1984/03/14 Council Minutes - Laserfiche WebLink

103 March 14,1984 (4-6 years)it is intended that the corporation would cover at least i.s own administrative costs using the return on its investments. He said this charter follows the proposed charter put together by Peterson-Thoreson when they were doing their economic develop- ment study,but they did change the composition of the board of directors and would probably work with smaller projects. He said there would be an 11-member board wi.2 of the directors acting only in a non-voting ex-officio capacity with 1 selected by the Mayor and 1 by the Port Commission. The Mayor would also select 1 of the 9 voting directors from the membership and the Port Commission would select 1 of the 9 voting members. The remaining 7 voting members would b selected by and from the member- ii ship of the PDC. The corporation would be called Everett Ventures, a Public Development Corporation. He said funding from the City would be from the Administration, the General Government Non-Department,and the Hotel-Motel funds, to total of$40,000. 7' 41 In answesing a question regarding private funds,he asked Gerry Hann,of the Everett Ventures,to rePlY. Er.Earn)daid thaV Rad originally proposed to obtain$20,000 in cash $15,000 in like services,but as of this date he had a total of$33,500 cash , and$16,600 in services. These are from 10 entities and there are currently 6 others in the process of requesti7M funds ft-. their boards. Councilman Morrow asked how someone becomes a member of the corporation and Mr.Hann replied a.of now a contribUtiOn of $500.00 or more would allow you to become a member. This PerhaPs could be changed when the formal charter is adopted. , President Stephenson said as this was a workshop no decision would he made at this time and the second reading of the ordinance would be held on March 21st. ,1, On motion the meeting adjourned 1)00 a.m. ork Read and apPr.V.d a.Pr,ata ,raldent