EDC Meeting February 10, 2010
Agenda Item 5 – Receive and Act on Administrator’s Report Items.
A. City Council Approved EDC Investment Policy February 2
City Council considered and approved the Investment Policy February 2 that had been approved at the EDC’s meeting January 25. Council resolution is enclosed. EDC Secretary Treasurer will monitor and coordinate investment decisions with City Finance Director, and monthly statements will be provided. Preliminary January items enclosed.
In related action, President Gannon, Vice President McDonald, Secretary Treasurer Curbo, and Director Nowlin have been placed on the signature sheet for the EDC checking account, and Gannon, McDonald, and Curbo have been placed on the signature sheet for EDC certificates of deposit.
Action: Motion to ratify signatories as indicated for checking and investment accounts.
B. Chili Lunch for Public Works Crews Set for February 18
City Public Works crews (streets, parks, and utilities) work behind the scenes to support both long-term EDC initiatives and requests that come up suddenly. It has been EDC’s custom to express appreciation by hosting a chili lunch for the crews. It will be Thursday, February 18 from 11:30-1:00 at Historic City Hall. Kennie Nowlin has volunteered to cook.
Action: None required.
C. Cleanup and Mowing of Rail Lead Track Right of Way
Knife River has vacated its batch plant site and the England Estate has come on the market. These events have focused attention on the condition of the rail right-of-way. City crews have worked on initial clean-up this winter, and EDC will be entering into a maintenance-type mowing contract starting this Spring.
Action: None required.
D. Status of I-35 Billboard
We are working on completing the structural requirements to put the I-35 billboard back into service, to include installation of backer boards, lights, and electric service. At the same time, the Marketing Office is in process of selecting a graphics firm to create a family of marketing materials, including a cover for the billboard.
Action: None required.
E. Status of Waterline Project
Comments have been provided to engineer on plans and proposed bid documents. Expect to receive revisions this week, and will forward bid documents to EDC attorney for final review. Expect to advertise for bids end of February or first of March. First draw-down of HUD funds for engineering expenses was approved.
Action: None required.
F. Bond Counsel’s Advice Regarding Keeping EDC and IDC as Separate Entities
Now that EDC’s are allowed to act as conduits for Industrial Revenue bonds, there was discussion at the October EDC meeting about the possibility of recommending dissolving the IDC. The matter was tabled pending seeking advice from bond counsel.
As requested, Administrator consulted Dan Pleitz of Namen Howell in Waco. After review, he recommended that both corporations be retained, based primarily on the difference in purpose between the two.
Certain updates will be required in either case. IDC needs to hold an annual meeting and would need to convene to take any action pertinent to that corporation.
Action: Recommendation to retain both corporations OR to dissolve IDC, and for Administrator to conduct follow-up activity as appropriate.
G. Discuss Existing Business Contact Options for 2010
EDC has engaged in various activities to recognize and stay in touch with its target group of existing businesses, to include plant tours, office visits, speakers at breakfast or lunch meetings, and large-group recreational events.
Action: Select type and number of activities to pursue in 2010 and set dates, if applicable
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