Members had received the minutes of the February 2005 meeting by email or US postal mail. Members reviewed current financials. It was noted that the main checking account balance is $38,415.05 with all bills paid, and that the Microloan checking account balance is $70,388.93. Two loan applications will be presented to MOVRC’s loan committee on April 21^st.

Members reviewed all documents that are required by USDA as part of acceptance of the Rural Business Enterprise Grant (RBEG) the LKADC has applied for. Members discussed reporting requirements, financial reporting and other issues, and agreed that they were comfortable with all aspects of the grant. On a move by Larry McCallister and second by Dick Ullum, motion was made to authorize Dan McDonald, as President of the LKADC, to execute any and all documents necessary to accept the RBEG and purchase the property located on Rt. 14 in Wirt County. Motion was approved unanimously. Diane and Dan have already contacted Calhoun Insurance to begin the process of getting Diane bonded, and notified the LKADC’s liability insurance that the group is purchasing the property. Both of these items are part of the grant requirements.

Other issues discussed were business prospects, grant updates, the renewal of the Certified Development Community (CDC) status for the Little Kanawha Region, and the new round of LED grant funding. Four old loans the LKADC inherited from the old Calhoun Development Corporation fund are being turned over to the law firm of Hayhurst & Woofter this week in order to begin foreclosure/collection proceedings. Two of the loans were secured with deeds of trust, and two with UCC filings on equipment.

The Industrial Park in Calhoun was discussed. It still belongs to the old Calhoun Development Corporation, but LKADC staff and county commission members are working with the group to try and market sites. There is currently some interest by a local business, and the LKADC has been asked to secure compaction tests on the property. The board discussed the possibility that the old Dev. Corp. may have trouble paying for the tests and for legal work regarding nullification of an old land contract involving a section of the park. If the old Dev. Corp. shows that it is unable to pay for the test and or legal work, the LKADC Director was authorized to work with the group regarding finding a way to pay for these items. Motion by Dick Ullum, second Alan Rollins. If the LKADC ends up paying for the compaction test, we are to own the test results. Motion was approved.

Diane’s computer in the Grantsville office has died. The board approved purchase of a Dell laptop, to be set up with Microsoft XP Pro, Microsoft Office Professional Edition and Microsoft Front Page 2003. Motion by Dick Ullum, second by Alan Rollins. Motion approved. Diane will order the computer this week.

On a motion by Larry McCallister, meeting adjourned. Next meeting will be June 20^th at 7 p.m. in Elizabeth.