HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 09/28/2004 (3) •
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KENT
WASNINOTON
ECONOMIC DEVELOPMENT CORPORATION
September 28, 2004
Boardmembers Present: Tim Clark, Julie Peterson, Morgan Llewellyn
Others Present: Secretary Brenda Jacober, Treasurer Cliff Craig, Economic Development
Manager Torgelson
Clark called the meeting to order at 3:08 p.m.
Approval of Minutes. Peterson moved to approve the minutes of September 16, 2003.
Llewellyn seconded and the motion carried.
Election of Officers. Llewellyn moved to elect the same officers as in the past, Clark as
Chair, Llewellyn as Vice-Chair, Jacober as Secretary and Craig as Treasurer. Peterson
• seconded and the motion carried.
Financial Report and Budget. Torgelson explained the background of the Corporation
and noted that no bonds have been sold since 1990. It was clarified that these are tax
exempt non-recourse bonds and that they are no longer desirable due to a change in the
tax code.
Craig noted that there is $30,000 in unrestricted assets and that the revenues will decline
as the issues are paid off,which be in approximately 2015. Peterson moved to accept the
financial report and budget forecast for 2005. Llewellyn seconded and the motion
carried.
Other Business. There was no other business.
Adiournment. The meeting adjourned at 3:18 p.m.
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Brend Jacober, City Clerk
EDC Secretary
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