At the meeting this Wednesday afternoon Mayor Lois called the meeting to order at 4:01 p.m. starting with a roll call: David Torgler, Frank Cannella, Pat Hoffman, Ken Jaeger, Bill Phenicie and Matthew Russell. Absent: Larry Dawley, Paul Mueller, Karen Schinke and Robin Vos. Also present were Jenny Trick of Racine County Economic Development Corporation and Tom Kopatich of Polacheck Company.

Approval of Minutes. Motion by Frank Cannella, seconded by Ken Jaeger the minutes of the July 19, 2001 EDC meeting were approved. Alderman Cannella inquired about the absence of the EDC minutes within the Common Council packages. David Torgler confirmed that the minutes should be present within said packages and will be provided to Council members, retroactively, as well as in the future.

Presentation by Thomas Kopatich, Polacheck Company. Tom Kopatich of the Polacheck Company attended the EDC meeting to provide an update regarding their marketing efforts, as well as discuss the local and regional markets.

Mr. Kopatich indicated that the overall real estate market has slowed substantially, likely due to a number of factors, one of the greatest issues being the bulk of available lease/sale square footage available on the market currently. Because of this "glut" of available space, many companies are opting to proceed with their relocation/expansion efforts within readily available space versus new construction. Further weakening the market are the numerous closings that have occurred in the area.

Mr. Kopatich shared a recent excerpt from a real estate publication citing the overwhelming available space nationally. On average, there is generally 30 million square feet available; presently there are over 120 million square feet available within the market. More specifically, industrial space is generally around 20 million square feet; presently there is over 70 million square feet available.

Mr. Kopatich then offered to the EDC members that he is currently working with four companies (two local; two out of area) that have expressed their interest in the Burlington Manufacturing and Office Park (BMOP). However, given the construction material restrictions that exist within the BMOP, the company does not believe it would be financially feasible to construct a compliant building. He indicated that the average 10,000 square foot facility costs $55-60/square foot to construct a masonry facility; $38-40/sq. ft. to construct a facility composed of Exterior Insulation and Finish Systems (EIFS) product; and $30/sq. ft. to construct a metal facility.

After discussing the alternative EIFS product, the EDC members asked that additional product materials be provided so as to allow the members with more information to consider.

Alderman Cannella asked about the typical format that the EDC could potentially consider when a prospect is considering the City of Burlington as their proposed relocation/expansion opportunity. Jenny Trick indicated that in other communities within Racine County, the format is generally more reactive based upon needs learned through the initial "interview" process with the companies, versus a general template of process and tasks; however, she offered to inquire about this matter further to offer more information to consider at the September EDC meeting.

David Torgler indicated that at the September EDC meeting, that the subject of "Big Box Retailers" will be introduced for discussion.

Old Business. None

New Business. None

Adjourn.

On a motion by Frank Cannella, seconded by Ken Jaeger the meeting was adjourned at 4:36 p.m.

Recording Secretary – Jenny Trick, RCEDC