00:00:06,770	The minutes. I second Any discussion. Favor say Hi, I. I I Our Vision funds financial statements. Um Meet you? You wanna get wanna wanna say anything or just want to understand questions? Uh, do you Ha? You have them in front of you right members? Um yeah, I can send for questions.

00:00:36,730	I actually redid the, um the format a little bit, You know, uh, I heard you loud and clear. Kevin. Uh, I wanted to. I didn’t give you that other term sheet cause I’m still working on, um, trying to make sure I have all the details down for all of you guys for every time I present every every time we

00:00:53,330	meet, Um but I did wanna point out a couple of things on this new kind of format thing where Um you know you have the cash balance at the very top. You know 1.577, Then you also what I show is is cash that’s not drawn.

00:01:12,930	But, basically, you know, reserved for Projects that you have you guys have approved or the city commission has approved as well. Um the other thing to point out here. Um, is the the the notes receivable.

00:01:30,700	It’s kind of offsets that so if there’s if there’s approved but not drawn projects, they’re kind of being shown in those two areas, but they’re really not out to zero, so they’re not impacting the total assets that you’re seeing. And, then the other thing, um, you’ll see on the very bottom.

00:01:54,170	I want to point out is the number of Remaining if we were to fund things at kind of the common, um, buy down of 100 and $34,000 that we’ve had, historically, um so we’re about seven with the current cash balance for about seven a little over almost eight projects that you could probably do at that level. If we We had a couple of projects recently that were a little bit higher, or one project was held was, I think, 200 some 1000.

00:02:10,230	So I do wanna point that out, So you guys have kind of Idea of kind of where we sit and on financially and how many of these, um projects um you can improve or or push forward. You threw me with that one for a minute, but I’m gonna start calling it the doomsday clock. Yeah, yeah. Sure.

00:02:35,130	Any questions for Dmitri? The. One question I had is. I mean we’re showing a million dollar transfer in on 313, but that’s it’s duplicated on 520. That’s just carry over. We’re not Yeah. I mean So? Yes. Correct, Uh, correct number Uh um um, Basically what The income statement shows is is a I.

00:02:58,670	Don’t do it for a month at a time where we do it as a year at a time. If you would like me to show it as a month at a time. I could certainly do that. But Because we’re looking at The City looks at their financials.

00:03:12,130	Uh, you know, on a calendar year basis, I’m gonna leave that in there for the rest of the year in order to kind of show the income statement Unless You want me to do it every time we roll it up every time we meet, I can do that, too. I just wanted to make sure I didn’t miss another million dollar transfer in that we had a few more press I.

00:03:27,470	I think you’d know about it with it comes toward you like When. You say you want to leave it in. You’re just every time you update you’re gonna keep that in there until the end of the year. Correct, OK? Is that OK with your with go ahead. To me, Dmitri, This is mayor Isn’t that just a year to date.

00:03:45,130	Number Correct correct mayor So. It’s It’s going to We can show two periods We can show the current period the current month, which would have nothing And then the year to date is always gonna still show that million dollars because it’s for the year as it’s rolling. Yeah.

00:04:02,530	I think the question is whether we want to keep the 3 1324 column or just have the year to date. Most current I. I would either have just the most current year to date. Or. I would have the current month that we just closed so April, let’s say And the year to date through April.

00:04:24,330	But, I think just year to date is adequate because it’s not like we have that much activity. I would agree with that. Anyone I want to speak to that differently, OK? Sounds great. I will adjust the model accordingly. Other questions or, if not a motion to accept.

00:04:50,430	A motion to accept the Financial statements, all second Motion on the second, any further discussion. All in favor. Say III I Ass are accepted, Um, application Part View Foundation. Mr Schneider is headed for the, uh, podium. Thank you, Mr Chair. Um Good afternoon. Uh, members of the committee you have in front of you, Uh, an application from Heart View Foundation.

00:05:21,730	Um, this is for the local match of, um a flex pace. Um, loan. The, um Loan will be used to, uh, purchase a a building at 116 north Fourth Street there. Her view is currently leasing. Um one floor of that building. Um, this would allow them to expand into the rest of the building.

