City of Burlington Economic Development Committee

At the meeting this Wednesday afternoon Mayor Lois called the meeting to order at 4:06 p.m. starting with a roll call: Mayor Lois, Frank Cannella, Ken Jaeger, Bill Phenicie, Matthew Russell, David Torgler and Robin Vos. Excused: Paul Mueller and Karen Schinke. Absent: Larry Dawley and Pat Hoffman. Also present were Gordon Kacala and Jenny Trick of Racine County Economic Development Corporation.

Approval of Minutes. Motion by Frank Cannella, seconded by Bill Phenicie the minutes of the October 17, 2001 EDC meeting were approved.

Old Business. None

New Business.

A Presentation by Gordon Kacala regarding the Economic Adjustment Strategy Plan Gordon Kacala presented an update to the EDC members regarding the ongoing efforts in completing the EAS Plan. A draft document was distributed to the committee members for their review and discussion. Each challenge and strategy were presented and the committee members offered comments. After discussing the various challenges, Mr. Kacala asked the group to thoroughly review the documents. Should the EDC have additional comments and/or requested modifications to the Plan, Mr. Kacala recommended that these issues should be made known to either the Mayor or City Administrator so that they can be imparted to the EAS committee for consideration.

In closing, Mr. Kacala offered that after the EAS plan has been completed, the implementation activities will be crafted and the Burlington EDC members will be provided a proposal that will include economic development activities for the Burlington area.

Gordon Kacala presented an overview of the discussions that took place at the January 10, 2002 informational breakfast, wherein, David Ward, President of North Star Economics, spoke regarding Angel Investment opportunities (power point handout provided in advance to EDC members). Mr. Kacala offered his assessment that this meeting was a good beginning to the subject of angel capital; yet a great deal of work is yet to be done. Staff of RCEDC will continue to work with the State Department of Commerce and Department of Financial Institutions to proceed with the need for alternative financing tools. The next step, he offered, is to have a second meeting wherein potential investors are pooled to begin developing a local (tri-county area) group of investors as angel investors. Additionally, Mr. Kacala offered that the Burlington area has also indicated a desire to discuss a local source of funds as well. This subject will be discussed further and new findings will be reported to the EDC at a later date.

Gordon Kacala informed the EDC members that a Technology Zone Application has been completed and submitted on behalf of southeastern Wisconsin (less Kenosha and Wauwatosa) for potential tax credits. This is a unique application, he offered, in that it does not show bias for communities as applicants, but rather identifies industries via the cluster analysis. More information regarding this application will be provided to the EDC as the application is reviewed/considered by the State.

Mr. Kacala also provided a brief update to the EDC member regarding the Project Marlin that contacted RCEDC for land availability. Site visits have been identified and dates to review the sites have been established. The outcome of the visit will be provided to the EDC members at a later date.

Adjourn.

On a motion by Bill Phenicie, seconded by Frank Cannella the meeting was adjourned at 5:19 p.m.

Recording Secretary – Jenny Trick, RCEDC