YouTube okay thanks
Tod you're good hey send it to Tom
Brigman
too
okay
two so we have a quorum
though there's Mr there's Andrew Madison
he couldn't get in he was in the other
system
too we got everybody on all
right I'm just glad I wasn't the only
one that called into the wrong one yeah
I I was in the executive committee
meeting also I was right
there we had a quorum on both sides yeah
we got a lot done in that other meeting
we did we
did all right well let's get started so
let's do roll call we'll probably have a
couple people join but I'm just going to
go down uh who I see on the screen so um
mayor
Kessler present councilman council
member Markham I'm here council member
sad present I'm going very official
tonight yes uh Andy Madison here Jeff
Walker here council member lamkey here
ID
mccab here Sarah G here and zahi B B
David here all right
good okay so so you all had you can see
the meeting agenda there on my
screen um I think uh we're going to
start with our properties updates and
then we've got a couple things to talk
about in the FI we have one thing at
least to talk about in the finance
report and then we've got some items to
talk about in executive session so um
Bexley Square update I you know I don't
I think that um you can see there if you
look down at the checking account we're
we've got a pretty healthy balance there
which means that uh I believe means that
everybody's paying their rent the one I
don't know about and we should have
check on today Heidi and I just forgot
was VIP Nails um but I didn't I I I
forgot to check and see how they're
doing you didn't hear anything from
bloody about that one did I didn't and
then while everybody was logging on I re
I remembered from my notes last meeting
that I promised I would circulate it
kind of a rent roll and um rent update
to the um committee and I didn't do that
so I'll do that after this board meeting
okay great but that and I'll also follow
up with L with I only have the actual
numbers I think she's only closed out
through September so I'll circulate that
but then I'll get a more current update
on on on anyone else that may be
outstanding great uh Ben do you want to
talk about the painting we asked for
painting to be done because you know
things were kind of getting uh getting a
little squirly did is that done now or
did they get the right color yeah they
got the right color I think it's done I
haven't looked closely um but uh yeah it
was it was show showing up pretty bright
white um but they they're now matching
and it looks it looks good it matches
Brasa really well I well that's good in
the future next time we do this we need
to either tuck point or somehow fill in
there's there's some mortar gaps
occurring underneath some of the windows
especially on the north side of the
building um you know I think we got a
tuck point an estimate years ago I think
that when you've painted The Brick you
can use cocking as opposed to tuck
pointing between bricks but uh like to
get a second opinion on that so that
could be a lot less expensive okay Nate
yeah that sound something yeah Tod um so
this 306,000 does this
um over how much time have we
accumulated this
cash is it since Inception or well yeah
it's since exception but remember that
we paid and Todd I know you know this
but remember we paid off the initial
line of credit as well so um we have not
paid off our balance on the line of
credit since then um but yeah that's
that's really the accumulation minus
paying off that line of credit um and
then also minus paying uh you know we
pay out the we pay the city $10,000 a
month out of that account as well so um
the rest of it is just the accumulation
of rents over and above all the expenses
and and are we current with the city of
Bexley on the amount that we owe them I
I believe we are Todd we pay um or you
know new Mark uh pays the city every
month um for that right Heidi that's
right although you know we did get a um
an email from Lydia this month that
there are some like it looks like
expenses that perhaps we need to settle
up with the city that maybe um uh we
haven't been notified of them yet but
usually we pay some snow removal and
shiping on you know we have some
maintenance boxs so there there will be
some other expenses that are coming out
of that but um not
um not that monthly amount right we're
current
up okay it we just need to continue to
monitor the credit markets and the uh
interest rates um is is you know I don't
know whether interest rates will will
climb in 2021 or not but if we do see
them climbing uh we should consider
putting a 10e uh uh you know cmbs
mortgage on it and taking out that cash
right we've talked about after we kind
of get past this immediate line of
credit really thinking through more
long-term strategies and um putting more
thought into that yeah and and we'll
talk about that a little bit more detail
in executive session as well Todd
because we have to talk there's a
property that we need to talk about and
that
will it'll it'll prompt that discussion
so um that makes I
agree other yeah I'm here
just hey Dave hey well roll call Dave
Bolan are you there yep yes yes Todd
Freeman you need to check in too great
thanks guys um okay other questions
about Beckley
Square it's doing good it is doing great
yeah uh no real updates on Cassidy uh we
still have two tenants that are there
they're still paying still paying rent
um you know we're still paying our bills
there so there's nothing really nothing
really new to report on that
property um Ferndale properties uh Ben
do you have any updates on the uh the
department of health or U we really
haven't heard anything much more on the
on the demolition I think we're waiting
on the Department of Health but um any
updates there I don't have any updates
on that I uh I've asked Mark to talk to
uh
the council over the Department of
Health and he's not on the call tonight
so I'll I'll get an update on that okay
great
okay all right so moving on to our
finance report uh we want to start maybe
we'll do this in reverse order uh Hi D
you want to go through just the bank
balances first and then we can get to
the line of credit after that
sure um you're saying what is there in
section
3B yep okay so um right so I'll just
quickly run through them we kind of
talked through some of the elements