00:05:44,870	Um, uh, some mostly admin, but also some, uh, space for, um, services that they provide. Um, you can see in there the amount um, that’s being requested The 94,005 03 27 That is the present. It’s the maximum amount but is it is the present the community present value, um of the flex space, but it is the maximum amount. It’s not the the normal 107 that we see.

00:06:04,000	Um You can see the total project costs 2.2 million for the building. Um, you the, um scoring matrix was included in the packet. Hopefully. You all had a chance to review it. The Project did score. Um, a a 10. On the scoring matrix.

00:06:26,600	One thing, I would, um, I would point out, um in within the square matrix. Um, number six. When. We Talk about a, uh additional revenue that the project, uh, will have the opportunity to generate. This is a hard number, I. Think for them to calculate, um, just based on the services that they provide, Um The the project as a whole will allow additional space to provide services.

00:06:48,300	Um, which It is a good thing, but not really a good thing that we have to continue to create space to provide those those types of services, but, um, so it’s a hard number to calculate. Or is. I was wondering about that. Is it that Much of these are non reimbursed services. Is that why it’s hard to calculate.

00:07:09,630	That. You’d have to talk to the product. We can wait after that, But yes. There members of the of of, uh, Hart View Foundation here with us, um, to go a little bit over the project specifically, um and I’ll ask, uh, Kurt to come up and talk about the project. Thank you Good evening.

00:07:31,500	Uh, my name is Kurt Schneider. I’m the executive director of the Harvey Foundation, uh, to address that question, I think I’ll defer to my chief financial officer. If you would allow me to kind of go through a few things and then I can bring him up. Um, the Heart Foundation was established in October of 1964.

00:07:51,800	We’ve been around the Bismarck Mandan community for, uh, almost 60 years, um in 2011 Hart view had, uh, a 13 bed facility in Bismarck and Three employees. Today. We have a total of 100 and 65 employees, and we offer 61 total residential beds throughout can do.

00:08:13,570	Dickinson and Bismarck and I would point out that 29 of those residential beds are in Bismarck. We are headquartered in Bismarck and 100 and 20 of those 165 employees are in Bismarck. Last year we served 1199 patients, which was up from 755 patients a year before. This. This project would allow us to keep up with our rapid pace of growth that we’re experiencing.

00:08:42,470	We are out of room at all of our locations for expansion of staff and services. Currently. We’re renting the second floor of the 116 North Fourth Street building, which is between the brick oven. Uh and where the toasted frog used to be. About half of our administration team, and this is administrative services that are currently in this building.

00:09:04,930	About half of our admin team, Uh, currently share offices and the bottom levels have been vacant since we moved in there three years ago. So. We kind of came to AAA position where we either we had to rent, Uh, the bottom floors. Relocate or move out or purchase the building.

00:09:29,470	Expanding would allow us to move more administrative staff from our current, uh other locations to the building. Um, it would also make room to hire more clinical and other staff and and therefore expand services. Uh, our fourth Street facility could also be used to train employees. Uh and host, uh additional family programming. And. I would like to point out that this is not a signed deal.

00:09:52,030	Um, it depends very much on the final financing package as uh, This will have to be approved. By, the Heart Foundation board of directors. Uh, the benefits to Bismarck. Um, we are currently projecting this project would create 10 full time jobs and two part time jobs, uh, we would see in administrative staff, including a fundraiser and an accountant and then

00:10:18,630	additional clinical staff to include addiction counselors, medical provider director of nursing case managers. Would also allow us to train additional students to add to the workforce. More. Importantly. However, this would allow us to serve more community members, Um individuals with substance use disorders are often underemployed or unemployed.

00:10:46,270	Um from 2021 to 22 Hart View surveyed, uh, 305 of our opiate treatment program patients at baseline when they started their their programming 32% of those patients were employed. After one year 70% of those patients were employed and their mean wage almost doubled. Uh, every business needs workforce.

