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To: <br />From: <br />Date <br />�.�. LL 1 /1 / <br />Memorandum <br />Neal Beets, City Manager <br />Cathy Bennett, Economic Development Specialist � <br />January 23, 2002 <br />Description: Annual Meeting of the Local Development Corporation <br />January 28, 2002 <br />1.0 BACKGROUND <br />Date : O1/28/02 <br />Local Development <br />Corporation <br />1.1 The City's Local Development Corporation was formed in 1988 with the purpose of <br />securing Federal Housing and Urban Development (HUD) funds to establish a low <br />interest loan program specifically for Villa Park The purpose of the loans is to provide <br />seniors with an alternative for financing the purchase of condominiums at Villa Park, <br />therefore making many of the units affordable. For the City to secure the HUD funds for <br />this purpose they were required to establish a Loca1 Development Corporation (LDC). <br />1.2 The Council, as the Board of Directors of the LCD, is required to annually meet to elect <br />new officers. In addition, the LDC may ca11 periodic meetings throughout the year as <br />needed. <br />1.3 <br />2.0 <br />The Board of Directors for 200 1 consists of the following officers: <br />President: John Goedeke <br />Secretary: Barbara Mastel <br />Treasurer: John Kysvlczvn <br />Secretary Designee: Dean Maschka <br />POLICY & FINANCIAL IlVIPLICATIONS <br />2.1 At this time there are no fiscal implications being considered under the LDC. The annual <br />meeting is being held for the sole purpose of electing new officers per the LDC Bylaws. <br />The officers of the corporation shall be a president, a secretary, a treasurer, and, if the <br />Board of Directors shall so elect, one or more vice presidents or other designees. <br />2.2 Per the requirements of the LDC Bylaws, public notice was posted regarding the annual <br />LDC Memo to Manager (012802) -Page 1 of 2 <br />