HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 09/16/2003 (3) KEN• T ECONOMIC DEVELOPMENT CORPORATION
W A!H I N O t O N September 16, 2003
Board members Present: Clark, Orr, Woods
Others Present: Craig, Jacober, Torgelson
Woods called the meeting to order at 2:00 p.m.
Approval of Minutes. Orr moved to approve the minutes of September 17,
2002. Clark seconded and the motion carried.
Election of Officers. Clark moved that Cliff Craig replace John Hillman as
Treasurer and that the officers remain the same as last year. Orr seconded and
the motion carried. It was noted that Orr would take over as Chair on January 1.
Financial Report. Craig outlined the annual financial report and budget
forecast, and noted that net assets have decreased by about $1,500 since 2001.
He said the forecast for 2004 is that $4,800 will be received and approximately
• $7,000 will be spent, so net assets will decrease by about $2,400. He explained
that there has been a change in the Federal Code making it less advantageous
for businesses to employ this kind of financing. He also noted that the two
remaining bonds will end in 2005 and that this corporation could probably be
dissolved at that time. He added that any remaining funds would go back to the
city. Woods suggested that any remaining funds be used for economic
development.
Orr moved to approve the financial report and budget proposal for 2004. Clark
seconded and the motion carried.
Other Business
There was no other business to discuss.
Adjournment
The meeting adjourned at 2:10 p.m.
Brenda Jacober, City Clerk
Secretary