00:11:13,070	Um, but Hart view is in a unique opportunity and that our services will add individuals to the workforce. Um, to help other businesses as well. Uh, I would stand for any any questions or I could bring Ryan up to answer the question he had earlier, um Other than questions or other than answering that question. Do.

00:11:32,370	You want your CFO to speak in general, or just answer the questions. Um, OK if he doesn’t have a presentation, that’s great presentation. All, right? So. I would then ask the board to Ah to proceed with that questions of Mister Snyder. What’s your time frame you’re hoping for. I know you said that you have to get approved but in a perfect world, what was your time frame? Yeah.

00:12:02,130	Uh, actually, the closing or the the offer that we’re looking at? Has. A, July 1 date from the the building owners. However They will be, uh, workable to move that out a little bit, but we were looking for as as soon as possible. We.

00:12:23,000	We understand that there’s uh, a process for this committee as well as you know, just the financing in general. How many employees will be in this whole new space, then Uh, we currently have. Probably 25 in the one floor that we’re at. Is that a good guess.

00:12:47,730	And so They would then no longer share offices, but we would have two additional floors that are very similar in size. Um Which we? It would you know we were pointing out the growth that would occur right away, But. It would it would allow us to continue to, you know, grow as as our services and the need required so I’m not very familiar with your operation.

00:13:07,870	Sorry, but so do your patients go into another facility or do you house them there? Yeah. That’s a great question. Uh, currently in Bismarck, we have, uh three other buildings. Besides this one. Uh, we have, uh, 101, East, Broadway and 123 East Broadway, So. There’s two buildings right next to each other on Broadway. We also have a facility at, uh, 305 North 23rd Street. So.

00:13:31,870	We have three other buildings that are primarily clinical in purpose. So two of those buildings, house residential facilities, and, uh, the third has outpatient and opiate treatment program.

00:13:57,000	In Will an expansion of your business be able to attract other types of businesses or other types of service providers, possibly Is there any type of Other development that could happen with you guys growing. Uh, Um, you know, behavioral health, uh, has been identified as in crisis in North Dakota. And so the expansion of our services Uh, also allows for other supportive entities to be a part of that equation as well, such as sober living. Uh, you know, Um I.

00:14:23,800	I think that, um, for us to be able to expand our services helps in so many other ways, For example. You know, um High cost health care people go into the ER S and walk in clinics, Uh, in and out of, uh, the the homeless shelters.

00:14:43,400	Uh, you know, by by us being able to provide those services a lot of times those individuals that are struggling with substance use disorders aren’t cycling in out of Hospitals and jails and so forth. So our services. I would I would really point out. Our services really do a lot to decrease the cost to the community at large. Curt.

00:15:05,870	Is it correct that Part of the A big part of the expansion is is meeting an unmet need. Absolutely, Um, we are, um We just recently. About a year now we went to walk in evaluation, so Before that we had appointments and we were always three weeks, four weeks out for appointments, so by being able to have the adequate space we

00:15:29,330	were able to offer walk in appointments where people could walk in Monday through Thursday and be seen right away, so us being able to have the adequate space to provide the services allows us to also do it in a more effective way. And then With. The building purchase.

00:15:53,330	Is there any substantive renovation, or is it in a Configuration that works for you. Absolutely. It’s a configuration that works for us. Um you know, it was a very nice building. I think it was the Bank of North Dakota or no. Excuse Me BNC, and they they did a really good update to it. And and actually, the second floor is already furnished.

00:16:12,100	Um, it’s It’s really AAA great building for our needs. And so you know we would be able to, you know, expand into it without any renovations. And that I’m So trim. I was my question is, um, the use of the building is it’s just gonna administrative or are you having clinical inpatient? This is not a a residential facility.

00:16:32,870	It’s just the administrative side. Correct. It would mostly allow us to expand our administrative support, which is necessary for all of our clinical services. It would allow us to Bring from our other locations, Administrative staff to that building as well, which would give room for expanded services in those clinical sites.

