Lapeer Main Street Inc. renews $100,000 line of credit and updates account signers

During the Executive Committee meeting the board convened as Lapeer Main Street Inc. and voted to renew a $100,000 line of credit through Choice 1 Bank for another three-year term to continue the façade-loan program.

Speaker 1 explained the line of credit and noted prior discussions with Choice 1 Bank about a possible future increase in the credit limit. Speaker 7 moved to renew the program for three years and Speaker 2 supported the motion. The committee approved the renewal by voice vote and then approved an update to the organization's account signers (recommended signers: Mindy as chair, Tim vice chair, and Megan as treasurer).

The board also authorized the chair (Mindy) to sign the necessary renewal and extension paperwork with Choice 1 Bank. Motions carried by voice vote; no roll-call tallies are recorded in the transcript.

Next steps: staff will proceed with paperwork for the renewal and provide documentation to Choice 1 Bank and report back to the board.