HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 09/25/1997 ECONOMIC DEVELOPMENT CORPORATION
September 25, 1997
Boardmembers present: Johnson, Houser, Banister and Llewellyn.
Others present: EDC Treasurer Hillman, EDC Secretary
Jacober, City Attorney Lubovich
Johnson called the annual meeting to order at 10:30 a.m.
Approval of Minutes. LLEWELLYN MOVED to approve the minutes of
the meeting of September 18, 1996. Houser seconded and the
motion carried.
Election of Officers. BANISTER MOVED to retain the same officers
as last year. Houser seconded and the motion carried. It was
clarified that Johnson is Chair, Llewellyn is Vice Chair, Hillman
is Treasurer and Jacober is Secretary.
Financial Report. Hillman distributed copies of a comparative
balance sheet as of 12/31/96 and 12/31/97, a comparative
statement of revenues, expenditures and changes in fund balance
for the year ended 12/31/96 with comparison to the year ended
12/31/95, and a statement of revenues and expenditures from
inception through the 1998 forecast. He noted that because of
the Tradec agreement, the net worth is considerably lower. He
said that based on existing revenues, there should be nearly
$15, 000 in revenue at the end of 1997 and approximately $14, 000
at the end of 1998 . He said expenditures would be about the same
as before, and noted that $4, 666 has been budgeted for King
County EDC participation in 1997, but that it has not been paid.
He estimated a net income for 1997 of $4, 613 and for 1998 of
$3, 500 if there is no change in activities. He clarified that
for 1997 the ending fund balance is estimated at $17,786.
Johnson questioned the benefit of participating in the King
County EDC. After a brief discussion, BANISTER MOVED that the
issue of participation be investigated to determine whether it is
of benefit and whether it is a requirement, and if not, that
participation be stopped. Houser seconded and the motion
carried. Johnson clarified that this group can determine whether
there are benefits. Hillman agreed to begin the investigation.
LLEWELLYN MOVED to approve the financial statements. Banister
seconded and the motion carried.
Other Business. Jacober distributed correspondence received,
including Account Statement-Reynolds Metals, Billing Statement-
Foster Pepper & Shefelman, Revenue Bonds-Cascade Development Co. ,
and three Client Leads Reports received from The EDC.
Lubovich explained that the bill from Foster Pepper & Shefelman
is in regard to development of a new application form. Hillman
agreed to determine whether the amount of that bill was included
in the financial information, and which fund it was paid from.
HOUSER MOVED to amend the financials to pay that if it has not
been included already. Llewellyn seconded and the motion
carried. Lubovich noted that there was recently a King County
EDC project in Kent, which the City Council approved.
Hillman explained that the revenue bonds were required due to a
technical change.
It was determined that future Client Leads Reports need only go
into the file.
Hillman distributed copies of an application for liability
insurance for next year, and noted that there is no change.
Adjournment. At 10:50 a.m. , LLEWELLYN MOVED to adjourn.
Banister seconded and the motion carried.
Brenda Jaco r
Secretary