02.17.2004 EDC Minutes174
MINUTES
KENNEDALE ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
REGULAR MEETING — FEBRUARY 17, 2004
405 MUNICIPAL DR. — KENNEDALE MUNICIPAL BLDG.
CONFERENCE ROOM
President Vaughn called the meeting to order at 7:00 p.m.
Members present: President Vaughn, Vice - President Mundy, Berry, Hayes, and Morris.
Members absent: Munn and Farmer.
Staff present: David Miller, Executive Director; Margaret Eichelberger, EDC Director, Li Jen
Lee, Director of Finance, and legal counsel, Betsy Elam.
A. WORK SESSION
1. Update from legal counsel on recent changes of the use of 4B sales tax collected by the
City.
Legal Counsel provided a power point presentation regarding the history of the 4B sales
tax and recent legislation changes. Ms. Elam referred to HB 2912, which changes the
definition of projects and how 4B corporations can expend money. She then reviewed
what expenditures had been eliminated from the bill, as well as what expenditures could
be permitted.
President Vaughn recessed the meeting for a short break at 7:54 p.m., and reconvened at
8:00 p.m. to enter into regular items.
B. REGULAR ITEMS
1. Approval of minutes: regular meeting dated January 20, 2004.
Beverly Hayes moved to approve the minutes as submitted, second by Rob Morris.
Hayes, Morris, Mundy and Vaughn voted aye, with Berry abstaining due to absence of
meeting. Motion carried.
2. Review of financial reports.
Li Jen Lee, Director of Finance reviewed the financial reports for the month ending
January 31, 2004. She stated after questions on last months report, modifications had
been made to include an asset and liability listing on the revenues and expenditures
report.
3. Consider approval of Independent Auditor's Report for period ending 9/30/2003.
Robert Mundy moved to approve the Independent Auditor's Report for the period ending
September 30, 2003, second by Beverly Hayes. Motion carried.
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4. Consider approval for functional grant requested by R.A. Watson & Associates.
John Berry moved to approve functional grant to R.A. Watson & Associates in an amount
not to exceed $6,985.86, second by Robert Mundy. Motion carried.
5. Consider approval of functional grant requested by Great Beginnings University.
Beverly Hayes moved to table this item with an understanding that a letter be drafted to
applicant requesting initial documentation identified in grant to be submitted to EDC
Board within 15 days. Motion second by John Berry. Hayes, Berry, Morris and Vaughn
voted in favor, while Mundy opposed. Motion carried.
C. PRESIDENT/BOARD ANNOUNCEMENTS /REPORTS
1. President Announcements/Reports
It was noted that the regular meeting for March would be moved back one week to March
23, 2004 due to spring break.
2. Board of Directors Announcements/Reports
EDC Director, Margaret Eichelberger requested that new grants be reviewed by board
members prior to placement on the agenda to see that grants are in compliance with
expenditures regulated by HB 2912.
D. ADJOURNMENT
Robert Mundy moved to adjourn the meeting at 9:04 p.m., second by Rob Morris. Motion
carried.
ROVED:
P -sident, Nita D. Vau
ATTEST:
Kathy Turner, Secretary to EDC