I've often asked why more people don't attend open county committee meetings to learn how we spend our approximately $120 million budget but since few do, I'm going to print some excerpts that may interest you. Chairman Tim Riggenbach, now a city councilman, conducted this meeting of the Finance/Legislative Committee, of which I was a member, on May 31st, 2007.
"In discussing a recommended resolution to guarantee National City's $3 million loan to FireFly, committee member Mike Phelan questioned the role of National City Bank, and asked if other local banking institutions were given the opportunity to bid on the loan. Administrator Urich said due to the timeline involved and the relationship of FireFly with National City Bank, other banks were not contacted. Responding to a concern about a financial risk for the county (Widmer) County Treasurer Tripp O,Connor said he DOES NOT FORESEE A RISK. Mr. Phelan felt the selection of a bank was a policy decision that should have been decided by the full board. In particular, other local banks should have been allowed the opportunity to bid. Mr. Riggenbach felt National City's interest rate was competitive; however, he felt it is important that rules be established in the future for an issue of this nature. (Interesting statement)
Mr.Widmer was concerned about the financial fate of the county in this deal should Keystone go under. (Keystone loan? Review my recent blog on Keystone.) He also asked the length of FireFly's lease and will there be a contract signed to assure that FF will keep it's headquarters in Peoria. Widmer also asked if FF was paying ICC rent on the space they were using at the college. Mr. Ovan, the first major departure from FireFly, said they do pay rent and that the contract include language that they would stay in Peoria.
Administrator Urich stated that what we were doing on this loan was consistent with two strategic goals of the Count: Partnership with our citizens (FireFly) and another unit of local government (the City) to achieve success (investment in the community and job growth) Second, to grow the economy.
Mr Widmer said if the resolution passes, the Finance/Legislative Study Committee needs QUARTERLY updates of Firefly's progress. The motion passed. Meeting adjourned."
Quarterly updates received? Hm.