00:16:55,800	Uh, we don’t anticipate that we would see patients in this building, but we would look to possibly provide family programming education, uh, to really support family members as well as, um It’s got really good training. Uh, prebuilt kind of training space in the basement to where you know we can adequately train our workforce as we’re as we’re growing As.

00:17:22,030	You referenced the building. Mr Mayor. Am. I correct that you were at one time office in this building. I was so Kurt, I just I wanna make sure where you’re at? You’re on the main floor right now. Is that correct? Yeah. Yeah.

00:17:39,600	We’re on the second floor, so the main floor has been empty for and it’s been empty for three years that building the main floor and the the basement. OK, so Then then because I know that building well, I spent like seven years of my life in it. Um, I You know it certainly is gonna give you opportunity and has the capacity to do those families training or opportunities for family counseling type.

00:18:03,700	Um, operations so I. Think I. I also happen to know a little bit more about the building than most people do. I. I know that you’ve been in it for a while and I. I do know that the owner is going to be willing to work with you. HN on her. So I. I have no other questions.

00:18:23,530	That’s I just want to make sure I knew for sure what you were occupying. So if you’re on the second floor, you’ve got a lot more room than just doubling your space. Absolutely thank you, mayor.

00:18:40,030	All right if there’s nothing else for Mr Snyder, I would ask just that question on just clarifying and part of it is us figuring out if our form needs revision and and what things but the the revenue impact is something we put in for the scoring matrix and wanna. I just wanna get your take on it from a nonprofit. Uh uh, applicant. Of course, Uh, Ryan Masser, chief financial officer for Hart view.

00:19:01,200	Uh, when we looked at the scoring matrix, uh, it was zero points up to 10% of growth and the hard part about growth. It’s not necessarily unbuilt services.

00:19:24,200	It’s a workforce need and to project growth over 10% was difficult for us to to justify without knowing how much clinical staff we could bring into how fast you can staff up exactly OK that makes perfect sense. And then As long as you’re there. Um The notation on it says applicant is considering Mita bonds. Is that just a matter of the cost benefit analysis. Yeah, we were doing a benefit analysis.

00:19:42,270	Uh, we don’t believe now that we’ll move forward with MA BOS as long as, uh, This is a direction we can go. And just for the group. My back banking background MIA bonds aren’t actually a cost to the city, but the city or the county has to endorse them as a I can’t remember the terminology, but they nonprofits can issue tax exempt bonds, but it has to be

00:20:03,730	done through, But there’s a fee. It’s gotta be. Yeah there. There’s a qualification to him. It’s like Others that specific governmental body qualification of the by a bonds be authorized. You have to meet the tests. And. It’s kind of expensive if they’re not if they’re interest rate spread doesn’t drop dramatically. But.

00:20:24,500	The expense is borne by the borrower, not by the political subdivision. So, it’s noted here under the have you gotten any other incentives it there would not be a cost to the city. If. They did go that way. Other questions. We can drag Kurt Schneider back up if there’s something All, right? I hear no questions.

00:20:49,130	What are the wishes of the group. I would move that we Recommend funding on this project. I think it’s a need of the community that is definitely underserved. We have a motion to have our second Uh and I would I would echo the mayor’s the the impact on workforce.

00:21:12,600	The impact on quality of life, I think is a huge, huge factor as we look at this project in, uh, in our view on it, So, um any other discussion before we proceed to the vote? Hearing none. Mr Demonic. Committee member Peterson Yes. Walk her Yes. Frelich? Yes, schmitz. Yes. Chair Strey. Yes. Um I will and I would just clarify.

00:21:42,400	I was gonna just clarify my motion, I guess and maybe I should have said this more clearly. But I just figured that this was to Moving forward to the commission for approval. That. I didn’t think we need a second meeting. Oh, So. Your motion was to bypass the second So.

00:22:01,730	OK, we have a a phase one or a form one so you would ask them. I’m Just Gonna clarify to submit form two but go directly to the commission rather than back to the Vision fund. Correct OK with and I and I apologize for not making that clear that’s on me. So. Let.

