Tuesday, April 26, 2011

New Businesses and Member Investment Hi-light April Board Meeting

Celozzi, LLC Loan

The Board approved a $100,000 loan for Celozzi, LLC to open and operate a used car sales and service center at the site of the former Dempsey Chrysler Jeep Dodge Dealership in Dwight. The GLCEDC, Bank of Pontiac, and FREESTAR Bank are each participating in a $200,000 loan to fund the new dealership. Celozzi, LLC is finalizing the permitting and licensing requirements of the State of Illinois and plans to open for business this summer. They will offer over 100 used cars at various price points, including many late model Chrysler and Dodge automobiles. The dealership plans to hire 22 full-time employees. Funds for the loan program were provided as a grant to GLCEDC from the Livingston County Board.

Membership Report

The municipalities of Dwight, Cullom, Fairbury, Forrest, and Pontiac each increased their investment in the GLCEDC for 2011. Cullom and Forrest both tripled their investment level from 2010. Dwight, Fairbury and Pontiac each doubled their investment level. OSF St. James increased their investment from $15,000 to $25,000 for 2011. Other members increasing their investment level include Pontiac Township High School District #90, Dave's Market, Dwight Township, T&T Cartage, and LPL Financial/Tock Family in Dwight.

New members so far in 2011 include R.R. Donnelley - Pontiac ($2500), Consolidate Grain and Barge ($1000), and Indian Grove Township ($694).

2011-12 Work Plan

The Board approved the Work Plan for 2011-12 and reorganized the committee structure in order to more effectively fulfill the objectives of the Work Plan. Three committees were formed and include the Membership Committee, Business Retention Committee, and the Entrepreneur Development Committee. Each committee will meet more regularly and be assigned specific tasks and goals based upon the Work Plan. Members will be asked to join a committee of their interest in an upcoming email. The Work Plan and committee structure will be hi-lighted in the upcoming Spring Issue of the EDvocate.

EVT Global Incentive Agreement

The GLCEDC Board reviewed the previously approved incentive agreement with EVT Global of Fairbury. The agreement stipulates that the GLCEDC will provide a low-interest mortgage in the amount of $500,000 to EVT Global so they can build a new 20,000 square foot building for their production facility. The agreement will provide the GLCEDC with over $400,000 of revenue to fund future business ventures. The initial $500,000 came to the GLCEDC from a grant from the Livingston County Board. EVT projects to hire 12 full-time employees.

Annual Wind Conference and Trade Show

The GLCEDC will be participating with the Illinois Department of Economic Opportunity and the Illinois Development Council at the annual Wind Conference and Trade Show in May. The GLCEDC will share a booth with other Illinois agencies and have an opportunity to market Livingston County to suppliers and manufacturers in the wind energy industry.

The next meeting of the Board of Directors will be on July 20 at 5:00 p.m.

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