How Lawrenceburg Spent $20 Million

Lawrenceburg Bond Bank Info:
Reviewed all Bond Bank Council approved Minutes up through November 2004. December was not approved yet.

Beginning balance- $20 million

2002- Fortune Mgmt - $8 million at 1% (pre Bond Board)

1/2004 St. Leon Sewers- $1million (20 yr)
2/2004 DC Solid Waste Mgmt- $600,000
5/2004 G-dale Fire Station - $1.5 million was to be matched with $1.3 million of G-dale’s own $$s (20 yr) (was $1.3 million but bones on site)
Aurora City Bldg thinks they will request $1,999,999.00 (has to be less than $2 million)
6/2004 Invision Care by Whiskeys) - $110,000
8/2004 Hillside Health Partners, LLC $500,000 escrow (wants $3.5 million loan) (Grant Hughes or Lynn Eiler to sign off) ($10,000 for 2 appraisals)
9/2004 L-bg School Corp - $1.6 million (12 month loan)
9/2004 CMHC $1.3 million (20 yrs) (Lisa Lehner rep)
10/2004 Pieratt Properties (WSCH) $954,000 escrow (Maxwell builder) (1500 for 2 appraisals)
11/04 County Sewer Board wants $2 million for 2 years- but already committed $$s – none available.

In pipeline:
Aurora new City Bldg
Hrezo McCullough Bldg on High St by RSVP – approx. $1.9 million
YMCA Property from Hamline church in 96-97 coming back to L-bg. Boatdocks and Outdoor World presenting proposals for….

Three signatures and at least 2 must sign checks. Vicki March and Tom Steidel. (3rd ??)
UCB is the bank holding bond bank funds.

Procedure per Jackie Stutz, City Clerk Treasurer:
1. Tom Steidel
2. Econ. Redev. Commission
3. Bond bank Recommends
4. Council approves.

Rates- 2 ½ points under prime. Adjusted annually, no penalty if paid off, no collateral (except for private development per Steidel when questioned later), interest on deposited funds is returned to bond bank, waiver of origination fee.
$20 million two years ago- fund now at approximately $1.5 million as of 11/04

per Steidel- suspended private loans for all except those in the pipeline in Jan 2004.
(But Doug Hedrick got Council blessing in 12/04 for approximately $1million for phase 1 condos with Stacy Homes.)

NAPA (Hoosier Properties)(Jason Todd) and ER Rentals (Richard Butler representing Scott Ricketts) never got approvals.


Zerbe was att’y to end of 2004. Now Votaw is their attorney.

Members: Tom DeWees, Vicki March, Kipp Newmann, Tom Cook, and Jim Schwier.
Julie Webster replaced by Tom DeWees 2/2004.

Joe Edmondson- US Bank- conducting credit checks for loans.

Lawyer fees: 2004

Ice Miller- $2173.60 +1005.79 + 3866.33 + 7065.26 + 2641.48 + 3727.79 + 2080.59 = $22,560.84 as of 11/04


Zerbe $7650.00 + 8112.00 + 3187.50 + 1257.50 +3582.50 = $20,789.50 as of 11/04

Christine Brauer Mueller
Lawrenceburg Township