there so Bexley Square account um that
is managed by our property manager that
has about
$36,000 now um we do have some amounts
we need to square with the city not not
a whole lot but that's um uh where we
stand there the general cic that's just
start General checking account there's
about $99,500 in there um our North
Cassidy account currently has just over
$3,000 in there that's where we um pay
the line of credit the rents from um
Cassidy cover the line of credit costs
um and then you see the amounts that we
have currently for Ferndale Mayfield and
um there in the line of credit is what
we currently have
outstanding um or what we've pulled down
from First Financial and then um you
know it we carry a larger line of credit
there but we've only drawn down the 158
973 I'm getting weird feedback I'm sorry
if people are having trouble hearing me
no trouble we can do this
fine uh any questions for Heidi about
the the bank
account okay great all right the next
thing we want to talk about is the um
line of credit our our our line of
credit
will uh expire well we need to renew it
um this month I think actually by
November 13th uh so we're coming up
which is one of the reasons we want to
meet tonight um you know at the last
board meeting we talked uh about a
little bit about this but then we talked
in the executive committee as well um we
uh we went out and and got proposals
from two different banks uh for the line
of credit um the first one is from our
current line of credit um you know the
current bank which is First Financial uh
the second one is um the Ohio State Bank
that we got a a proposal from Heidi do
you want I I'll scroll through this I
don't know if you want to talk through
the highlights of this of each of these
or sure I can and then I I will say um I
don't know how to do it over Zoom but I
do know that we have some board members
that have interests in either or both
Banks so from a discussion point of view
and a voting point of view I think those
members need to abstain but great Point
great Point Mark's not here I don't know
how we do that for Zoom okay I see
people waving their hands yeah so Andy
Madison Todd Freeman is there anybody
else that has an interest in either of
the
banks yes Jeff Walker I have an interest
in Ohio State okay all right so Andy and
Todd and Jeff please uh mute your lines
and uh don't be involved in in these
discussions I mean that's I think the
only way to do
it that that works for me and then I
think also when it comes time to vote
make sure that you register your
extensions but yes yes okay so yeah so
Heidi go ahead and go through these if
you would and then we'll we'll talk
about them uh we had a discussion with
uh with our executive committee already
about this and we have a recommendation
from the executive committee but we want
to talk about it and get your thoughts
as well from the board so go ahead ID
okay so um this is the um current uh
bank that were um that is that holds our
current um line of credit First
Financial um and it's the same loan
amount at 750,000 for a term of 12
months um the current rate there is 5%
so this is a lower rate they're offering
us prime plus a quarter um from a loan
amount point of view and you know some
of these questions if you know may be
more appropriate for executive session
but just from this line of credit
discussion um you know
we it um they weren't really able to
offer us a higher amount with going into
some additional um they had some retail
covid requirements and some different um
underwriting requirements if we bumped
it up
um so the the kind of cleanest was that
was keeping it at this
750,000 um you can see um the fees there
that um that are part of this um the you
know they reduced the origination fee by
half um they lay out some of the other
fees here there is a little bit of
savings from a fee perspective on First
Financial with respect to um some of the
um appraisal work because it it isn't
requiring a full appraisal it's
requiring um only sort of like an update
um
and that's kind of
it idy I have a question yes is there an
unused line
fee um no there is
not okay all right so um let's move on
to the Ohio State Bank uh proposal which
you see in front of us
here so um you can see that it is a um
slightly higher loan amount of a million
dollars um the um rate is prime minus um
a half a point so it's um you know based
on what the rates were at the time that
they gave us this it's at 2 and 3/4 um
it's a little bit longer loan term of
two years
um and um you know they don't include
the the costs here the ballpark of the
costs I think will come around you know
they ballparked it for us around two or
three thousand I think is that right
Nate
um and then it has the same closer to
3,000 but they weren't they weren't the
the the fees for both of these were
pretty similar actually
[Music]
um you know I think I mean as we look
through these the you know what we uh we
talked about this at the executive
committee last week um you know
I the the Ohio State Bank clearly wants
our business um they they the interest
rate is lower uh they're off their
ability they are offer they're they're
they have the ability to to do a larger
amount for us without the restrictions
of First Financial Bank um you know you
know the the the five of us four or five
of us on the executive committee really
thought it made more sense um to to to
work with the Ohio State Bank because of
those reasons um of course you know
they've already they've already asked if
we'll move our other accounts over there
we told them we'll uh we'll have that
conversation a later date um but but
really I mean that that's kind of where
we came down as a as an executive
committee that we'd like to pursue the
line of credit with Ohio State Bank um
that also you know our two gives us two
institutions here in Bexley that we're
working with at least for for now so um
those are kind of my thoughts other you
know Ben or or Sarah or or zahi if you
had any comments um you know we we all
talk about this obviously last week but
uh if you all had any comments about
this and any questions from the from the
board this is Todd I noticed that the
borrower is Bexley cic um
are they interested in having the
borrower just be the the the shopping
center entity um which I believe is what
