HomeMy WebLinkAbout02-22-88 Personal & Finance Oinmmtttrr Road
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PERSONAL AND FINANCE COMMITTEE
The February 22 , 1988 meeting of the Personal & Finance
Committee was called to order by its Chairman Councilman Ann
Puzzello at 4:45 p.m. in the Council informal meeting room.
Persons in attendance included Councilmen: Slavinskas,
Zakrzewski, Voorde, Puzzello, Niezgodski, Luecke, Coleman,
and Duda; James Wensits, Max Moore, Donald E. Inks, and
Kathleen Cekanski-Farrand.
Councilman Puzzello then introduced members of her committee
namely Sean Coleman, Vice Chairman, Steve Luecke, Lee
Slavinskas, and herself as Chairman.
Councilman Puzzello noted that the purpose of the meeting
was to discuss Bill No. 9-88 which was a Bill to approve and
amendment to• the Industrial Revolving Fund.
Mr. Inks noted that the Bill would expand the boundaries
within the Industrial Revolving Fund (IRF) . It_ essentially,
by the amendment, would allow loans to businesses to include
the toll road industrial park. If this was done, the IRF
would then proceed with a loan to A.E. Pistons, Inc. and
would also enable to City to receive a $100, 000. 00 grant
from the State which would be also for the purpose of making
a loan to A. E. Pistons, Inc. He noted that one week ago
the Board of Public Works approved the loan agreement,
however, since the Economic Development Administration (EDA)
must approve the bond re-expansion, that he was requesting a
• continuance of the Bill to the meeting of March 14, 1988 .
Councilman Voorde sought an update with regard to possible
annexation of the toll road industrial park. Mr. Inks noted
that it was still under consideration.
Councilman Luecke noted that it was his understanding that
the applicant, A.E. Pistons, Inc. , would not meet the
conditions of training. He also inquired as to what the
balance of the IRF would be if the Bill was approved. Mr.
Inks indicated that a balance of $16, 000.00 in loan proceeds
would be on hand. Councilman Luecke questioned what were
the demand for such monies. Mr. Inks noted that the monies
are based on a project by project basis. They are reviewed
by the State and then monies are made available on a per
project basis. IRF contained a limited amount of money
which a three member board oversees.
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Following further discussion Councilman Slavinskas made a
motion seconded by Councilman Coleman that Bill No. 9-88 be
continued until the meeting of March 14, 1988.
Councilman Voorde suggested that the annexation status be
checked. Councilman Slavinskas offered to do this.
Upon questioning from Mr. Wensits, Mr. Inks noted that both
loans must be paid back. One is reclaimed for training.
There would be a two year payback period but jobs must
exceed 75 employees. He further noted that only A.E.
Pistons, Inc. could apply for the training funds.
Councilman Luecke questioned what if A.E. Pistons, Inc.
would not reach the employee limit and what would happen to
the funds in that instance. Mr. Inks noted that the money
would revert to the City. Currently A.E. Pistons, Inc.
employs 64 employees.
There being no further business to come before the Committee
Councilman Coleman made a motion seconded by Councilman
Slavinskas that the meeting be adjourned. The meeting was
adjourned at 5:00 p.m.
Respectfully Submitted,
Councilman Ann Puzzello, Chairman
Personal and Finance Committee
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