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Commissioner Williams asked who the steering committee consisted of. Commissioner Culp shared as <br />was stated in July that the committee is comprised of Dana Heidenreich, Brian Culp, Greg Swinney, Dave <br />Moore and Chelsey Manns. <br />New Business: <br />Parks Department Presentation: Parks Director Philip Cornelius introduced Park Board President Matt <br />Saner who spoke on behalf of the Park Board on partnership and execution. Mr. Cornelius presented <br />additional information elaborating on last month's presentation regarding a cost summary of proposals <br />for phases I and 11. After a lengthy discussion, a request for a capital plan was made. Commissioner <br />Williams made a motion to ask Manns to work with Baker Tilly to create a capital projects list to see <br />revenues and expenses regarding future projects in addition to the parks project. Commissioner Pipkin <br />seconded the motion. The motion carried 4-0. <br />Legal/Managerial Update: Commissioner Culp made shared a written report from Manns: <br />After discussions with the Clerk -Treasurer's office, Clerk -Treasurer Wamsley and Deputy <br />Clerk -Treasurer Monts met with Citizens Bank. Prior to the meeting, Citizens Bank <br />increased the interest rate in June from .57% to 1%. After the meeting, Citizens is now <br />providing a 4.5% interest rate to all of the Town accounts, including the Redevelopment <br />Commission. In July alone, interest earned for the Commission was $38,643.13. Jason <br />Semler with Baker Tilly provided an email recommendation, which is included below: <br />That is great news about Citizens Bank increasing the rate they are offering. In regards <br />on how much the Commission should invest, it really depends on the future spending <br />plans of the Commission but based on what we have previously discussed I think holding <br />back $1-$1.5 million in cash should be sufficient far your needs. Just as an FYI the <br />difference in interest for $15 million at a rate of 5.1% compared to 4.5% is $90,000 a <br />year. The Fed did increase rates last week therefore I would not be surprised if the <br />TrustlNdiona rate and possibly your bank would also increase. I think as long as rates <br />are staying constant or rising, I think staying with the bank or Trustlndiona is a good <br />option. Once we think rates are going to decrease, I think it would be good for us to <br />consider locking the rates in at the higher rates through CDs etc. which at that time I <br />think we could add more value. <br />Review of Claims: The claims were presented in the amount of $32,053.90. Commissioner Pipkin made <br />the motion to approve the claims as presented. Commissioner Heidenreich seconded the motion, which <br />carried 4-0. <br />For the Good of the Order: On Friday, August 11" at 3:30 there will be a ribbon cutting at the new Ivy <br />Tech facility that the school corporation invited the Commission to attend. <br />