Economic Development Corporation Board of Directors public meetings in 2023

Economic Development Corporation Board of Directors

The Louisiana Economic Development Corporation Board of Directors will meet to consider two Economic Development Award Program (EDAP) applications from Weyerhaeuser NR Company and Howell Foundry, LLC. The board will also receive updates on the Collateral Support, Micro Lending, and Louisiana Equity Capital programs, along with reports from the Secretary Treasurer and Accountant.

• Economic Development Award Program (EDAP) applications: Weyerhaeuser NR Company and Howell Foundry, LLC
• Collateral Support Program update
• Micro Lending Program update, including RLF updates from Carter Credit Union, Essential Federal Credit Union, JEDCO, and NewCorp, Inc.
• Louisiana Equity Capital Program update
• SSBCI (State Small Business Credit Initiative) update

The Board approved two Economic Development Assistance Program (EDAP) awards to support facility upgrades and expansions. The Board also accepted the Treasurer's and Accountant's reports and received updates on micro-lending and equity capital programs.

• Approved $500,000 EDAP award for Weyerhaeuser NR Company (unanimous)
• Approved $400,000 EDAP award for Howell Foundry, LLC (unanimous)
• Approved minutes from the October 12th meeting (unanimous)
• Accepted the Secretary Treasurer's Report as of November 28, 2023 (unanimous)
• Accepted the Accountant Status Report (unanimous)

Economic Development Corporation Board of Directors

The board will consider three Economic Development Award Program applications, approve several small business loan guarantees, and discuss a revised board resolution and SSBCI update. The meeting includes routine items like minutes approval and reports.

• Economic Development Award Program applications: Capital City Produce, MKS Plastics, Loop Linen
• Small Business Loan Guaranty approvals for Capital City Produce, MKS Plastics, Loop Linen, Cakez Inc., TBA Studio Architecture, Build Commercial Construction, Jet Distribution, Skyline Fiber, Kingdom Builders Developments
• Collateral Support Program approval for Vanessa Farms with Caldwell & Trust
• Micro Lending Program updates for Carter Credit Union, Essential Federal Credit Union, JEDCO, NewCorp Inc.
• Louisiana Seed Capital Program consideration for Boot64

The Board approved Economic Development Award Program (EDAP) funding for Capitol City Produce, MKS Plastics, and Loop Linen Service. The Board also accepted the Secretary-Treasurer's and Accountant's reports and approved a revised banking resolution requiring two signatures for fund withdrawals.

• Approved EDAP project for Capitol City Produce to expand facility in Baton Rouge
• Approved EDAP project for MKS Plastics to construct a rail spur in Tangipahoa Parish
• Approved EDAP project for Loop Linen Service to build a new facility in Jefferson Parish
• Approved May 11th meeting minutes
• Accepted Secretary-Treasurer's report as of September 29th
• Accepted Accountant's Status Report as of August 31, 2023
• Approved revised banking resolution for SSBCI 2.0 with a two-signature requirement for withdrawals

Economic Development Corporation Board of Directors

The LEDC Board of Directors will review meeting minutes from March 9, 2023. The agenda includes a discussion regarding Charlet Hospitality Holdings, LLC under the Small Business Loan Guaranty Program and an update on SSBCI.

• Small Business Loan Guaranty Program: Charlet Hospitality Holdings, LLC
• SSBCI Update

The Board approved a loan guaranty for Charlet Hospitality Holdings, LLC to fund the construction of Hotel Toussaint, an eight-bedroom boutique hotel. The Board also accepted the Secretary Treasurer's and Accountant's reports.

• Approved 8% loan guaranty for Charlet Hospitality Holdings, LLC to fund construction costs of $1,583,654 (guaranteed amount $1,266,923)
• Approved minutes of the March 9th Finance Committee meeting
• Approved regular minutes of the March 9th meeting
• Accepted the Secretary Treasurer's report as of April 30, 2023
• Accepted the Accountant's Status Report

Economic Development Corporation Board of Directors

The LEDC Board of Directors will review financial statements and investment valuations from June 30, 2022. The meeting includes discussions regarding the State Small Business Credit Initiative (SSBCI) resolution and a launch update.

