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Oinmmtttrr Road <br /> • <br /> go the mama= QIouzuti of Up alttg of ifout17 <br /> PERSONAL AND FINANCE COMMITTEE <br /> The February 22 , 1988 meeting of the Personal & Finance <br /> Committee was called to order by its Chairman Councilman Ann <br /> Puzzello at 4:45 p.m. in the Council informal meeting room. <br /> Persons in attendance included Councilmen: Slavinskas, <br /> Zakrzewski, Voorde, Puzzello, Niezgodski, Luecke, Coleman, <br /> and Duda; James Wensits, Max Moore, Donald E. Inks, and <br /> Kathleen Cekanski-Farrand. <br /> Councilman Puzzello then introduced members of her committee <br /> namely Sean Coleman, Vice Chairman, Steve Luecke, Lee <br /> Slavinskas, and herself as Chairman. <br /> Councilman Puzzello noted that the purpose of the meeting <br /> was to discuss Bill No. 9-88 which was a Bill to approve and <br /> amendment to• the Industrial Revolving Fund. <br /> Mr. Inks noted that the Bill would expand the boundaries <br /> within the Industrial Revolving Fund (IRF) . It_ essentially, <br /> by the amendment, would allow loans to businesses to include <br /> the toll road industrial park. If this was done, the IRF <br /> would then proceed with a loan to A.E. Pistons, Inc. and <br /> would also enable to City to receive a $100, 000. 00 grant <br /> from the State which would be also for the purpose of making <br /> a loan to A. E. Pistons, Inc. He noted that one week ago <br /> the Board of Public Works approved the loan agreement, <br /> however, since the Economic Development Administration (EDA) <br /> must approve the bond re-expansion, that he was requesting a <br /> • continuance of the Bill to the meeting of March 14, 1988 . <br /> Councilman Voorde sought an update with regard to possible <br /> annexation of the toll road industrial park. Mr. Inks noted <br /> that it was still under consideration. <br /> Councilman Luecke noted that it was his understanding that <br /> the applicant, A.E. Pistons, Inc. , would not meet the <br /> conditions of training. He also inquired as to what the <br /> balance of the IRF would be if the Bill was approved. Mr. <br /> Inks indicated that a balance of $16, 000.00 in loan proceeds <br /> would be on hand. Councilman Luecke questioned what were <br /> the demand for such monies. Mr. Inks noted that the monies <br /> are based on a project by project basis. They are reviewed <br /> by the State and then monies are made available on a per <br /> project basis. IRF contained a limited amount of money <br /> which a three member board oversees. <br /> .w.. •w..• .•n.no CO <br />