Finance Committee

Office of the Clerk of Council City of Gahanna 200 South Hamilton Road Gahanna, Ohio 43230 Meeting Minutes Finance Committee David L. Samuel, Chair Beryl D. Anderson Shane Ewald Thomas R. Kneeland Brian Larick John R. McAlister Nancy McGregor Monday, July 26, 2010 7:00 PM Council Committee Rooms Present 5 - David L. Samuel, Thomas R. Kneeland, Nancy R. McGregor, Beryl Anderson, and Brian D. Larick Absent 2 - Shane W. Ewald, and John McAlister Additional Attendees: Troy Euton, Mike Andrako, Dottie Franey, Terry Emery, Karl Wetherholt, Angel Mumma, Kristen Treadway, Mayor Stinchcomb, Brandi Braun, Sadicka White, Anthony Jones, Leah Evans, Tom Weber, Karen Woodward, Isobel Sherwood, Brian Hoyt, Chief Murphy, General Williams, Inna Kinney and Steve Fireman from ECDI, Press. PENDING LEGISLATION: ORD-0137-2010 TO AUTHORIZE ADDITIONAL FUNDING FOR AEP., I-270 RAMP MODIFICATION PROJECT, IMP NO. 797; DUE TO UTILITY POLE RELOCATION; ORIGINALLY AUTHORIZED BY ORD-0231-2009; AND TO DECLARE AN EMERGENCY. Samuel called the meeting for Monday, July 26, 2010 to order; said the first item is the I-270 ramp modification Ordinance to authorize additional funding for AEP (American Electric Power) due to utility pole relocation and to declare this emergency. Wetherholt said this came forward 2 weeks ago; it is just a more expensive project than quoted; AEP says this is exactly what it cost them to do this and they want us to pay the cost of the relocation. Sherwood said it has emergency requested. ISSUES - From Clerk of Court: Transfer of Funds Woodward said I am requesting a Motion Resolution to transfer funds because we have had additional usage of credit cards. Larick said what is the amount involved. Woodward said $3,000. City of Gahanna Page 1 Finance Committee Meeting Minutes July 26, 2010 RECOMMENDATION: Motion Resolution, Consent Agenda. ISSUES - From Director of Parks & Recreation: Gahanna Woods State Nature Preserve Euton said Parks is requesting authorization for the Mayor to request that ODNR (Ohio Department of Natural Resources) amend The Articles of Declaration to include Gahanna Woods as a State Nature Preserve; the City will remain the owner of the property but this will put State Preservation language on this which is like a deed restriction; this adds an additional layer of preservation; this is the section where the Button Bush Marsh is located in the southwest corner; it was omitted from the original. Samuel said this is rare marsh land. Euton said it is the highest quality land; it has many significant species located there and is frequently studied. RECOMMENDATION: 1st Reading; Consent; no need to come back; 2nd Reading; Consent ISSUES - From Director of Public Service: Shull & Carpenter Water Improvement - Award Bid Emery said we bid this project a while back; the low bidder encountered a mistake so he has pulled his bid; this request is the authorization for the Mayor to enter into contract with TaTa Excavating; they were the lowest in the rebid at $359,677.00 which includes a 10% contingency; additionally $26,500 has been encumbered for project administration and inspection by Watcon Consulting Engineers; this request is to also grant another supplemental at approximately $37,000 which includes a 10% contingency for the cost of the construction contract; we are requesting an emergency as our earlier plan was to get this done before school starts; now we would at least like to start by September 3. Kneeland said does it require a waiver. Emery said no. RECOMMENDATION: 1st Reading; Consent; no need to come back; 2nd Reading; Consent; Emergency Language. City Facilities - Electric Account Emery said action item 2 is about our electric account; we last reported that we are at a time where we are encountering competition by electric providers; we were provided with the names of 6 companies that are providers; we had responses to our inquiries by just 2 vendors; in review, both are excellent in service and savings but AEP Retail would give us the greatest savings over 38 months; because we are aware that we will be seeing a 6% increase in 2011, it is important to position ourselves so we are able to enter into an agreement when the time is right; price is market driven so we don't know exactly when that will occur; this is just for us and our buildings and would allow us to start saving money as soon as possible; the Mayor wanted other time frames checked and we are looking at that, but we would still like this agreement to go forward between the Mayor and AEP so we can pull the trigger if needed; we don't want to miss an opportunity to lock in; we would only do this if it is a better situation; the 38 months is the best savings and price; if we find a shorter time frame, we will come back and update you. Larick said is this a fixed price for the City of Gahanna Page 2 Finance Committee Meeting Minutes July 26, 2010 duration of the contract. Emery said yes. McGregor asked how is AEP Retail different from AEP. Emery said it is a separate division set up with separate accounting. Franey said the PUCO (Public Utilities Commission of Ohio) controls utility rates and for the longest time, AEP has had the lowest rates; AEP is having a 6% increase in 2010 so now we have competition entering the market; AEP decided to create a division that can operate like a private supplier; the retail division is a separate company and able to compete with other suppliers. Emery said other cities are doing the same thing we are requesting; this is not available in the residential market at this time; we want to take advantage of this in our own facilities. Kneeland said the basic principle is similar to Columbia Gas; the pipeline is the utilities but the suppliers are in competition. Larick said is this just a drop to an all time low or has this declined over time. Emery said it is as low as we have seen it. Franey said it is not expected to go too much lower; but it is market driven so we are concerned it could back up. Larick said so the savings comparisons are based on what. Emery said they looked at our accounts. Franey