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<br /> <br />MINUTE S <br /> <br />WEEK OF MARCH 25, 1996 <br /> <br />The meeting was opened at the appointed time by Chairman Richard Wojt. <br />Commissioners Robert Hinton and Glen Huntingford were both present. <br /> <br />APPROVAL OF THE MINUTES: Commissioner Hinton moved to approve the <br />Minutes of March 18, 1996 as presented. Commissioner Huntingford seconded the motion which <br />carried by a unanimous vote. <br /> <br />Richard Coram, Department of Community Trade and Economic Develop- <br />ment and Eric Andersson. Economic Development Council of Jefferson County re: <br />WashinJ:ton State RevolvinJ: Loan Fund: Richard Coram from the Business Finance Unit of <br />the State Department of Community, Trade and Economic Development (DC TED), explained <br />that he works with banks and small businesses on financing to complete projects when there is <br />potential economic growth as a result of the project. This loan is through the Coastal Loan Fund, <br />North Coast Revolving Loan Fund, for the Bacchus project (Twana Roadhouse) in Quilcene in <br />the amount of $20,000.00. The loans through this fund are available when there is a gap <br />identified between what the banks can loan on equity and what the project needs. The loan can be <br />for no more than a third ofthe total project cost, and there are other criteria which must be met. <br /> <br />Mr. Coram noted that there is economic benefit from this project because: 1) The Bacchus's will <br />provide up to 3 jobs in Quilcene, 2) Tax base expansion when the project is completed; and, 3) <br />Sales taxes generated from the project. The proceeds of this loan will be used to purchase non- <br />capital equipment (chairs, plates, etc.), and inventory. <br /> <br />Eric Andersson, Executive Director of the Economic Development Council of Jefferson County, <br />reported that the Qui1cene Chamber of Commerce has been working to help this project go <br />forward. They see this as an opportunity to reestablish a family type restaurant in the community. <br /> <br />David Goldsmith reported on the status of the permitting process for this project. Commissioner <br />Hinton moved to support the Washington State Revolving Loan Fund for the Twana Roadhouse. <br />Commissioner Huntingford seconded the motion which carried by a unanimous vote. <br /> <br />Page 1 <br /> <br />VC:I- <br /> <br />2.2 PA'~ 765 <br />