Thursday, May 19, 2011

May 18 Executive Committee Meeting Summary

At their May 18, 2011 meeting, the Executive Committee took the following actions:

Loan Approved for Spuds, Inc.
The Executive Committee approved a loan participation request from Spuds, Inc. of Dwight. The GLCEDC will participate along with at least three member banks - Bank of Pontiac, FREESTAR Bank, and State Bank of Graymont - in a $272,000 mortgage on the building owned by Spuds, Inc. The GLCEDC will use funds from their Revolving Loan Fund that was funded by a grant from the Livingston County Board. Spuds will use the loan proceeds to fund the hiring of staff, the purchase of machinery and the purchase of raw materials. Spuds, Inc. specializes in the design and production of children's tableware made from potato resin. The company plans to hire 45 employees in Dwight.

GLCEDC Office Moving to Downtown Pontiac
The Executive Committee approved a lease for a new headquarters for the GLCEDC at 210 W. Water Street in Pontiac. The new location will provide the GLCEDC better proximity to the County offices and a more visible location among the downtown Pontiac businesses. The GLCEDC will occupy the ground level of the western side of the building. Staff plans to begin the transition to the new office on June 1. The GLCEDC will continue to host seminars and board meetings at the Farm Bureau. The Executive Committee wishes to recognize the Farm Bureau for their support as a generous landlord for the past 2 1/2 years.

2nd Annual Golf Outing is Set for September 14
Please save the date. The 2nd Annual Golf Outing is scheduled for September 14. Please mark your calendars and look for additional information and sponsorship opportunities in the coming weeks.

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