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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
Present: Annette Craig, Bill Johnson, Steve Brodine, Melody Vidaurri, Randy Schiamara, Dene Huettel, Dee Kirk, Mike Sizemore, John Lagravier and Connie Saxton.
- CALL MEETING TO ORDER – OPEN SESSION by President Craig at 6:02 p.m.
- 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.
- 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.
- ADJOURN-Director Schiamara motioned to adjourn. Both Directors Kirk and Brodine
seconded the motion. Meeting was adjourned.
Prepared by: Date:
Approved by: Date:
- CALL MEETING TO ORDER – OPEN SESSION
III. APPROVAL OF AGENDA
- NEW BUSINESS
- DISCUSSION & POSSIBLE ACTION-Paycheck Protection Program Loan