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EAST LIVERPOOL -- The Community Improvement Corporation (CIC) Finance Committee met prior to the full board of trustees meeting Sept. 16 to discuss and review the CIC's current loans and account balances.
Committee member Connie Javens told the board that all loans made to area businesses, including Coppa's Mutts & Cuts, D's Crafts and Cravings LLC, Kerr (M&K Winery) and Ray Stephens, who has three outstanding, are all overdue in their payments.
Coppa's Mutts & Cuts has a principal balance of $26,531.87, with monthly payments of $550, is behind $8,610 in payments. D's Crafts & Cravings LLC has a current principal balance of $4,528.13, with monthly payments of $260.55, behind $3,729.35 in payments. Kerr (M&K Winery) has a current principal balance of $17,349.48, with a monthly payment of $469, is behind 909.43 in payments. Ray Stephens has three loans with current principal balances of $17,401.20, $22,578.74 and $11,482.21, with monthly payments of $515, $469.36 and $590.48, is behind $5,665, $6,110.68 and $8,266.72.
Javens listed the date and amount of the last payment received on each of the loans, and the CIC has had conversations with the borrowers.
Javens was asked if there were any updates on the three loans made to Ray Stephens. She said she and CIC President Scott Shepherd spoke with Stephens on Aug. 10 and have a payment structure of interest payments for him to make so they can refinance him but the payments have not been made.
Mayor Bobby Smith (ex-officio/member) said he spoke with Stephens earlier that day Smith said Stephens told him he was hurting very badly, wishes he hadn't done what he did and doesn't know what to do.
Javens said she felt the committee needed to discuss if they were going to go any further with the matter. City Law Director Charles Payne said if litigation was going to be discussed he would suggest that be done in an executive session.
Javens then went over the CIC accounts and the balances for them.
The AAPA Thompson Building account has a balance of $48.80, AAPA Facade Improvement $682.10, Potter's Progress Fund $313.15, CIC account used for grass cutting $6,275.58, The Field of Dreams Fund $29,456.70 and the CIC Deposits of loan payments account, where some of the loan payment are deposited, is at $50,141.09, making a combined total of $86,917.42.
Javens suggested, if possible, moving some funds between accounts.
The committee entered executive session to discuss possible litigation and, upon returning to open session, agreed to file action against D's Crafts and Cravings. The committee also agreed to meet with Stephens, Payne, Shepherd and Javens.
Javens said the CIC had their annual audit the week before and everything looked pretty good.
During the trustees meeting, Javens reviewed what the finance committee discussed.
The full board voted on the motions passed on to them from the finance meeting regarding litigation against D's Crafts and Cravings and scheduling a meeting with Stephens to discuss his outstanding loans.
In other business, Shepherd told the board that a lot of tires were illegally dumped on the Riverview property and the Ohio Environmental Protection Agency (OEPA) has a grant that will not cost the city anything to get those tires removed; the city just needs to apply for the program. He requested permission to apply for the grant on behalf of the CIC to get it done, which the trustees granted.
Additionally, Roberta Streiffert, Great Lakes Community Action Partnership, explained what her agency does and how the private non-profit organization helps small communities with structure and water projects and reinvestment initiatives. She has worked within Columbiana County for six years helping various communities including East Palestine, Columbiana and Lisbon. She spoke with the board members explaining what a CIC can do in the community and how they can fill gaps and more. Through a grant she is able to work with the CIC and the city for about a year.
The CIC Property Committee will meet on Oct. 7 at 5:30 p.m. The Finance Committee will meet on Oct. 15 at 5:15 p.m., and that will be immediately followed by a full CIC Board of Trustees meeting which takes place on the third Wednesday of each month. All meetings will take place in council chambers at East Liverpool City Hall.