BUSINESS FINANCE AUTHORITY NOTICE AND AGENDA
The regular meeting of the Board of Directors is scheduled for
Monday, November 18, 2024, at 2:00 PM, 135 N. State St, Concord, New Hampshire.
- Introduction of Board Members.
- Approval of Board of Director Nonpublic and Public Minutes for the Meeting of September 16, 2024.
- Nonpublic Session for Consideration of Loan and Credits, as applicable.
- Approval of Items and Associated Resolutions from nonpublic session, as applicable.
- Vote to approve issue up to $50,000,000 in State Guaranteed Taxable Financing under RSA 162-I to finance a project for Whelen Engineering Company, Inc., and to take all necessary action in relation thereto and to recommend to Governor and Council that they take favorable action under RSA 162-I:9.
- Audited Financial Report- Vachon Clukay & Company, PC
- Financial Reports– Chris Kreidermacher – Month End September 2024, Month End October 2024
- Lending Reports October – Jeremy Stanizzi – CAP Monthly, CAP Statistics/Demographics, Capacity Report, CAP Quarterly September 30, 2024
- Executive Director’s Report.
- Other Business.
Date mailed: November 13, 2024
BFA BOARD OF DIRECTORS MINUTES
The meeting of the Board of Directors of the Business Finance Authority (“BFA”) was called to order at 2:02 P.M. at 135 N. State Street, Concord, New Hampshire.
The following Directors were present:
Todd Horner, Matthew Benson, Stephen Duprey, Catherine Provencher, Daniel Hendson, Vikram Mansharamani, Monica Mezzapelle, Jason Syversen. Also present were: James Key-Wallace, Executive Director and Clerk; Jeremy Stanizzi, Senior Credit Officer; Jeff Cook, Credit Analyst; Chris Kreidermacher, Chief Financial Officer; John Stoecker National Finance Authority, Tasfia Jamil, National Finance Authority, Representative Michael Edgar, Representative Keith Murphy, Kris Moussette, Hinckley Allen; Cory Philbrick, Auditor, Vachon Culkay & Company.
The following Members were absent:
Director Dick Anagnost.
Vice Chairman Duprey announced the meeting was open to the public and welcomed all present.
Todd Horner Executive Director of SWRPC was introduced as a new member replacing Director Jeffrey Hayes whose term expired in November.
The Vice Chairman asked for approval of the public minutes for the September 16, 2024, Board Meeting.
Upon motion made by Director Mezzapelle and seconded by Director Mansharamani the following action was voted on:
VOTED: To accept the public minutes of September 16, 2024, Board Meeting.
The following named Directors voted:
Aye: Stephen Duprey, Matt Benson, Vikram Mansharamani, Monica Mezzapelle, Daniel Henderson, Jason Syversen, Catherine Provencher.
Nay: None
Abstain: Todd Horner
The Vice Chairman asked for approval of the nonpublic sealed minutes for the September 16, 2024, Board Meeting.
Upon motion made by Director Mezzapelle and seconded by Director Mansharamani the following action was voted on:
VOTED: To accept the nonpublic sealed minutes of September 16, 2024, Board Meeting.
The following named Directors voted:
Aye: Stephen Duprey, Matt Benson, Vikram Mansharamani, Monica Mezzapelle, Daniel Henderson, Jason Syversen, Catherine Provencher.
Nay: None
Abstain: Todd Horner
Whereupon the Vice Chairman declared said Board Public and Nonpublic Minutes were adopted.
NONPUBLIC SESSION
At 2:05 p.m. the Board entered into a Nonpublic Session under RSA 162-A:7-10 and RSA 162-A:13 (h) Consideration of applications by the Business Finance Authority, where consideration of confidential, commercial, or financial information that is exempt from public disclosure; and matters which if discussed in public, would likely affect adversely the reputation of any person, other than a member of the public body itself.
Upon a motion to go into a nonpublic session made by Director Mezzapelle and seconded by Director Henderson, the following roll call vote was taken to enter:
Stephen Duprey Yes
Matthew Benson Yes
Vikram Mansharamani Yes
Monica Mezzapelle Yes
Catherine Provencher Yes
Daniel Henderson Yes
Todd Horner Yes
Jason Syversen Yes
Nay: None
Abstain: None
Vice Chairman Duprey recused himself from the discussion and exited the meeting room at 2:29p.m.
Director Henderson, Treasurer, resumed the discussion under the nonpublic session.
Vice Chairman Duprey re-entered the nonpublic session at 2:55 p.m.
Vice Chairman Duprey asked for a motion to return to public session and seal the nonpublic minutes of November 18, 2024.
The motion was made by Director Mansharamani and seconded by Director Mezzapelle.
The following named Directors voted:
Aye: Stephen Duprey, Matt Benson, Vikram Mansharamani, Monica Mezzapelle, Daniel Henderson, Jason Syversen, Catherine Provencher, Todd Horner.
Nay: None
Abstain: None.
PUBLIC SESSION RESUMED AT 2:56 p.m.
State Guarantee Taxable Financing – Whelen Engineering Company, Inc.
The Vice Chairman asked for a vote from the Board to issue up to $50,000,000 in State Guaranteed Taxable Financing under RSA 162-I to finance a project for Whelen Engineering Company, Inc., and to take all necessary action in relation thereto and to recommend to Governor and Council that they take favorable action under RSA 162-I:9, and approval of the associated Resolution to be signed by the Executive Director.
Upon motion made by Director Mansharamani and seconded by Director Henderson, the following action was voted on:
VOTED: To approve the loan request to issue up to $50,000,000 in State Guaranteed Taxable Financing under RSA 162-I to finance a project for Whelen Engineering Company, Inc., and to take all necessary action in relation thereto and to recommend to Governor and Council that they take favorable action under RSA 162-I:9, and approval of the associated Resolution to be signed by the Executive Director.
The following named Directors voted:
Aye: Todd Horner, Stephen Duprey, Matt Benson, Catherine Provencher, Vikram Mansharamani, Monica Mezzapelle, Daniel Henderson, Jason Syversen.
Nay: None
Abstain: None
Whereupon the Vice Chairman declared said resolution adopted.
Collateral Shortfall – Union Leader Corporation, Inc.
The Vice Chairman asked the Board to vote to approve a Collateral Shortfall Loan to Union Leader Corporation, Inc. in the amount of $1,000,000.
Upon motion made by Director Provencher and seconded by Director Mansharamani, the following action was voted on:
VOTED: To approve the Collateral Shortfall Loan to Union Leader Corporation, Inc., in the amount of $1,000,000.
The following named directors voted:
Aye: Todd Horner, Catherine Provencher, Daniel Henderson, Matthew Benson, Jason Syversen, Catherine Provencher, Vikram Mansharamani.
Nay: None.
Abstain: Stephen Duprey
Where upon the Vice Chairman declared said resolution adopted.
The Vice Chairman asked for Mr. Kreidermacher to introduce Cory Philbrick the representative of the audit team from Vachon, Culkay & Company who was in attendance to present the FY 2023-2024 financial audit to the Board of Directors. Mr. Philbrick entered the public session at 2:58 p.m. He gave a presentation report to the Board, answered questions and exited the meeting at 3:27 p.m.
The Vice Chairman asked Mr. Kreidermacher to review the month end Financial Reports.
The Vice Chairman asked Mr. Stanizzi to review the Lending Reports.
The Vice Chairman asked Mr. Key-Wallace to present the Executive Director’s Report.
There being no further business and upon motion made by Director Mansharamani and seconded by
Director Benson, the meeting was adjourned at 3:52 p.m.
Respectfully submitted:
James Key-Wallace, Clerk