00:00:00,000	OK. I mean, I guess we could call the meeting to order then. Um, Do we have to take a roll call, I suppose, uh. Probably We take a roll call then. Member Scherr? Yeah.

00:00:30,000	Petersen agenda is the approval of the meeting minutes from last. Meeting There’s any discussion on that or? I’ll make a motion to approve. Got a motion in a second, approval in the minutes, any discussion. Seeing none, um, on favor say I I. Um, motion passes. Um, then we’re up to, uh, financials. Um Dmitri.

00:01:06,800	Uh, uh, thank you, board chair. Um, uh, I actually had printed copies. I left them upstairs, so my apologies. We have them on the screen, right? There you go There we go, um, so the way, and I don’t know for those those of you that are new to

00:01:26,730	the vision. Vision fun. I don’t know how much you want me to go over this, but basically, um, what we, I’m gonna try to zoom in here a little bit.

00:01:42,100	So what I present generally is kind of what is the cash position of the vision fund, um, right now we have 900 $902,000. We actually have 1.1 million, but then there’s also a project that still hasn’t been drawn on the 239,000, so that one, so overall you have $902,000 to spend on future projects, basically, that’s what that means, um, and then the next section is kind of what we have

00:02:04,000	outstanding and again kind of more of what Loans we have outstanding and that we’re waiting to receive. So we have $823,000 that has been outstanding, um, and then the 239,000 that we’re still waiting for somebody to draw that you, you know, the board has approved.

00:02:26,530	Um, Um, and then on the income statement side, really there’s really no revenue that this vision fund has, we usually do just some sort of transfer from some sort of city resources, um, as a one time, like last year we did a million dollar transfer, um, uh, based on approval of resources in order to uh replenish the vision fund for future projects, um.

00:02:48,300	And then we have the the regular ongoing expenditures of this fund are the professional consultants like Chamber EDC and the Downtowners, um, that provide um economic development services to us, um.

00:03:08,500	And then down here, you kind of see the, I think there’s another, oh, that’s this page right here, this page right here I can give, I’m happily can give you guys copies or send them to you via email. Um, there’s a list of all the projects that we have and what their outstanding balance is at the end of the year we’re, we’re actually closing the year end right now or getting ready for the audit.

00:03:24,030	So all these numbers are kind of at the end of. Sorry, it’s small, um. At the end of 2024. So, and then they show kind of due dates and um deadlines and when the loans are gonna be repaid and kind of the some of the financial terms, uh, that you may be interested in.

00:03:42,730	Um, and again, we have one project that has not been drawn on that superior precast, um, any time I believe they pulled out their application if I’m not mistaken, so I left it on there just to kind of show it, um, but that’s kind of where we’re at as of

00:03:58,000	today. Great Plains. yeah So, so, yeah, he. That’s the, that’s the, uh, rehabilitation services. And, uh front and. They provide prosthetic devices Broadway and and switched it. They came, I think we approved 50% of their funding. Oh, yeah, OK, no, I’m mixing up.

00:04:27,000	Wait, where’s the one that was just approved? Last That’s not listed there yet. That just got approved by City Commission that last meeting, but the meeting. Two meetings ago, I believe, that’s. I believe that would lower our balance a bit. What’s the, which one is that? I thought I looked at the minutes. The solar.

00:04:51,800	Solar, yeah, so maybe that’s not on there. It’s probably a lower balance. So my apologies. I thought I looked at all the minutes, maybe I missed. Pulled out. Pulled out because they couldn’t get something from Bacon, North Dakota yeah.

00:05:13,470	The 11 more thing I do want to point out on this is that we I kind of use this as a. I, I, I thought it’d be a good kind of basis on how many more applications you can take on, um, in the project before we need to replenish the funds, so it looks like maybe without the last one you, the solar one you’re just talking about, probably around 5. Um, 5,,, 5.

00:05:33,370	5 projects or whatever, whatever, depending on what the dollar amount ends up being. So at, at the at the rate of 134,000. I mean, that’s been kind of a typical, um, contribution or loan that we’ve done, um, so just to give you a little bit of a.

00:05:55,100	perspectives you listed on there were all those, um, Like part of Flex Space by own stuff or. They were. Yes, yeah. Absolutely Dmitriy Yes. The solar project was $184,105. OK. When, when does your prepas plan. Now, when did he approve that? wild. This fall. Um, Mr.

00:06:27,870	Chair, members of the commission, yeah, we’re gonna have to, at the April meeting, I have a, a request in from the banker to. Extend that one, so I’ll look to extend that one, the, the project is a fairly substantial project, um, kind of down in that area down by South Walmart they’re in the process of building that building.

