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HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 02/04/1988 (5) ECONOMIC DEVELOPMENT CORPORATION CITY OF KENT February 4, 1988 The regular meeting of the City of Kent Economic Development Corporation was called to order at 7:30 a.m. by Chairman of the Board Berne Biteman. Present: Berne Biteman, Chairman of the Board Ted Knapp, Board Member Walt Ramsey, Board Member Steve Dowell , Board Member Sandra Driscoll , Corporate Counsel Tony McCarthy, Treasurer Marie Jensen, Secretary of the Board. Also present: Brent McFall, City Administrator Mike Webby, Assistant City Administrator MINUTES Ramsey moved to approve the minutes of the last regular meeting of August 13, 1987. Dowell seconded and the motion carried. AGREEMENT SEATTLE/KING COUNTY ECONOMIC DEVELOPMENT COUNCIL / CITY OF KENT Brent McFall noted that the renewal for the existing agreement has been received and that the fee of $3,009 is based upon the City's population. It was determined that the Seattle/King County Council had been instrumental in referring the Raleigh Cycle Company to Kent, and that subsequently their plant was located here. Knapp reported that although US West did not choose a location within Kent, they also were referred here, having first gone through Team Washington. He noted that a firm requiring a 100,000 square foot area was referred to Kent this week. The Seattle/King Council is trying to do more through the Kent Chamber of Commerce. Dowell noted that a Japanese fish firm and Mitsubishi had located in Fife and that Kent was second choice for a Boeing facility that went to Auburn. McFall noted that under the new rules, in order to qualify for IRBs the business must be manufacturing. Dowell moved to approve the annual agreement. Knapp seconded and the motion carried. It was noted that at the last meeting it had been determined that annual expenditures for this corporation would be set at $8,000. McCarthy noted that this fee of $3,009 had not been included in the $8,000, but was included in the long-range forecast. He stated he would furnish a financial statement for the next meeting. KDA Questions arose as to the progress of the KDA project. McFall noted that he could ask Steve Burpee to present results of the KDA survey at the next meeting. Knapp so moved and Biteman seconded. The motion carried. INSURANCE Webby noted that liability and errors and omissions insurance have been obtained for this corporation through the City's insurance program. We paid $3,500 for a $1,000,000 policy in November. He explained that we required - "claims made" coverage which means the policy must be in place when the claim is made. Liability coverage has been secured through the Fred S. James company which will provide protection for the past, through "tail coverage." It was determined that due to the change in the tax laws it was probable that no IRBs would be issued in the future. Dowell moved to continue the insurance coverage. Ramsey seconded and the motion carried. KENT VALLEY CORRIDOR Knapp noted that a meeting was held in December and 140 people attended. "Kent 2000" was discussed and goals for 1988 were established. These include: 1. Establishing a resource library for information on zoning, utilities, manufacturing sites etc. 2. Computerizing information for networking 3. Arranging a bus tour and lunch to visit various industrial areas 4. Holding a seminar to present the step-by-step process of a developer seeking a rezone or a plat 5. Producing a graphic marketing tool such a flyer Upon Dowell 's question about Seattle-King County Economic Development Council , McFall noted he would request information showing the source of their funding. Knapp noted that the Port of Seattle and Metro contributed. He stated that the Green River Valley had these advantages: 1. Land costs are much less than land on the East Side 2. Proximity to the airport 3. Our regulatory processes run smoothly Biteman noted that he had had a phone call regarding establishing an incinerator some miles above Enumclaw where Weyerhaeuser had closed a mill . The caller suggested that the railroad which comes down to Auburn could be used to transport the garbage. Dowell asked if consideration could be given to creating a loan fund for this corporation and that he would try to get more information on this. Biteman asked about public/private ownership, under which land is leased to the private party. Driscoll noted that Washington's rules on this are different from most other states, and require a fair market exchange. Knapp noted that maybe some thought should be given to changing the state law. Bitemen suggested that the Association of Washington Cities could be contacted on this. McFall noted that such a program had been established in Kansas with grants, but that the City could never be the primary source of funding. NEXT MEETING: It was determined that the meeting for March 3, 1988 would include: 1 . A report from the Seattle/King County Economic Development Council 2. A report from Steve Burpee on the KDA marketing survey 3. A report on the financial statement There was no further business to discuss and the meeting adjourned at 8:15 a.m. Marie Jensen, City Clerk THE DATE FOR THE NEXT MEETING WAS LATER Secretary of the Board CHANGED TO MARCH loth 0150C-IC