Jo-Carroll Depot Local Redevelopment Authority

Finance & Personnel Committee

2:30 p.m., June 2, 2010

3651 Crim Drive, Suite 1

Savanna Depot Business, Industry & Technology Park

Savanna, IL

CALL TO ORDER: Mr. Crawford called the meeting to order at 2:33 p.m. on Wednesday, June 2, 2010.

ROLL CALL was answered as follows: Present- Don Crawford, Bill Wright and Paul Hartman. Present: 3. Absent: Bill Sparboe and Ed Olds. Absent: 2. Other board members and staff present: Bill McFadden, Ron Smith, Diane Komiskey and Mara Roche. Guests: Tom Kamper (RVPR) and Bill Hooton (IITC).

III: APPROVAL OF MINUTES OF APRIL 20, 2010

A motion to approve the Finance/Personnel Committee minutes from April 20, 2010 was made by Bill Wright, seconded by Paul Hartman. The motion carried by voice vote.

IV: OLD BUSINESS

A. Quarterly review of tenant rent, lease/purchase & use agreements – and updated report was provided and reviewed.

B. Tenants out of compliance with lease requirements, if any – Speer Enterprises has requested use of an additional 35 ft of property on the north side of building 147 (they currently have items stored within that area). The Army has denied the request and will only allow 100 ft. as it reads in the LIFC and stated that property also lies within site 223 – small arms disposal area. Speers Enterprises has also provided the LRA with their proof of insurance.

C. Special reports, updates requested by committee – a handout addressing the holding and security of LRA funds was reviewed. Banks had provided proof of sufficient pledged funds.

V: NEW BUSINESS

A. Annual review of designated depositories – a review of the designated depositories was performed and a motion to recommend to the full board to approve Resolution 24, pending attorney approval, and to approve a motion designating depositories was made by Paul Hartman, seconded by Bill Wright. The motion carried by voice vote.

B. Annual review of investment policy – the investment policy was reviewed and it was noted that the counties only use CD’s, money markets and checking accounts. A motion to recommend to the full board to change the first sentence on page 2 under B. Scope 2. Delegation of responsibilities to read “may” instead of “shall” was made by Paul Hartman, seconded by Bill Wright. The motion carried by voice vote.

C. Outstanding invoices, if any - All outstanding invoices were reviewed .

D. Funds on hand – As of May 28, 2010, the grand total of LRA money was $1,803,416.57.

E. CD Transfers, if any – A motion to recommend to the full board approval of automatic renewal of The National Bank CD # 399795 at 1.35% was made by Bill Wright, seconded by Paul Hartman. The motion carried by voice vote.

A motion to recommend to the full board the transfer of $4,000 from The National Bank CD # 396357 to the Money Market account was made by Paul Hartman, seconded by Bill Wright. The motion carried by voice vote.

F. Bills over $2500 – none

Phil Jensen arrived at 2:53

Mick Gronewold arrived at 2:54

G. Charges for late payment of water & sewer fees – reviewed the current rate for late payments and a motion to recommend to the full board to approve billing each water and sewer user 10% of his unpaid bill effective next quarter and that notice of the change be sent to all users was made by Paul Hartman, seconded by Bill Wright. The motion carried by voice vote.

Steve Keeffer arrived at 2:56

VIII: PUBLIC COMMENT – None

IX: ADJOURNMENT

A motion to adjourn was made by Bill Wright, seconded by Paul Hartman at 2:58 p.m. The motion carried by voice vote.

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Mara Roche, Acting LRA Secretary