MAIN STREET AREA ASSOCIATION MINUTES
February 4th 2010
Those present: Julie Minerd and Charlie Adams, Salon XL; Dennis Doyle, AAACVB; Maureen Elliott, Key Bank; Nancy Shore, Get Down Town; Angela Pierro, Zero Gravity Designs; Scott Huckestein, Schakolad; Habte Dadi, Blue Nile; Elmo, Elmo’s Main Street T-Shirts; Sue Burke, MSV; David Low and Maureen Elliott, Key Bank; Marianne Klinker, Ann Arbor Area CVB; Rachelle Lockridge, Allstate Insurance; Kerry Johnson, Cupcake Station; Jim Phelps, Ann Arbor State Bank; Ron Stevens, SBTDC.
Newly elected President of MSAA Tom Murray thanked Newcomb Clark for his service as President and Blue Tractor for hosting the meeting.
Introduction of Stephan Rapundalo from City Council
Steven discussed the Library Lot downtown; what their decision process has entailed and how it will proceed. Specifically, there were 6 proposals and only 2 met the financial requirements by the city. Both finalists propose to place a hotel on the lot; one with a hotel and convention center and the other with a hotel and city park area. The City, with the DDA, is in the process of hiring a developer advisor to council them in their decision process. In March the proposals will go to Council and the City is asking to hear from the area business owners for their input before or at this March meeting. There has been a lot of out cry to the City to not build anything on the lots and to just put in a city park. Steven emphasized how imperative it is for business owners in favor of one of the two proposals to make their opinions known to Council.
For questions or to make your voice heard email Stephan: SRapundalo@a2gov.org or go to one of City Councils public meetings: http://a2gov.legistar.com/Calendar.aspx
Introduction of Jim Phelps from Ann Arbor State Bank
Jim discussed SBA lending; a government backed program of lending to businesses that might otherwise have not been able to get loans. You can get these loans for working capital, marketing, equipment, and other requests. The government provides 40% of request, the bank provides 50% of request, and you would have to put 10% down. These loans are part of the stimulus package and are effective through the end of the month; then there will most likely be some changes.
Introduction of David Lowe, Key Bank
David reviewed the information required for the business loan application. Then explained the decision for loan approval takes 3-5 days from preferred lenders. The process itself takes a couple weeks to a month (for real estate a little longer).
Introduction of Ronald Stevens, Certified Small Business Consultant
Ronald is able to help you put your loan application package together. He will be hosting a round table for discussion at the Ypsilanti Chamber of Commerce Feb. 11th from 4-6 pm for free.
Introduction of lawyer Peter Schork
Peter discussed the importance of business succession plans. When thinking about selling your business it is vital to call a lawyer long before you are ready to sell. An operating business is worth much more than a closed business. Once you have decided how you are going to succeed your business, get in writing who will be responsible for what. Additionally, it is important to talk to an accountant when dealing with a transfer of tax liabilities.
-Elmo’s is having a Cowgirl Cabaret this Saturday at 8 pm – 11 pm
-February 25th DDA will be at Conor O’Neills at 9am to discuss city parking plan
-Next MSAA meeting will be 5:30 pm on March 4th at Conor O’Neills