00:06:47,370	Um, and so they’ll, they’ll look to extend it a little bit. Um, it sounds like, it sounds like they’re looking to go to permanent financing sometime in June or July. So we’ll look to extend it out to them. So does our approval sunset after a certain period where we do have to extend it to the committee. It it does.

00:07:07,170	We have a Is it 6 months, I think Mr. Chair, members of the commission, we just changed it in the policy to 12 months. So at 9 months they’ll get a notification, um, saying that they’re, that the, it’s coming due and then at at 12 months, it’s essentially becomes null and void.

00:07:25,370	Are we gonna be at that 12 month mark for those guys at that point? So I guess, and I’ll look to you all, they were approved under the old system, which I think was 18 months. And so I I don’t know how you want to handle that, I guess, the ability to extend it.

00:07:42,400	I think we’ll just, if Let’s take it up in April when they bring the request for an extension, I think, given the That’s like one of our, that’s probably the largest funding we will see from here.

00:08:05,400	And at this point in time it is on the books and it’s a It’s truly a man, it fits the manufacturing component, which all the last ones we funded really. haven’t fit that primary sector as well. Right. Um, And if they’re not making progress, then we can make that decision, but the one thing I want to point out is Dmitri.

00:08:27,370	Um, failed to point out the, the $250,000 total commitment to the economic development groups, that’s actually coming from the general fund. We agreed with that in the budget for 25.. 1? Well, yeah, it’s not coming up, so there’ll be dollars coming in transferred. Correct. And that’s not showing, so. That’s a, that’s, that’s new for 25.

00:08:47,630	OK, so we’re not paying the 250 straight out of the out of the vision fund. It’s being replenished. Right. Sorry. Sure. You me zoom in and let me know. No, it’s fine. I don’t want to. There’s like on. All right. Do we have any more questions on the financial statement? There with Moved to accept the statements as presented. We have a motion to accept.

00:09:28,470	Do we have a second? We have a motion in a second, all in favor say aye. Hey All right, vision or financial statements are um approved, um. And then I’m, it’s my understanding that we have an application for simply You wellness, but that may be Moved to the next meeting, so Nathan, you wanna talk about

00:09:53,300	that? Yep, thank you, Mr. Chair, members of the commission. My apologies, um. After the application was submitted, um, to me, and I submitted it to the city, the vision fun Committee meeting was set. Um, I was informed by the project that they switched to financial institutions.

00:10:11,470	Um, and so, uh, because of the switch in the financial institutions, some of the terms will change on the, on the applications, um, on the application, mainly of the amount.

00:10:30,170	And so, um, after, uh, consulting administrator Tamani I think talked to the mayor, um, it was just the decision was made just to bump it to the April meeting. Since we just don’t have the full picture, um, of the application and the request, um, and then, um. Because the meeting was already set, it was, um, it was decided that we would continue the meeting and, and just continue the, the request or continue the however you.

00:10:51,470	Continue the consideration or whatever however that is worded, um. But the, I did talk to the, the financial institution. They are aware that the project had applied for the Flexpace or it was looking into um accessing the Flex space and then had applied to the vision fund. They’re fully aware of that.

00:11:11,630	Um, we do have an updated um amortization schedule from the bank in North Dakota showing the new amount, um, and so the app like there will be an application brought forth in April to the meeting, um, to consider at that time.

00:11:30,370	Uh, there are also more than likely be another one, so it’ll be more than likely to, there’s a project that I’m working on or working with that will be um more than likely I just talked to him today actually, and they’re, they’re working on their application that’ll be submitted and then we’ll have the um consideration for the extension of the superiorrecast.

00:11:46,400	Project My apologies Out of your control. Um, any questions for Nathan? Do you have any other projects coming up? Uh, Mr. Chair, members of the committee just the, just those two that I mean. That would be considered at the vision fund.

00:12:10,930	Obviously we’re pretty regularly working on other, other projects, yeah, um. Yeah, so, and we do have a couple of projects that um probably just aren’t a fit for the vision fun that I’ll be seeking the letter of support to the Lewis and Clark Development Group and some of the funding that they have available over there, um, and we’re working with some of

00:12:26,470	those to get um um city commission letters of support and things like that, but As far as Vision Fund goes, those are the only two that, um, have active applications out to them right now that are working through applications, but Thank you, Nathan. Thank you.

00:12:45,630	With, well, I guess with that, does anybody have any discussion? On anything else. I think just to be to do it formal in a formal fashion, I’ll move to continue. The Here, I’ll call it, on the application from Simply You Wellness to April. All right, we’ve got a motion to move the simply You wellness application to April.

00:13:12,830	Do I have a second? I have a motion in a second, um, any discussion? All those in favor, say I. I. Um, motion passes. And with that, I guess