At its last meeting on Tuesday, July 13th, held online, the Yellow Springs Development Corporation (YSDC) took action to address a perceived lack of local funding for for-profit economic development projects.
YSDC President Lisa Abel introduced the matter, noting that YSDC's Impact Investing Subcommittee – Abel, Lisa Kreeger, and Shelly Blackman – had recently met with members of the Yellow Springs Community Foundation to discuss how to raise funds makes available, particularly through long-term, low-interest loans to for-profit initiatives.
Abel, who is also chairman of the Community Foundation's board of directors and chairman of the Impact Investment Committee, pointed out that the foundation's primary focus is on charitable projects. But while the foundation is not geared towards the for-profit sector, YSDC's status as a nonprofit could provide an opportunity to tap funding for the foundation, Abel said.
It noted that two separate business proposals had recently been submitted to the Foundation, which the Foundation could not consider due to their for-profit nature. However, the YSDC may be able to fill that void, she said.
She suggested that the group work with Yellow Springs Credit Union to set up a new credit program.
"Our job would be to put a process together," she said. This process would include "how people request funds, how people receive funds, loan terms and of course we would monitor".
Clifton Mayor Alex Bieri, who represents his community at YSDC, suggested that the initiative have a mission statement that would guide its focus.
"The nature of impact investing can be very subjective," he said.
Abel said she saw the effort as part of the group's ongoing work to define and refine its community development values.
Village council member Kreeger agreed.
"We have the opportunity to create a rubric to articulate our values and express them through these loans," said Kreeger. "The less subjective, the better we will be."
"I feel we are at a very critical point in defining the values and purpose of the YSDC," added Kreeger. The quasi-state economic development group is only in its second year and was formed shortly before the start of the COVID-19 pandemic.
The group unanimously voted to move forward with the establishment of a corporate loan fund and agreed not only to create a subcommittee to develop the program, but also to work with the credit union on the details, and $ 500,000 in seed money from the Community Foundation apply for . Members of the subcommittee include Abel, Kreeger, and Blackman; Corrie Van Ausdal and Don Hollister, who both represent Miami Township on the board; and Jeannamarie Cox, executive director of the Community Foundation and ex officio YSDC member.
On other matters from the July 13th YSDC meeting:
• The group welcomed Village Councilor Kevin Stokes as one of the council's two representatives on the Economic Development Committee. Stokes is replacing Marianne MacQueen, who resigned from YSDC last month, saying that she feels "no longer effective" as her "primary purpose in the service appeared to be inconsistent with the direction of the board of directors."
Stokes said he looks forward to working with the group and seeing what roles he can best serve.
"I'm not assuming that all of the things Marianne was involved in were exactly plug and play," Stokes said, but added, "I'm at your disposal."
• A handful of retailers in the city center logged on to the online meeting for the first time, but did not provide any input. When Abel asked if any of the visitors wanted to say something, several replied that they would "just listen".
• Treasurer Hannah Montgomery, who represents Antioch College, reported that YSDC will receive $ 33,593 in commission for its portion of the sale of the former fire station on Corry Street. The group acted as sales agent for Miami Township and selected a $ 424,000 bid from Dave Chappelles Iron Table Holdings to convert the building into a comedy club and restaurant.
• Following a discussion last month on the economic impact of the school tax – a combined property tax of 6.5 million and an income tax of 0.5% to be collected in front of voters in November – Van Ausdal reiterated YSDC's interest in the School District as one of the largest employers in the city and as a driver of attracting new residents and businesses to the village. Two members of the school board are also voting members of the YSDC, and the superintendent is ex officio.
While Van Ausdal clearly supported the levy and Stokes suggested that the YSDC could be "the leading standard bearer" in the effort, Shelly Blackman, a community representative, and Don Hollister, trustee of Miami Township, said they believe that YSDC should remain neutral on the issue.
However, the full members agreed that collecting and sharing relevant information was their responsibility.
"I would hope that we as a community take pride in making evidence-based decisions," said Kreeger.
Bieri agreed.
"I think we all agree that we want to present the facts."
• The group has agreed to host a community picnic for villagers and community residents from 6:00 pm to 8:30 pm at Mills Lawn on Thursday, July 29th, weather permitting. Van Ausdal, who brought the idea to the board, said the purpose of the event was to "bring people back together" and encourage "personal communication".
• The meeting ended with a board meeting to discuss "Real Estate and Business Development". The group has scheduled a special meeting for Friday, July 23rd to continue the board meeting and likely to take public action on the discussed deal. The meeting at 4 p.m. will take place via the online video conference platform Zoom.
In response to an email from the News about non-compliance with Ohio's Sunshine Rules that require face-to-face meetings, Abel replied that the group was operating on "two legal opinions" stating that the nonprofit does not comply with the state code of government agencies contradicts. Still, she said, "the group is exploring days and times when the board meets in person or via a hybrid approach for anyone who occasionally needs to join by phone".
According to the Ohio Sunshine Manual, in order to improve the community, societies must comply with the Gathering and Public Record Act, with limited exceptions for financial and proprietary information and confidential business plans.
source https://seapointrealtors.com/2021/07/30/ys-development-corporation-explores-new-loan-program/
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