• Review of financial statements as of June 30, 2022
• Valuation of LEDC investments as of June 30, 2022
• LEDC Resolution for State Small Business Credit Initiative (SSBCI)
• SSBCI Launch Update

Economic Development Corporation Board of Directors

The Louisiana Economic Development Corporation's finance committee will meet to discuss and receive audit reports, including financial statements and investment valuations as of June 30, 2022. No votes or binding decisions are listed on the agenda.

• Presentation of audited financial statements for fiscal year ending June 30, 2022
• Valuation of LEDC investments as of June 30, 2022

Economic Development Corporation Board of Directors

The Finance Committee reviewed and approved the audit report for the year ending June 30, 2022, which contained no findings. The committee also accepted a valuation report for nine legacy investment funds.

• Approved 2022 audit report (unanimous)
• Approved investment valuation report as of June 30, 2022 (unanimous)

Economic Development Corporation Board of Directors

The Board approved the creation of two dedicated bank accounts at Hancock Whitney Bank to segregate funds for the Collateral Support Program and the Loan Guarantee Program. The Board also accepted the Finance Committee and Treasurer's reports and approved the Accountant's Status Report.

• Approved February 9th meeting minutes
• Accepted Finance Committee Report regarding June 30, 2022 financial statements and investment valuations
• Approved Secretary-Treasurer's Report as of February 24, 2023
• Approved Accountant's Status Report
• Approved resolution to open two dedicated SSBCI 2.0 accounts at Hancock Whitney Bank

Economic Development Corporation Board of Directors

The Louisiana Economic Development Corporation Board will consider two applicants under the State Small Business Credit Initiative: one for the Venture Capital Program and one for the Seed Capital Program. The board will also approve prior meeting minutes and receive reports from the secretary treasurer, accountant, and president.

• SSBCI Venture Capital Program Request for Qualification Candidate
• SSBCI Seed Capital Program Request for Qualification Candidate
• Approval of January 12, 2023 meeting minutes

The Board approved the BioMedical Research Foundation (BRF) as an eligible participant for the Louisiana Seed Capital and Louisiana Venture Capital programs. The Board also approved the Secretary-Treasurer's and Accountant's reports.

• Approved BioMedical Research Foundation's eligibility for Seed and Venture Capital programs (unanimous)
• Approved minutes of the January 12th meeting (unanimous)
• Approved Secretary-Treasurer's report as of January 27, 2023 (unanimous)
• Accepted Accountant Status Report as of December 31, 2022 (unanimous)

Economic Development Corporation Board of Directors

The Louisiana Economic Development Corporation Board of Directors will meet on January 12, 2023, to approve the November 10, 2022 meeting minutes, receive reports from the Secretary Treasurer, Accountant, and President, and conduct other business including the election of officers and a presentation by Joe Sanchez regarding Tech Stars.

• Approval of November 10, 2022 meeting minutes
• Secretary Treasurer's report
• Accountant's report
• President's report
• Election of officers and Tech Stars presentation by Joe Sanchez

The Board approved a $1 million investment to partner with Techstars and JP Morgan to establish a startup accelerator in New Orleans. The Board also approved the November 10th minutes and the Secretary-Treasurer and Accountant reports. Additionally, the Board elected its officers and filled a vacancy on the Governmental Affairs Committee.

• Approved $1M partnership with Techstars for a New Orleans startup accelerator (Approved with one abstention)
• Approved minutes from November 10th (Unanimous)
• Approved Secretary-Treasurer's Report (Unanimous)
• Approved Accountant Status Report (Unanimous)
• Elected A.J. Roy, III as Chairman (Unanimous)
• Elected Charles E. Jackson, III as Vice Chairman (Unanimous)
• Appointed Oluwasuyi E. Georgewill to the Governmental Affairs Committee (Unanimous)