00:22:22,170	Let’s Let’s treat this as a You do it as a second motion as a second motion, So with that, with that clarification that it would move directly to the city commission with form two submitted. Do. We have a second Second, it And then any discussion. All right back to you, Mr Money. Committee members Walker Yes. Frelich? Yes, schmitz. Yes, Peterson? Yes. Thank you.

00:22:54,530	Thank Thank you, Everybody, I. I’m Sorry. I didn’t qualify that originally. I did think that that what you meant, though? When? You, said the Chair because you would have men I thought you would have done it differently if it would have been I. I did not catch that, Um And And actually, I was about to ask.

00:23:09,170	We needed to accelerate the second meeting. And so, uh, Mayor Schmitt’s did me one better so terrific, um, again very worthwhile while project Kirk. Thank you for all you do, and and, uh, I, I. I’m very optimistic on how you will be met by the city Comm.. Um Next item.

00:23:31,100	Discussion with Matt Berthold regarding North Dakota Opportunity Fund. Thank you, Mr. Chair? Um You know ours was indicated. My. I’m, Matt Bertold and I’m with Lewis and Clark Development Group. And.

00:24:04,470	We are headquartered out of Mandan, and what we do is we administer the North Dakota Opportunity fund now a little background on the opportunity fund itself that comes it’s was originally funded through the US Treasury department through the Jobs Act of 2010. Um, the city of Mandan applied on behalf of a consortium of communities of 38 communities throughout the state for a pot of funds, and we were awarded a grant about $9.

00:24:32,270	7 million And the the intent of it was for, um, set up for a revolving loan fund for commercial type loans in that consortium of 38 communities. And. So over time. We have, uh Um Is there. Is there a way I can advance this? Yes. Go ahead, jason. Switch in the back, and then you can just hit. OK. OK, I Guess just to kind of indicate What, the 38 communities.

00:25:01,470	Bismarck, Mandan are the Um, a big part of it here. Wonder if I can just hit hit it. There we go. Um The 38 communities are you know are shown on your screen there, you know, Bismarck man down, mainly the western part of the state. But.

00:25:20,330	We also have, uh, Fargo, West, Fargo and Castleton are you know are in the consortium as well. Um And what You know, it’s To date, you know, out of the $9.7 million. We funded approximately $38.7 million in loans. In, uh, in F, you know, in funding over $260 million in projects Are. Currently.

00:25:51,770	We’ve got about $8 million in outstanding loans and about 300,000 in committed loan funds to committed projects, and we’ve got about a million and a half of available funds. For the You know to land out and stuff. Um You know Statewide we funded about 145 businesses in 27 communities and in Bismarck we’ve done about 34 communities and in man and we’ve done about 18. I said.

00:26:20,130	Communities 18, or 34 businesses in Bismarck and, uh, 18 in Mandan businesses. It’s kind of the parameters of the opportunity fund is we can make loans up to a million dollars. But. It can exceed 50% of a specific project cost, So. We look at the entire entire project. We can’t do any loans directly to a business.

00:26:43,000	We have to have a lead commercial lender involved that and we kind that they kind of give us the direction on how they want us to be involved in the project.

00:26:59,130	Um, one of the biggest things that we looked at is the loan to value of the project They’re at we have to be secured 100% on, you know, on a Project in order, you know? And then, of course, the prudent lending practices and things. Um Let’s see that you know, the they’ve got to show repayment ability and things of that nature.

00:27:20,100	The eligible uses we can do is, you know construction equipment, working capital real estate and probably one of the biggest, you know is the interim financing for the SB, a 504 program that Burns our funding quite quite quickly things so and then one that we’re doing more and more is kind of the discussion that’s been had here earlier, not on the specific project, but generally with the opportunity fund is we can also

00:27:43,930	finance the local match for the Flex pace, Uh, interest rate by down program. In order for us to do that We would need a letter from the cities that whoever it is involved that they they don’t have the funding to provide the the local match and then we we come into the Come into the deal

00:28:05,200	with our local match, financing the terms that we have on From the opportunity fund as we limit the buy down period to 36 months. And then we have a 36 month repayment period after the by down period is, uh You know has expired.

