HomeMy WebLinkAbout12.14.89 EDC Minutes MINUTES
ECONOMIC DEVELOPMENT COMMISSION
REGULAR
DECEMBER 14, 1989
1. The meeting was called to order at 6:00 P.M. by Chairperson Riste.
Members Present: Riste, Mayer, Meyer, Ruberto, Sprute.
Members Absent: None.
Also Present: Director Henricks.
2. MOTION by Meyer, second by Mayer to approve the minutes of the November 9,
1989 meeting. APIF, MOTION CARRIED. The minutes from September 14, 1989 meeting
was inadvertently added to the agenda.
3. The Commission completed the process of determining the appropriate salary
for the Director using comparable worth as a guideline, establishing the salary
at $34,800 effective January 1, 1990. MOTION by Sprute, second by Meyer to
approve the Director's salary at $34,800. APIF, MOTION CARRIED.
4. The final budget adjustments were presented and accepted by the Commission
for the 1990 budget. MOTION by Sprute, second by Meyer to adopt the proposed
1990 budget with adjustments. APIF, MOTION CARRIED.
5. MOTION by Meyer, second by Mayer to approve the bills. APIF, MOTION CARRIED.
6. The Director explained that his IRA established with the 1st National Bank
does not meet the Internal Revenue Service Code Section 457. The Director pre-
sented the Principal Financial Group's deferred compensation plan that does meet
Section 457 regulations. This plan will be owned by the EDC with the Director
being the beneficiary. MOTION by Mayer, second by Meyer to adopt RESOLUTION
NO. R89-04EDC approving the deferred compensation plan with Principal Financial
Group. APIF, MOTION CARRIED.
7. MOTION by Sprute, second by Meyer to adjourn the meeting at 9:30 P.M. "IF,
MOTION CARRIED.
Respectfully submitted,
Gerald Henricks
Director Approved 1-1�40