Lake County EDC Board Meeting – August 13, 2026

The Lake County Economic Development Corporation Board met on August 13, 2026, at 10:00 a.m. with two of three members present – Commissioner Repey and Vice President Spitali – while Secretary Trevina was absent, constituting a quorum. The board addressed two loan modification applications, approved an attorney engagement renewal, and set a special meeting for August 24, 2026.

Election of Officers

• Vice President Spitali moved to maintain the current officer positions for 2026; Commissioner Repey seconded. The motion carried 2–0 (Trevina absent).

Approval of Amended Agenda and Minutes

• The agenda was amended to change the EPI item from "discussion" to "application" (the application had been filed the previous day). The amended agenda was approved 2–0.
• The board approved the September 14, 2023 meeting minutes, noting that no record existed for the January 2024 meeting (likely due to a storm). The motion carried 2–0.

EPI Loan Modification Application

• EPI representatives Terry and Lou requested forgiveness or release of their loan obligation, currently $317,612.20. They cited 33 years in business, thousands of employees employed over that time, and severe financial damage from Ford ending their relationship, the COVID-19 pandemic, and tariffs (including $26,000 extra per load for Canadian tubing).
• They stated a potential buyer had submitted a letter of intent to purchase the business assets (not the company) and would retain employees at the local site, but the buyer required UCC liens to be released before closing. EPI indicated they could pay about $100,000 to the EDC if the sale closed.
• Board members expressed reluctance to forgive the debt, emphasizing the fiduciary duty to taxpayers. They noted the current proposal offers zero dollars and lacks certainty; they requested the letter of intent, equipment valuation, and details on how the sale would satisfy EDC obligations.
• The board voted to defer the application to a special meeting on August 24, 2026, at 10 a.m., so that additional information could be provided. The motion carried 2–0.

Fisher Wild Lake Loan Modification Application

• The applicant requested forgiveness or deferment of a loan with a balance of approximately $288,000 (original amount $400,000). He described hardships including his father's death, a two-year battle with stomach cancer, and reduced revenue. The business is now catch-and-release only, generating about $1,200–$1,300 per week, with no current employees (though he had previously employed 12–13 people).
• He had created a new LLC to separate land and business; this required updating loan documentation to reflect the proper obligor and collateral.
• The board agreed to defer action to the August 24 meeting, with staff beginning the paperwork corrections. The motion carried 2–0.

Attorney Engagement Agreement

• The board approved the renewal of attorney Alex Gunowski's engagement agreement for 2026 at the regular rate. The motion carried 2–0.

Fund Balance Discussion

• Staff noted the EDC loan program has disbursed approximately $8 million since its inception in the 1980s, originally funded with $2 million. Some loans are performing well, including Quantum Quarter (balance $144,000) and Triangle (balance $341,000), though overall fund balances are limited.

Key Outcomes

• Officers maintained for 2026 (2–0).
• Amended agenda and September 14, 2023 minutes approved (2–0).
• EPI loan modification deferred to August 24, 2026, at 10 a.m. (2–0).
• Fisher Wild Lake loan modification deferred to August 24, 2026, at 10 a.m. (2–0).
• Attorney engagement agreement renewed for 2026 (2–0).
• Next meeting scheduled for Monday, August 24, 2026, at 10 a.m.