00:28:31,400	Um, our interest rate on the opportunity Fund on our amount is 4% of the you know, on our advance, um the rates and terms that we have is we charge a 1% origination fee on, you know, on our amount, typically their maximum on the flex pace by down. Typically, the bank in North Dakota. They they would provide a $200,000.

00:28:53,470	Um, Grant, if you will, throughout the you know the life of the bone period. That in Bismarck, you know, and certain communities they they were required to come up with a 33% match or about $107,000. That is the loan that we would look at. You know for the, um For, the Flex based buy down, So. You know it’s with that.

00:29:15,200	You know we advance the funds. We have to advance it within 30 days of the first principal and interest payment, And, then the 36 month period starts. From there and then we go on repayment on you know, month 37 of the Of the You know of the project. Um, I get, you know, in a nutshell.

00:29:36,670	That’s kind of everything that I’ve got on. You know the opportunity fund in general, you know all of our loans. They come to me through the application I submitted to our loan committee we meet every other week. Um Dmitri, Cherniak and Kate Herzog are on the the the Bismarck representatives for the loan committee.

00:29:56,430	Chad Johnson, who works with a local bank. He is he is the alternate and stuff. So, um I. Guess. You know with that? What I. I certainly be open to any questions The committee may have on this, um just to operational question. You said that, um, you can’t be the lead lender so that on the Flex Pace buy down.

00:30:20,330	Does, the bank who does the loan also act as the lead lender on the Flex pace by download. We we use their You know it’s their law that they’re that is getting the benefit of the flex space by down, so you know there we should they share as much information you know, with the consent of the of the business

00:30:39,000	with us, as my question is, Are they the lead lender on the buy down on the buy down portion. We make a loan directly in you know the the business takes a liability of that. So. We have the promissory notes. So. In that case you are you are. We are just on that one.

00:30:56,300	That’s where I Little just on that one. But. You know the the entire project. We. Look at that and stuff. So, um You know we I guess the On an entire project. You know the flex pace by down. That’s a relatively small portion like 2 to 5% of the entire project.

00:31:20,130	So we look at that, as that’s really leveraging the opportunity funds, money and stuff. So That works. It’s been working quite well. Well for us, you You can provide that if we don’t have the budget for it if we if we say Well, we should send it to you for that.

00:31:38,930	That’s not gonna work because we’re we have the funding to do it right now, Right. Yeah, you know, and that that I guess the key is we’re not here to compete with the cities and we don’t certainly don’t want to fund the project that isn’t You know in court conformance with the You know the thoughts and Once, I You know whatever. City is involved. So you. Oh. That’s mike.

00:32:01,570	Glad, Mike. I was I was gonna say So. One question I have is, if we if there’s a project we decide we don’t I think fits our needs for qualification. They might still fit yours for the bit on correct. That is correct. Yes. Yeah, and we’ve done because I just I mean, just because we’ve had some projects.

00:32:21,170	Recently where that might have In the case they should have gone right gone to you if they didn’t meet us. Sure. You know that, but I guess we don’t. You know that’s up to the city’s decision.

00:32:40,270	And then if we if that is supported with the a letter from the city, then we could look at, you know, going through our process on that. Yeah, So that’s a That’s Why I was just relooking through the presentation.

00:32:56,870	So if we if we decline it at the Vision fund, but but the city still has to send a letter of support so we’d have to figure out exactly where that fine line is Where we where Didn’t want to fund it, but we’d support it. Mhm. Yeah, that that’ll Well, I think that comes down to like Is it that economic development driver that we’re looking for and if it doesn’t meet our things, maybe it could meet the opportunity fund. Possibly other questions from the vision of members.

00:33:17,900	Um This is really cool. Do you know about how many jobs have been created so far, you know, in Bismarck through the and this isn’t just the O the flex pace by on with the opportunity Fund, you know, with my unofficial records and you know we track things, but we don’t require, you know, follow ups about 270 or 257 new

00:33:39,600	jobs and about 100 and 50 retained and we that’s the information we get from the applications and stuff. So. Is there a follow up to see how things are going like a few years later. Ah, we can do that. I. Guess.

