HomeMy WebLinkAboutIndustrial Development Agency - Minutes - 3/14/2008Minutes of the
Bayfield County Industrial Development Agency Meeting
9:30 AM, March 14, 2008
Lower Level Conference Room B, Bayfield County Courthouse, Washburn, WI
Members Present: William Bussey, Bill DeVries, Otto Rusch, Marian Vaughn, Dan Anderson
Mark Abeles-Allison
Members Excused: Brett Rondeau, Bill Kacvinsky
Others Present: Kris Kavajecz-Confidential Secretary
Meeting called to order at 9:30am by Otto Rusch.
Motion Bussey, DeVries to confirm action taken at the November 13, 2007 meeting regarding
election of officers: Kacvinsky-President, Rondeau-Vice President, Rusch-Secretary, Anderson-
Treasurer. Motion Carried.
Motion DeVries, Bussey to accept minutes of the November 13, 2007 meeting as presented.
Motion Carried.
Bussey explained that the Articles of Incorporation and Bylaws have been approved and filed
with the State and the organization is now official.
Motion Bussey, Vaughn to approve the Articles of Incorporation and Bylaws as presented.
Motion Carried.
Bussey reviewed the Articles and Bylaws to clarify statutory responsibility of the governmental
and citizen members of the Agency. Members and Directors are one in the same.
Bayfield County Board Resolution outlining the establishment of the Industrial Development
Agency and loan of funds to said agency was reviewed.
Abeles-Allison reported that a repayment agreement for the loan has not been executed and
funds have not yet been loaned. The committee discussed the timeline of the project and loan.
The committee discussed offering Impact 7 the option to not accept the loan for $250,000 since it
was intended to be used as a guarantee while construction was underway and the documents
would not be finalized until after the building was occupied.
The committee discussed repayment options from the Agency to Bayfield County and discussed
the idea of retaining the funds to be used for future development opportunities within the county.
Ultimately, this would need to be a county board decision.
Vaughn announced that BCEDC and Sawyer County Economic Development are applying for a
Rural Business Opportunity Grant and suggested that if the grant is received they could consider
putting the funds into the Industrial Development Agency rather than having two separate
development funds. This will be discussed further as the application progresses.
Vaughn reported that World Class Manufacturing will be having an open house on March 29th
from 11am until 2pm. Over 400 invitations have been sent out.
Motion Bussey, Anderson to adjourn. Meeting adjourned at 10:00am.