BOARD OF DIRECTORS MEETING
Chautauqua County Capital Resource Corporation
CRC
BWB Building
201 West Third Street, Jamestown, NY
January 28, 2020
11:20 a.m.
Michael Metzger Chairman
Hans Auer Treasurer
Gary Henry Secretary
Steven Thorpe Member
Mark Odell Member
Brad Walters Member
Kelly Farrell-Dubois Member
Also in attendance:
Mark Geise Administrative Director/CEO
Richard E. Dixon Chief Financial Officer
Milan K. Tyler, Esq. Counsel
Greg Peterson Counsel
Michael Borrello Counsel
Carol Rasmussen CCIDA Staff
Kristine Morabito CCIDA Staff
Linda Burns CCIDA Staff
Rosemarie Strandburg CCIDA Staff
Jeanette Lo Bello CCIDA Staff
Nathan Aldrich CREDC/PED Staff
Absent Board Member(s):
Dennis J. Rak Vice Chairman
Meeting was called to order by Michael Metzger, Chairman, at 10:03 a.m.
Mike Metzger
I would like to call to order the Chautauqua County Capital Resource Corporation Board of Directors Meeting. We are at the BWB Building, 201 West Third Street, Jamestown, NY. It is January 28, 2020 and the time is 11:20 a.m. Roll call. Let the record show we have 7 members in attendance. We have quorum. I would like to entertain an approval of the October 22, 2019 minutes, which you previously received. Do I have a motion?
Mark Odell
So moved Mr. Chairman.
Michael Metzger
Thank you. Do I have a second?
Gary Henry
Second.
Michael Metzger
Motion made Mark and seconded by Gary. Any changes or comments? Hearing none. All those in favor?
Board
Aye – Unanimous.
Michael Metzger
New business, Angel Fund.
Rich Dixon
Back when we closed the first NRG deal, we received a large sum of money. Bill Daly had talked to the Mayor of Dunkirk and some people at the Incubator and we formed what was called the Chautauqua Seed Fund. It was with money that solely came from the IDA. It was a grant of $140,000 that was made to the IDA to CREDC and CREDC was the operator It was money for stat-up companies in the incubator. We lent that $140,000 out in form of convertible notes but after 3 years it did not work out. Turing to a year and half ago, Southern Tier West/Richard Zink got a grant from the Appalachian Region Commission to explore the possibility of starting an Angel Fund for the 3 counties. They brought in multiple people and had meetings that went very well. They have 7 investors so far who have each put up $25,000 and then they were looking for each of the IDAs to put in to this fund. So I approached George Cregg and in recent years the controller has looked at these as investments and IDAs are not allowed to invest in Angel Funds. We also can’t lend our money to Angel Funds. I was going to have a resolution today but we need to do more homework on this as I am not comfortable that it can be done. More to follow.
Milan Tyler
There is often a contribution to a lending fund without the expectation of a return but the State is correct, you should not be lending your funds to a private party.
Michael Metzger
Thank you. Any other business to come before the CRC? Hearing none. We are adjourned. – 11:25 a.m.
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(vice) Secretary (vice) Chairman
