HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 09/11/1995 Economic Development Corporation
September 11, 1995
The annual meeting of the Economic Development Corporation was
called to order at 11:05 a.m. by Chairman Johnson. Present:
Boardmembers Banister, Woods, Llewellyn and Houser (arrived at
11:10) , City Attorney Lubovich, Secretary Jacober and Treasurer
Hillman.
Election of Officers. WOODS MOVED that the current officers be
nominated for another term. Llewellyn seconded and the motion
carried.
Approval of Minutes. WOODS MOVED that the minutes of the meeting
of September 20, 1994 be approved. Banister seconded and the
motion carried.
Financial Report. Hillman pointed out that the fund is slowly
being depleted by contributing $25,000 each year to the Chamber
for the Trade Program, and by participating in the King County
EDC. He explained for Llewellyn that revenue is generated by the
administrative fees paid by people who receive bonds and that
when it is paid off, fees are no longer received, causing the
fund to go down. He also noted that there are currently eleven
accounts being billed, and that the last ones were H & S Machine
and the Baer Family in 1991. He noted that the other revenue
source is interest on the remaining cash balance, which is
invested in the State pool earning approximately six percent.
Llewellyn asked how long the commitment to the Chamber is, and
Hillman noted that funds are in the budget for this year.
Jacober noted that at the 1994 meeting it was pointed out that
$25, 000 is included for the Trade Show and that if funding is
included in each budget, the balance the following years would be
approximately $30,000, then $13, 000. Hillman said his projection
shows $25, 000 a year, and distributed copies of the projection.
He confirmed for Lubovich that the $25, 000 expenditure for last
year had been approved. Woods said that if $25,000 is not
available in the future, the Corporation could commit to what is
available and it could later be determined whether to take more
out of the general fund. It was noted for Houser that full
funding for this year is in the budget, and Hillman confirmed
that the Chamber has received the funding for this year.
Lubovich noted that the surplus retainage of the Corporation goes
to the City and the City contracts with the Chamber. Woods noted
that the request for 1996 will most likely be for $25,000 but
that the Corporation may not have that amount. Hillman predicted
that $16,000 will be available to give. HOUSER SO MOVED. Woods
seconded. Houser suggested that the Chamber be notified that the
Corporation is running out of funding. Woods agreed, but
reiterated that funding could be supplemented. It was noted for
Llewellyn that the program has been a great success and results
can be seen. Lubovich noted that the City receives an annual
report, which is part of the agreement. Woods said one of the
biggest concerns is that Kent does not have a facility large
enough to host the function, and that other cities are happy to
do it. Houser noted that Kent has many warehouses and is close
to the airport and seaports, which are advantages. Woods agreed
that information should be received which justifies supporting
the function, and Lubovich added that a report should be given to
the City. It was agreed that the EDC members should receive
invitations to the Trade Show. Lubovich suggested that the
motion include that the $25,000 are surplus earnings forwarded to
the City for this function, since that is what can be spent for
this type of thing. It was clarified that the motion is to
appropriate $25, 000 as surplus earnings to the City for the
purpose of the Trade Exchange. The motion then carried.
Woods directed that a letter be sent to the Chamber noting that
there is a draw down of funds which will be available in future
years, especially for 1996. She also noted that a timely report
should be received regarding the manner in which the money is
being used. Lubovich clarified that the reports have been going
to the City and that they should be going to the EDC secretary
who should forward them to each member. Woods also asked that a
request that the Committee be included on the invitation list be
included in the letter.
The meeting adjourned at 11:20 a.m.
i
Brenda ac ber, CMC
EDC Sec ary