August 22, 2007
Present and Accounted for: Barry Barak, Craig Roberts, Jen Taylor, John Anglim, Sarah Marshall, Peter Trosclair, Ryan Stringfellow, Gretchen Reist Henderson, Diane Dinnell. Not present: Angie Salazar.
1. A special meeting of the Board of Directors was held on August 22 to discuss refinancing options on the three Ute Avenue properties. The options presented to the Board by Peter Trosclair were thoroughly discussed, debated and otherwise kicked around, resulting in the following resolutions being unanimously approved.
A. That we, the Board of Directors of Grand Valley Public Radio Company, authorize the Executive Director, Peter Trosclair, to enter into a combined loan agreement with Alpine Bank for purchase of 1304 Ute Avenue, 1330 Ute Avenue and renegotiate our existing loan on 1310 Ute Avenue in the total amount of $250,000. Terms for this loan are 7 ¾ % Adjustable Rate Mortgage (changing annually) with no more than a 3.3% annual interest rate increase, amortized over 20 years, and ¼% loan origination fee (folded into note).
B. That we, The Board of Directors of Grand Valley Public Radio Company, authorize the Executive Director, Peter Trosclair, to enter into a revised loan agreement with Patsy and Leroy Arguello for payment of the balloon note of $188,315 due September 9, 2007 on 1310 Ute Avenue. The new loan agreement will be a balloon note of $248,575 due on September 9, 2011.
2. The meeting was adjourned.