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Board Members Absent: Darlene Kerr, Richard Driscoll, David Bottar - page 4 / 4

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Mr. Mokryzcki asked if we should be supporting the Credit Union on such projects and Mr. Walsh replied that this would likely be a one time occurrence as it was his understanding that this was the only project in this program that would need a guarantee. Mr. Driscoll noted that SEDCO would be supporting two local businesses both the market and the Credit Union and Mr. Mankiewicz noted that the Main St. program has been very successful. Mr. Mankiewicz asked if a mortgage was being secured by the Credit Union and could SEDCO also be secured by a mortgage. Ms. DeLaney said the Credit Union did intend to place a mortgage on the property and that SEDCO could likely obtain some sort of a cross agreement with the Credit Union. Mr. Black said that he could construct an agreement any way the Board directed staff to do so.

After some further discussion Mr. Walsh asked for a motion. Mr. Ashkin made a motion and Mr. Mokryzcki seconded the motion. THE BOARD UNANIMOUSLY APPROVED A LOAN GUARANTEE IN AN AMOUNT UP TO $30,000.00 TO BE PROVIDED TO THE SYRACUSE COOPERATIVE FEDERAL CREDIT UNION ON BEHALF OF ROSELINDA ABBEY AND THE AFRICAN AND CARIBBEAN CENTRAL MARKET WITH STIPULATION THAT SEDCO TAKE A COEQUAL FIRST POSITION ON A MORTGAGE TO BE FILED BY THE CCOPERATIVE FEDERAL CREDIT UNION.

VI. Adjournment

There being no further business to discuss, Mr. Walsh asked for a motion to adjourn the meeting. Mr. Ashkin made a motion and Mr. Mankiewicz seconded the motion. THE MEETING WAS ADJOURNED AT 9:00 a.m.

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