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POA Board Meeting

April 27, 2020 @ 6:00 pm - 7:00 pm

PROPERTY OWNERS’ ASSOCIATION OF HILLTOP LAKES, INC.

BOARD OF DIRECTORS’ MEETING

April 27, 2020

OPEN SESSION @ 6:00 P.M. – Community Center

 

MINUTES

 

Present:  Annette Craig, Bill Johnson, Steve Brodine, Melody Vidaurri, Randy Schiamara, Dene Huettel, Dee Kirk, Mike Sizemore, John Lagravier and Connie Saxton.

 

 

  1. CALL MEETING TO ORDER – OPEN SESSION by President Craig at 6:02 p.m.

 

  1. INVOCATION said by Treasurer Brodine

PLEDGES led by Director Kirk

 

III.        APPROVAL OF AGENDA was motioned by Director Sizemore.   Director Lagravier

seconded the motion and all approved.

 

  1. NEW BUSINESS

DISCUSSION & POSSIBLE ACTION-Paycheck Protection Program Loan-President

Craig explained under the Paycheck Protection Program, money is available to small

businesses to make sure that employees continued to be employed.   This is a SBA

secured loan that small businesses are eligible for a certain period of time to cover

employee-related costs.  Our calculated potential loan amount is $220,478.00

based on 2 ½ months of salaries, insurance coverage and retirement contributed by

the POA, and 2 ½ months of utilities based on 2019 figures.  The loan itself is available

for small businesses and we meet the criteria.  The loan is intended to be used

immediately for salaries, etc. and is 100% forgivable if we meet the criteria.   Funds

are limited and there is a serious time crunch.   Today, additional funds were

approved and it is projected they will be fully allocated by the end of today or

tomorrow.   That is the time crunch.   We have to have approval to secure the loan

and we have to show the bank we have that approval of the Board and this is what

we want to do.   We have submitted the application but we have not committed to

the loan.  If for some reason a portion of the loan is not forgiven, it is to be paid over

a 2-year period at a 1% interest rate.

 

The impact of COVID-19 on our revenue is significant.  For March we are about

$23,000 short and for April and part of May $100,000 short in revenue (based on

projections for hotel reservations, Pro Shop, Activities, rentals, campgrounds, etc.).

 

Director Vidaurri moved to utilize the Paycheck Protection Program in the loan amount

of $220,478.00 (and if loan is not forgivable) under the terms of the Paycheck

Protection Program at 1% interest and 24 months repayment and recommended the

two (2)  signors will be Steve Brodine, Treasurer of the POA Board, and Annette Craig,

President of the POA Board, if two (2) signors are required.   Either one of the two (2) if

only one signor (1) is required.   Director Lagravier seconded the motion.   All the

directors unanimously approved the motion and it was passed.

 

 

 

 

 

  1. ADJOURN-Director Schiamara motioned to adjourn.   Both Directors Kirk and Brodine

seconded the motion.   Meeting was adjourned.

 

 

______________________________________________                ___________________

Prepared by:                                                                                       Date:

 

 

______________________________________________                ___________________

Approved by:                                                                                      Date:

 

 

  1. CALL MEETING TO ORDER – OPEN SESSION

 

  1. INVOCATION

PLEDGES

 

III.         APPROVAL OF AGENDA

 

  1. NEW BUSINESS
  2. DISCUSSION & POSSIBLE ACTION-Paycheck Protection Program Loan

 

  1. ADJOURN

Details

Date:
April 27, 2020
Time:
6:00 pm - 7:00 pm