of 2008.</div> <div> <B>Electronic Newsletters</b></div> <div> PDC staff has created an electronic newsletter to sustain interest in the Our Journey program and attractions. Called “Old News,” it is sent out monthly via email to individuals who requested it via the Our Journey website or otherwise. Staff time for this newsletter is used as in-kind match for the Our Journey grant.</div> <div> Jo Downey said PDC staff also is considering a periodic business loan fund electronic newsletter that could keep area banks apprised of PDC loan programs and rules changes. In the absence of any objections from the Board, Jo said a mock-up of the newsletter would be sent to the banks, along with requests for email addresses.</div> <div> <B>PDC “Real Estate” Update</b></div> <div> Staff advised the Board that rent payments for the Cheyenne Wells house are in arrears at this time, but all payments on all other rentals are current. </div> <div> <B>Section House Sale Status</b></div> <div> The firm that has listed the Elizabeth Section House for sale has reported increased interest recently, although the looks have not resulted in offers so far. Terry Blevins said Dorothy Stone referred PDC to a master gardener in Elizabeth who is enlisting the assistance of the Boy Scouts to have grass planted at the Section House.</div> <div> <B>Directors' and Officers' Insurance</b></div> <div> Jo Downey told the Board that PDC's insurance company would no longer offer an errors and omissions insurance policy for the PDC Board. The current policy remains in effect, however, and the agent is looking for other coverage.</div> <div> <B>Professional Services Agreement</b></div> <div> An updated professional services agreement between PDC and the East Central Council of Local Governments has been drafted, with copies sent to members of both boards of directors. Jo Downey said she has asked all board members to review the agreement and to provide any suggested changes.</div> <div> <B>Loan Activity Status</b></div> <div> Information for this agenda item was covered under loan recommendations earlier in the meeting.</div> <div> <B>Next Meeting Date/Location</b></div> <div> The next scheduled meeting of the PDC Board of Directors will be Wednesday, January 23, 2008 in Stratton, Colorado. If a business loan develops before that time, an interim meeting may be called.</div> <div> <B>Other</b></div> <div> Jo Downey noted that none of the PDC Board terms expire this year, and no reappointments will be necessary in January.</div> <div> <B>Adjournment</b></div> <div> There being no additional other business, Dana Siekman declared the meeting adjourned at 8:27 p.m.</div> <bR> <div> <A HREF="id36_2007_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> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="november_2007_1"><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 2007</b></div> <div> No PDC Board of Directors meeting was held in November 2007.</div> <bR> <div> <A HREF="id36_2007_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> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="december_2007_1"><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 2007</b></div> <div> No PDC Board of Directors meeting was held in December 2007.</div> <bR> <div> <A HREF="id36_2007_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> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <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_2007"><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 2007</b></div> <div> No meeting of the PDC Board of Directors was held in November.</div> <bR> <div> <A HREF="id36_2007_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> <bR> <bR> <bR> <bR> <bR> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B> <A NAME="december_2007"><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 2007</b></div> <div> No meeting of the PDC Board of Directors was held in December.</div> <bR> <div> <A HREF="id36_2007_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> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> </td> </tr></table></body>