IDA holds call meeting

Posted September 26, 2018 at 8:43 am

The Clinton County Industrial Development Authority held a brief call meeting last Tuesday morning, September 18 with all members present.

The primary purpose of the meeting was to grant a subordination agreement with a current borrower to rearrange a current loan, spreading out the loan through three entities.

The board first approved a motion on a bank account review, voted to pay claims and bills and heard from IDA Coordinator Charlette Koger that a prospective loan applicant was to come to the IDA office that afternoon for information on the IDA loan process.

The board then entered into an approximate 10 minute executive session to discuss the subordination agreement.

Upon returning to open session, Keith McWhorter made a motion to approve submission of interest to First and Farmers National Bank and give Charlette Koger permission to sign the subordination agreement, mortgage of property the CCIDA (Clinton County Industrial Development Authority) already has collateral on in order to facilitate relocation of the business by Dr. Tracy Cross doing business as “Ampyss.”

Kentucky Highlands will be the first lender, First and Farmers Bank the second and the Clinton County IDA the third lender. The motion was seconded by Penny Jo Stearns and passed 4-0 with Deborah Brown and Jim Soma also voting yes and board member Barney Latham (an employee of First and Farmers Bank) abstaining.

The next regular meeting of the Clinton County Industrial Development Authority is scheduled for Thursday, October 11 at 11 a.m. at the IDA-Welcome Center is open to the general public.