is on the First Community or first first
what is it the first whatever it's
called Financial First Financial thank
you um or or does the larger entity have
to be the
borrower you
know honestly Todd we talked about it
being the Beckley cic because we use it
for other assets than just the Bexley
Square uh it's collateralized by the
Bexley square but we use it for you know
other things so um that's why we have it
as a Bexley cic and I think uh we but if
you know if we need to we could we could
change that the First Financial actually
has it the same they have it listed as
the be cic so we may have actually Todd
changed that at some point so it's not
the entity that owns the you know the
SPD that owns the Square thank you
other questions
comments I had a quick question was
there an option to under First Financial
I know that I think when Heidi was
scrolling down
um it was so it was the uh yeah no go
well so it was at e at the um larger
amount it did car um it requires more
discussion and more conversations with
their underwriter because of the um the
increase and the additional um uh there
were some additional requirements
because Bexley square is a retail um uh
Center for um during this covid period
so that was more of a um you know it's
one of the not really a longer term
option because it's for the 12 months
but it's one of the other things we
talked through and um it it is not
something necessar that um uh is as
straightforward right I think that we we
we looked at that Monique and I think
that um you know because it was going to
be a little bit uh it was going to there
were going to be more questions and take
a little longer we thought that the Ohio
State Bank one made more sense um
because you know we're g to they didn't
have those same kind of
restrictions okay
thanks I think the Ohio State Bank one's
kind of a ringer
that's much
better well Dave we had the same thought
but you
know just comment
yep I think between the the extra term
and um the um higher amount and the
better rate it gives us the most
flexibility and um you know we can spend
the those 24 months thinking about you
know as we put our um broader real
estate strategy into place thinking
through what the right long-term
solution is absolutely I think Ohio
State bank's going to be much more
flexible too obviously without the
restrictions that uh First Financial is
going to
require uh they're just easier to work
with all right uh well if I don't have
any other questions can I entertain a
motion to uh move forward with the the
uh proposal from Ohio State
Bank make a motion to move
forward take
second
yep did I have a first in a second I
don't know I heard two people talking
sorry I'll second is Jess okay thanks
Jess all right um all those in favor say
I I I I I those opposed same
sign and abstentions I hear
stain just Walker
obain all right thank you all well that
uh y I'm sorry uh Nate just for the
minutes I W to real quickly make sure
that I got that properly the extensions
a Jeff Todd and who else Andy Andy okay
thank you all right thank you
all all right well
um under new business and old business
we have end-year term
rules you have those because I don't
yeah so I just wanted to make sure that
everyone was aware
um of course I don't have it I'm pulling
it up right now who that is we have a we
are on an annual term cycle that starts
the or starts at the beginning of next
year and so on
CAC those
terms are drum
roll uh Todd fredman and Heidi
McCabe are our two members up for
Renewal if they should so wish so
because they're both on the call Todd
and Heidi I'm not going to put you in
the spot I'm just make sure that you
know about that and uh would love of
course to have you guys continue with us
but uh just let me know if you're cool
with that hey now I got it I mean Heidi
has to remain on she's a Treasurer I I'm
not taking those duties over again so
you know only have like a six month
treasur term so by the time the co
transition happened it's like the
shortest Treasurer term in the history
of the C that's right no I'm just joking
I'm
joking so um Todd Todd raised his hand
he I think he was what what do you think
Todd uh if if you guys all have me I'll
I'll stay on absolutely we'd love to
thanks I'm in for another term as well
all right guys are good Americans and
even better
bees I love
it okay well any other new business or
old
business all right with that I need to I
would like to entertain a motion uh to
move move into exess uh executive
session uh per orc
121.2 G2 to consider the purchase of
prop property for public purposes and
sale property at competitive bidding or
the sale or other distribuition of
unneeded obsolet or unfit foruse
property in accordance with section
50510 of the revised
code
um so moved
move by Ben
second
Monique all right uh we'll do a roll
call for this so uh Ben Kesler yes Dave
molan yes Todd fredman yes Heidi mccab
yes Monique Lany yes Sarah
gold yes uh Troy Mar
yes zah Ben David
yes Andrew Madison yes and Nate green
yes I think I called everybody and Nate
quickly as a matter of order um as we go
into the other meeting um just make sure
everyone knows that we're come we need
to come back into this meeting to
formally adjourn so there's gonna be a
little bit of juggling here in
links so that just for the minutes yeah
go ahead just for the minutes Jeff
Walker's a yes to oh thanks Jee I you
know what I didn't Jeff I didn't see you
on the Jessica sad as well I think I
missed both of
you oh I love Zoom um okay uh I sent a
link in a calendar invite so that is the
link we need to go into for the
executive session so please get out of
this one we'll go into that one and then
we'll come back to this one to adjourn
our meeting so I hope I I hope we got
that right all right thanks everybody
we'll see you in a
moment
e
e e
EX
e e
hi Bill hey Bill he you
done why I turn my volume up
I think we have everybody back
right so all right cool so we need a
motion to adjourn out of executive
session so
moved second second those in
favor hi
great okay do we have any
um are there any other items uh that we
need to bring up during our uh meeting
tonight
awesome thanks everybody have a good
evening do I have a motion to adjourn
move so second second all in favor hi
hi all right thanks everybody have a
good evening