00:33:58,670	We’re you know it depends if we’re visiting with the the client and stuff, but we don’t have a, uh, you know a clawback or anything that have certain amount of jobs aren’t created. We don’t have a clawback requirements or anything.

00:34:20,600	Have you? In all the cities or Well, we’ve and we’ve done about 27 different communities throughout the opportunity Fund are those are the ones that are part of it or you dont those are not these are the 38 communities in the consortium and you funded to 27 of them, right? Yeah. And Your members are all Cities. Been, a spell and the standing rock Indian reservation and But as long as they endorse it. Let’s say, Let’s say Mandan endorses something that’s in new Salem.

00:34:45,270	Does it have to be within the city. Limits, or can it be within their their trade region say if there is a project outside of, uh Uh, locally here. I’ll just go to like West Fargo and Castleton area there.

00:35:06,670	We’ve done a couple projects in towns outside of those areas what we would want then is a letter from one of the consortium members saying they endorse the project and Um, we would they would be good with us financing the project. You know, Matt, you said I think you said 27 of the municipalities that you funded? Any insights for this group on He. Here’s.

00:35:32,270	Here’s How our relationships with the local economic development fund works best any just any any anecdotes or insights into what? What really seems to make things work for the opportunity fund to collaborate with the communities? Well? You know it works well, like Nathan does the What we do is we have the lender and the business contact Nathan to develop, you know. The protocols.

00:35:54,070	Call it for, you know, getting it through. Through the city and stuff and then we go from there and we we we have been able to get the you know the letters of endorsement if you will, and it seems to work. Work well. For that but they You know the opera.

00:36:10,200	We are a revolving loan fund, so we have to keep our kitty fall. So that’s where Under certain call that extenuating circumstances we have gone beyond the 36 month period. But. That’s That’s a very rare situation and Um so that our standard is 36 months. Question. I hadn’t thought of until now. Is your fund over its life.

00:36:36,730	Is it growing or is it fairly? It’s growing? Yeah, you know, we you know as far as the you know the pot of money we have for funding loans. We never have run out of funds on You know to be able to find, you know, but knock on wood. I. Guess that’s where we have a youth.

00:36:53,870	Your expenses and your loan defaults have been less than you’re earnings. And. So, You’re your You’re bigger today than you were in whenever originally started. That was my question. When was it, uh, funded to start with the original loan was funded in while it was originally funded in December of 2012.

00:37:13,630	Or and you know our contract as we get half of the interest from the That’s generated on the loans and then the the other half is extended back to the You know the consortium, communities and stuff. Oh, OK. So So that is what you know. I. Guess. We’re always looking at You know we had projects and things so That was Other questions for Matt.

00:37:36,770	How Many do you turn away or what’s your percentage? I Feel like we’ve been turning away fluctuating. You know, we’re We have turned turned down projects and stuff. One recently. I mean the size of it was, it was a construction project that was way out into the future.

00:37:57,370	You know they were applying for the funding now, which we, you know. Would have worked, but that we set that side a mo money away. You know for that project until it becomes, uh, you know, principal and interest and we were looking at, like, two years out.

00:38:18,330	And, we, You know our loan committee said that Well just wait and we encourage them to apply later on down the road when they had a better, um, idea of, you know where they’d be at in funding and things so So You know, and there’s been other other projects where communities we were going to match the local match with them. They didn’t have funding for all of it.

00:38:35,730	They were gonna share it and we But it came out they were looking at funding it out over like a 10 year, buy down period And. That was that was too Long of a period for our comfort level. So at this point, we’re negotiating things like that. So Mayor any questions? So. We don’t ignore you. Nope. I’m good.

00:39:00,800	I think this is just a a tool for our toolbox? And we need when we need to encourage it. All right any any more questions from the members of the committee? About You bring none. Thank you, Matt. Thank you much and is there other business from Mr Demonic or any of the members of the committee? Nothing from staff.

00:39:22,430	Thank you. Hearing none. We are