The First Board Meeting of 2007

Friday, Jan 19, 2007

On January 19th, the Authority Board of Directors met in the Authority conference room for the first of six scheduled meetings in 2007.

The business meeting began with a presentation from Accelerate Arkansas members James Hendren and H. Watt Gregory, IIII. They presented Accelerate Arkansas' Legislative Agenda for the year. The focus for the 2007 Agenda centers on strategies to grow the tax base with higher paying jobs. The Board unanimously approved a motion to support Accelerate Arkansas' legislative agenda. Minutes from the November 17th Board Meeting followed, as did Dr. John Ahlen 's presentation of the Authority's Operating Report. Both were approved.

The Industry Committee presented its summary of minutes from their January 5th meeting, which covered requests for AMS debt write-offs, and approval of a professional services contract with Stone Ward. The Board voted to approve both of these requests.

The Investment Committee presented the minutes from their January 3rd meeting. Dr. Steve Stanley presented the Seed Capital portfolio and quarterly financials. He also presented the TTAG report for the Committee's approval, as well as two Draft Resolutions. Resolution 07-04 calls for approval of tax credits to BioBased Systems and Resolution 07-05 is a request by MedEvolve Inc. to increase the size of the company's monthly loan payments. All three were approved by the Board.

Responding to support from the STEM Advisory Committee meeting in December, the Research Committee presented its request to approve funding for three grant proposals as part of Draft Resolution 07-06. This resolution calls for funding to Mid-South Community College for a Mid-South BEST program, $700 to fund a Middle School Physical Science Inquiry at the UCA location of Arkansas Centers for Mathematics and Science Education, and monies to pay for a student study of weather patterns at Hellstern Middle School in Springdale , Arkansas . The Board voted to approve Draft Resolution 07-06. Vice President Research Dr. Gail McClure also gave a brief summary of the Second Annual Capitol Research Expo.

Before adjourning, Old and New Business was covered, including calls for approval of Expense Reimbursement Authorization, as well as reviews of the attendance policy, and statements of financial interest.

The next Board meeting is scheduled for March 16, 2007.