Mr. Bockman had mailed the committee members materials (A copy of which will be placed on file along with these minutes in the Finance Office) received from the Sycamore City Manager, Bill Nicklas. They are asking the DeKalb County Board to give an indication of its willingness to support a three-year decreasing term tax abatement to (CCI) Continental Custom Ingredients Inc. Mr. Bockman stated that CCI is considering the acquisition of approximately 17 acres of land within the Sycamore Prairie Business Park and the construction of a 110,000 square foot building. They are seeking an abatement of 80%, 70%, and 50% in the 2005, 2006 and 2007 tax years respectively.

Mr. Bockman introduced Mr. Nicklas to speak to the committee and to answer any questions they might ask. He stated that it was being proposed under the terms of an existing intergovernmental agreement and the other Sycamore taxing bodies. The committee seemed very interested in the proposal and asked questions of Mr. Bockman and Mr. Nicklas. Questions were raised as to what is known about the applicants. Mr. Bockman stated that the City of Sycamore officials have had a great deal of conversation with the company but he had not met with them. He stated they seemed sincere based on the correspondence he has seen. Mr. Bockman reported that the company is considering moving it’s corporate headquarters to Sycamore from West Chicago and consolidating some other operations in Canada, Mexico and in Dixon, Illinois. Chairman Leifheit asked which way the city was leaning? Mr. Nicklas stated that he preferred not to offer an incentive but embraced the 3 year option. Mr. Van Buer asked what was the total tax abatement for all the taxing bodies? Mr. Hanson reported $250,000 over three years. Mr. Nicklas noted the company will create many high-paying professional jobs.

        Chairman Leifheit opened the public hearing on the proposal to accept credit card payments for fees, taxes & miscellaneous revenues to anyone wanting to speak. No one present made a comment regarding this public hearing issue. Chairman Leifheit closed the public hearing.

        Mr. Hanson stated that this proposal was the same proposal brought to the board last month (A copy of which will be placed on file along with these minutes in the Finance Office) but postponed it until today so that a public hearing could be held.

        Chairman Leifheit opened the public hearing on the Proposal to Increase the Property Tax Levy for FY 2004 to anyone wanting to speak. No one present made a comment regarding this public hearing issue. Chairman Leifheit closed the public hearing.

        Chairman Leifheit opened the public hearing on the FY 2004 Budget to anyone wanting to speak. No one present made a comment regarding this public hearing issue. Chairman Leifheit closed the public hearing.

        Mr. Hanson stated that the committee needs to send the recommended budget to the County Board for approval so the county can start the new fiscal year December 1, 2003. The biggest issue continues to be the health insurance premium. A15% increase was projected in the budget and the latest information suggests that tax increase may come in at 11%

        Chairman Leifheit reported that this topic had come to light from the Executive Committee. She stated that the minutes have set standards but to ponder whether this committee’s minutes needed any type of changing. Mr. Wiegand stated that he was quite pleased with the minutes, with their thoroughness, and reflected the meeting appropriately. Mr. Van Buer stated that policy issues should have the minutes reflect all sides of the issue and the Board may need more time to consider policies before acting on them. He also wanted the minutes to reflect that they were draft minutes until approved at the next meeting. Mr. Bockman stated that the minutes routinely should record the names of those who voted in the minority. Mr. Pritchard added if any members wants a particular point mentioned in the minutes to state it aloud or make it known to the minute-taker the desire to do so. The committee gave the secretary praise in her minute taking skills and expressed their desire to continue the good work.

        Mr. Hanson mailed the ordinance (A copy of which will be placed on file along with these minutes in the Finance Office). He stated that the final draft will have the word "renovation" added to the description of the expansion of the County jail. Mr. Steimel asked what the going rate on interest was on similar bonds and when it would be paid of? Mr. Hanson said that 41/2% interest rate was currently being used and 20 years seems to be more common for bond issues. Mr. Wilson stated that last month the committee forwarded the sales tax increase which will be on the ballot and this resolution will sell bonds if the referendum passes. Mr. Hanson stated that this is purely to sell bonds for the bricks and mortar and the sales tax will then pay for (1) the alternative programs, (2) the jail operation, and (3) the principal & interest payments on this bond issue.

        Mr. Hanson recommended that the committee meet at 7:00 p.m. the night of the County Board meeting, November 19, 2003 to make the year end transfers.

Respectfully submitted,

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Sue Leifheit, Chairman

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Lisa K. Sanderson
Secretary