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Board member Woodard presented a summary to establish a"Rainy Day Fund"for future use <br /> and asked Board members to consider discussing the idea at the next meeting. <br /> Board member Engelken commented there is a fund available with 2.3 million dollars that can <br /> be applied to any project and he does not see the value of establishing a "Rainy.Day Fund." <br /> Economic Development Coordinator Scott Livingston advised he will place the item on the <br /> next agenda for discussion. <br /> (c) Discussion and possible action to establish an Incentive Policy Subcommittee—S. Livingston <br /> Economic Development Coordinator Scott Livingston presented a summary to propose <br /> establishing an Incentive Policy Subcommittee consisting of three Board members that are <br /> willing to meet and detail the guidelines for the incentives offered by the Board, and to fully <br /> discuss the issues related to the development of the incentive policy. <br /> Board member Engelken motioned to establish an Incentive Policy Subcommittee and appoint <br /> President Warren and Board members Woodard and Martin to serve as the members. Vice- <br /> President Cooksley seconded. MOTION PASSED. <br /> Ayes: President Warren, Vice-President Cooksley, Board members <br /> Ojeda and Engelken <br /> Nays: None <br /> Absent: Board members Clausen and Martin <br /> 4. SET DATE FOR NEXT MEETING—S. Livingston <br /> Board members set the next meeting date tentatively for Wednesday, October 28, 2015, and <br /> Wednesday, November 11, 2015 at 5:00 p.m. <br /> 5. BOARD MEMBER COMMENTS regarding matters appearing on agenda; recognition of community <br /> members, city employees, and upcoming events; inquiry of staff regarding specific factual information <br /> or existing policies. <br /> Board member Ojeda requested an update on the ALDI grocery store. Economic Development <br /> Coordinator Scott Livingston reported it will be late February before construction begins. <br /> 6. ADJOURN <br /> There being no further business, Board member Woodard moved to adjourn the meeting at 7:01 p.m. <br /> Vice-President Cooksley seconded. MOTION PASSED. <br /> Respectfully submitted, <br /> 0 14A AD-lit_ <br /> Sharon-Harris_ , Assistant City Secretary <br /> Passed and approved on this 28th day of October, 2015. <br /> President Ftichard Warren <br /> Page 3 of 3 <br /> September 30,2015,La Porte Development Corporation Board Minutes <br />