Jo-Carroll Depot Local Redevelopment Authority

Finance & Personnel Committee

11:30 a.m., March 24, 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 11:55 A.M. on Tuesday, March 24, 2009.

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, Steve Keeffer, Diane Komiskey, Mara Sutton and Dawn Hall. Guests present: Tom Kamper (Riverport Railroad), Jack Koster (Riverport Railroad), and Rob Canier (IITC).

AGENDA ITEM 3: APPROVAL OF COMMITTEE MINUTES

A motion to approve the Finance/Personnel Committee regular and closed session minutes from February 27, 2009 was made by Bill Sparboe, seconded by Don Crawford. The motion carried by voice vote.

AGENDA ITEM 4: OLD BUSINESS

A. Cost-cutting measures – Staff installed compact fluorescent light bulbs in the sign on Hwy. 84 and the Access Road.

B. Revenue-generating measures – The Executive Director is pursuing stimulus money and attending informational meetings.

C. Proposed Riverport Railroad lease addenda – The committee reviewed addenda prepared by Mr. Jensen for RRX lease purchase agreements for Building 115, Building 504, and 1,158 acres.

A motion was made by Don Crawford to recommend approval of the three proposed addenda to Riverport Railroad’s leases for Building 115, 504, and the 1,158 acres. The changes will remove the need for Riverport Railroad to come before the board for an extension of its leases until 2015, by which time all Riverport Railroad property should be conveyed to the LRA for conveyance to Riverport Railroad. Bill Sparboe seconded. The motion carried by roll call vote. Roll call was answered as follows: Don Crawford, Bill Sparboe, Ed Olds. Ayes: 3. Nays: 0.

AGENDA ITEM 5: 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 3/23/09 the grand total of LRA money is $1,897,881.79.

D. Transfer from CD to Money Market – The committee reviewed the Bank Account Balance sheet and projected 2009 monthly cash flow spreadsheet. Based on the information provided and the recommendation of the bookkeeper,

A motion was made by Bill Sparboe to transfer $59,000 from CD #354701 at the National Bank, Savanna, to the Money Market account upon maturity in April. The CD matures on 4/12/09. The $159,462.98 plus interest less $59,000 will be held in a CD. Don Crawford seconded. The motion carried by roll call vote. Roll call was answered as follows: Don Crawford, Bill Sparboe, Ed Olds. Ayes: 3. Nays: 0.

AGENDA ITEM 6: OTHER BUSINESS – The committee reviewed a notice of tentative assessment change for the 2008 assessment year for Building 200 which SAIC rents from the LRA. The building had been assessed incorrectly and Property Manager Sutton filed a complaint with Carroll County Board of Review. The resulting assessment was lowered from $8,428 to $2,901.

AGENDA ITEM 7: PUBLIC COMMENT – None

AGENDA ITEM 8: ADJOURNMENT

A motion to adjourn was made by Bill Sparboe, seconded by Don Crawford at 12:08 p.m. The motion carried by voice vote.

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Dawn Hall, LRA Secretary