HomeMy WebLinkAboutCDCpkt2012-02-14 Special MeetingCOMMUNITY
DEVELOPMENT
CORPORATION
February 14, 2012
Special Meeting Packet
9
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AGENDA
SPECIAL MEETING
OF ANNA COMMUNITY DEVELOPMENT CORPORATION
q February 14, 2012 at 5:30 p.m.'
coto:nu aii'r ANNA CITY HALL ADMINISTRATION BUILDING,
°rUt J „F I•i' aT 111 N. POWELL PKWY.
I)VJ ANNA, TEXAS
The Anna Community Development Corporation will conduct a special meeting at 5:30
p.m.' on February 14, 2012, at the Anna City Hall Administration Building, 111 N.
Powell Parkway, to consider the following items:
1. Call to Order. 5 34 pry%,
2. Roll Call and Establishment of Quorum.
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G2�V�Qi 3. Consider/Discuss/Action regarding resolutio providing approval for the Anna
Community Development Corporation o enter into a tat Supplemental Amendment
n to Loan Agreement and Promissory Note and to Security Agreement (Image Vision
Labs, Inc.) concerningsybordination of security for revolving can. �u11� �c
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!�/� .4. Adjourn. Cla L SGod >l �' !iw_
y a ;V goS/�d min � � rtei t g�O L�
This is to certlf that Jessica Perkins, hief Administrative fficer, posted this agenda
/at a place readily accessible to the public at the Anna City Hall and on the City Hall P
--bulletin board at or before 5:30 p.m., February 11, 2012.
ica Perki Chief Administrative Officer
t ADDITIONAL NOTICE REGARDING MEETING TIME: in the event that the Anna Economic Development Corporation
meets at the same time and place scheduled for this meeting, then this meeting will be delayed and will begin immediately
after the conclusion of the meeting of the Anna Economic Development Corporation.
IMPORTANT LEGAL NOTICE: The Corporation may vote and/or act upon each of the items listed in this agenda. The
Corporation reserves the right to retire into executive session concerning any of the items listed on this agenda, whenever
it is considered necessary and legally justified under the Open Meetings Act. Disabled persons who want to attend this
meeting and who may need assistance should contact the City Secretary at 972.9243325 two working days prior to the
meeting so that appropriate arrangements can be made.
vtc Uc C4 Y O
COMMUNITY
DEVELOPMENT
CORPORATION
Meeting: February 14, 2012
Budgeted Amount: N/A
Item No. 3
r,11_�il
Community Development
Corporation Agenda Staff Report
Staff Contact: Jessica Perkins
Exhibits: X Yes No
AGENDA SUBJECT: Consider/Discuss/Action regarding a resolution providing
approval for the Anna Community Development Corporation to enter into a I"
Supplemental Amendment to Loan Agreement and Promissory Note and to Security
Agreement (Image Vision Labs, Inc.) concerning subordination of security for revolving
loan.
SUMMARY: Staff received a call from Mitch Butler from Image Vision about some
very positive meetings they had in California. They have investors looking to infuse
about $500,000 into their company to assist with further product design.
Image Vision's request is that the CDC subordinates the loan (the loan from the USDA
grant we received of $99900). Subordinating the loan will allow Image Vision to secure
the investment they need to continue to grow and add more jobs.
STAFF RECOMMENDATION: Staff recommends you approve the resolution.
ANNA COMMUNITY DEVELOPMENT CORPORATION
RESOLUTION NO.
A RESOLUTION OF THE ANNA COMMUNITY DEVELOPMENT CORPORATION
AUTHORZING AND APPORVING TO SUBORDINATE THEIR LOAN WITH IMAGE
VISION LABS TO SUPPORT EXPANDED BUSINESS DEVELOPMENT
WHEREAS, the Board of Directors of the Anna Community Development Corporation
(the "CDC"), has determined that it is in the best interests of the CDC to enter into a 1st
Supplemental Amendment to Loan Agreement and Promissory Note and Security
Agreement (the "Amendment") concerning subordination of security for revolving loan;
and �4-z H bJ
WHEREAS, the CDC believes that providing the subordination to the loan is in the
CDC's best interest and will promote new and expanded business development in the
City;
NOW THEREFORE, BE IT RESOLVED BY THE ANNA COMMUNITY
DEVELOPMENT CORPORATION, THAT:
Section 1. 8esiiGn-1: Recitals Incorporated
The recitals set forth above are incorporated herein for all purposes as if set forth in full.
Section 2. Sestkm4. Approval of Business Expansion Project
The CDC approves entering into and executing the Amendment.
PASSED AND APPROVED by the Anna Community Development Corporation this
day of February, 2012.
APPROVED:
CDC President, Jason Focht
ATTEST:
CDC Secretary, Sherilyn Godfrey
CDC OF ANNA, TEXAS RESOLUTION NO._ PAGE 1 OF 1