Jo-Carroll Depot Local Redevelopment Authority

Finance & Personnel Committee

3:00 p.m., February 4, 2009

3651 Crim Drive, Suite 1

Savanna Depot Business, Industry & Technology Park

Savanna, IL

CALL TO ORDER: Chairman Ed Olds called the meeting to order at 3:04 p.m.

ROLL CALL was answered as follows: Present- Don Crawford, Bill Sparboe, and Ed Olds. Present: 3. Absent: Bill Wright. Absent: 1. Other board members and staff present: Bill McFadden, Ron Smith, Diane Komiskey, Mara Sutton and Dawn Hall. Guests present: Dave Meade (Miner, Gilroy & Meade), Tom Kamper (Riverport Railroad), Larry Straight (Defense Systems Inc.).

AGENDA ITEM 3: APPROVAL OF COMMITTEE MINUTES

The Finance and Personnel Committee regular session meeting minutes from December 17, 2008 were approved followed by a motion made by Bill Sparboe, seconded by Don Crawford. The motion carried by voice vote.

The Committee’s executive session meeting minutes from December 17, 2008 were approved followed by a motion made by Don Crawford, seconded by Bill Sparboe. The motion carried by voice vote.

AGENDA ITEM 4: NEW BUSINESS

A. Bills over $2500 – None.

B. Outstanding Invoices – None.

C. Bank account balances – Bookkeeper presented bank account balance sheet for review. As of 2/2/09, the grand total of LRA money is $1,937,737.83.

D. CDs transferred since last month – CD#25700 valued at $207,597.68 Milledgeville State Bank matured 1/12/09. The CD was moved to the Mt. Carroll Banking Center at 3.34% APY for a 12 month term.

E. Review 2008 audit for possible board approval – Mr. Meade distributed 2008 audits, reviewed the audit and answered questions. He said the audit was clean and met with MGM’s approval. He noted that 2008 operating expenses were down from 2007 operating expenses from $553,000 to $509,000. He said line items repairs and maintenance, insurance and legal fees attributed greatly to the reduction of expenses.

Bill Hooton (IITC) arrived at 3:15 p.m.

F. Consider TCEDA request – The committee reviewed information regarding TCEDA.

A motion to recommend to the full board to approve a resolution of support for TCEDA and to authorize the LRA Executive Director to seek election to a seat on the TCEDA Executive Committee and approve a contribution of $500 now that if the LRA ED has a seat on the TCEDA Board and is pleased with the overall direction of the organization, additional funds could be spent in 2009 from our line item for marketing was made by Bill Sparboe, seconded by Don Crawford. The motion passed by roll call vote as follows, Bill Sparboe, Don Crawford, Ed Olds. Ayes: 3. Nays: 0.

AGENDA ITEM 5: OTHER BUSINESS – Reviewed memo regarding and EDA ecotourism grant opportunity.

A motion to pursue an EDA ecotourism grant not to exceed a $5500 match was made by Don Crawford, seconded by Bill Sparboe. The motion carried by voice vote.

AGENDA ITEM 6: PUBLIC COMMENT - None

AGENDA ITEM 7: ADJOURNMENT

A motion to adjourn was made by Bill Sparboe, seconded by Don Crawford at 3:30 p.m. The motion carried by voice vote.

_____________________________

Dawn Hall, LRA Secretary