HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 09/15/1998 • ECONOMIC DEVELOPMENT CORPORATION
September 15, 1998
Boardmembers Present : Woods, Orr, Llewellyn, Banister
Others Present : Hillman, Jacober, City Attorney
Lubovich
Woods called the annual meeting to order at 5 :37 p.m.
Approval of Minutes. LLEWELLYN MOVED to approve the
minutes of the meeting of September 25, 1997 . Orr seconded
and the motion carried.
Election of Officers. BANISTER NOMINATED the same officers
as last year, with the exception of Woods as Chair. Orr
seconded and the motion carried. Officers for 1998-99 will
be Judy Woods—Chair, Morgan Llewellyn-Vice Chair, Brenda
Jacober-Secretary and John Hillman-Treasurer.
Financial Report. Hillman distributed copies of financial
information and noted that in 1997 the Corporation had a
net income of $3, 075, assets of $9, 160 in cash, and
. receivables of $7, 088 . He said two major expenses were
$6, 150 for liability insurance and $1, 970 for legal
assistance. Lubovich explained that forms were prepared by
Foster Pepper & Shefelman because there had been some
inquiries regarding the issuance of bonds for economic
development . He added that no applications have been
received.
Hillman noted that the EDC was audited by the State at a
cost of $939 . He said the audit covered 1994 through 1997
and resulted in a good report .
Hillman gave an overview of revenues and expenditures since
1984 and said that revenue is expected to drop next year
because some of the existing bonds are now getting paid
down. He added that everything else should remain about
the same .
Hillman then reported that he has done some research on the
King County EDC, and explained that their goal is to create
jobs in King County. He noted that they have helped World
Vision open its headquarters in Federal Way, they are
helping Intraco, Ltd. (one of Singapore' s top 20 companies)
purchase $200, 000, 000 in goods for export to Singapore and
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other markets, and they have helped an Enumclaw
manufacturer, Ly-Line, with financing to retain 30 jobs in
rural King County.
Other Business. There were no Other Business items .
Adjournment. The meeting adjourned at 5 :45 p.m.
Brenda Jaco er City Clerk
Secretary
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