said they took a look at our usage; there are spikes and we are paying a higher rate then; they look at all our existing rates and determine savings based on a fixed price per kilowatt hour. Larick said so we are paying a higher rate today. Franey said yes it is a higher rate based on how we use power; this would have a fixed rate the same for everything. Larick said so ours fluctuates today on a monthly basis. Franey said yes for most accounts; not street lights; theirs is based on time; the rest are from our buildings which are on meters. Larick said so based on kilowatt hours and fixed rates, is the new rate less than today. Emery said yes; so we are requesting the Mayor to sign this; with a waiver and emergency so we can go with different time frames if needed and pull the trigger with short notice. McGregor said so we are authorizing the agreement for any time frame. Mayor said I have a concern about locking in that long; this gives us some discretion; it will not be more than that but we might opt for 24 months if the rate is the same. Larick said in the summer the rates go up because of increased usage; has that been considered. Franey said that is not my understanding. McGregor said that sounds like residential and it could be different. Franey said I could check into that. Samuel said so are we ready to go forward with this. Kneeland said if nothing comes back differently from Franey. Mayor said we would have time to update Council before they vote on Monday. Kneeland said how does this compare to the gas aggregation contract. Emery said this is just for City facilities; what you found with it was the residents became uneasy and it was difficult for us to negotiate rates for residents; we believed there could be a benefit; proved to be wrong; we keep monitoring but I hesitate to get back into that. Franey said it is different with gas; their rates change every month; electric rates are set so we know what we are paying now and with a 6% increase this year; we can project the savings. Kneeland said one final comment; will this also help us with the looming cap and trade; what would the impact be if we could lock in a lower rate. Franey said she did not know what effect that would have. RECOMMENDATION: 1st Reading; Waiver of 2nd Reading; Consent Agenda; Emergency Language. ISSUES - From City Engineer: Triangle West Sanitary Sewer - Imp. No. 740 Wetherholt said the Triangle West sanitary sewer was installed a decade ago; we intended it to be a gravity sewer; we were unable to get the right of way for the easement; this had the potential to go on for a lengthy time and we could see that there was no quick take; it would have had to go through the court; so we put in 2 interim pump stations; now we are evaluating the life cycles of the pumps and they will need to be replaced in 2 or 3 years; we believe now is the time to go ahead and put in the gravity sewer as originally planned; we will need to have the court act as City of Gahanna Page 3 Finance Committee Meeting Minutes July 26, 2010 the same property owner is there so we assume that will happen; the first step is a Resolution of Necessity and Intent; then an appraisal and negotiations will begin; we will come back with a contract for purchase or to court for action; this goes up to the Polo Club Villas and we will take out the 2 pumps and install the gravity sewer which flows on down; it is a long process. RECOMMENDATION: 1st Reading; Consent; no need to come back; 2nd Reading; Consent. ISSUES - From Director of Human Resources: Create Position - Deputy Director of Information Technology Treadway said since the recent departure of our IT Director, we are having a tough time filling the position and keeping someone in it; we are asking for a lot; we want someone to have technical skills and to also have Director skills for the planning and management side of the job; it is tough to find someone in the private sector because they make a lot of money and there are not a lot of folks in the public sector so it is a continual struggle; we have a brief time period so we thought we might do something different until the economy is not so difficult; since we have a tighter budget, we have reassessed the job and looked at creating a Deputy Director position with lower long range goals for planning and management but keeping the technical requirements; we would like to get someone poised and ready and able to assist our current team, and we will be available to assist them with the management duties; this concept would give us a larger application pool and savings of $6,000 a year on salary and hopefully someone who will stay with us a few years. Anderson said so if we hire somebody as Deputy Director it would be instead of the Director and what would we use for funding. Treadway said we would line item it over. Anderson said then the Director position would always be open for the future. Treadway said yes; we don't take positions off the table once they are established; we would zero it out in the budget. McGregor said this does not make any sense to me; I would understand this if we would call them an IT Manager; but to hire a Deputy Director when we don't have a Director doesn't make any sense to me; call them a manager; do they report to someone else. Treadway said I understand what you are saying but, we have 3 folks in that area that are professionals and we need someone to go over them; they are not ready to move into the role. McGregor said then call them a Senior Manager as the title; why hire a Deputy Director if there is no Director. Treadway said we are hoping if this person stays in the job for 2 or 3 years; we could get them trained to where they would move into the Director position; that is the long range plan. Samuel said did you state that it would increase the pool of candidates. Treadway said we seem to get people responding to the job posting with management skills but who have lost the technical side knowledge; we want to lower the management expectations and get those candidates that still have technical knowledge; but that makes them not ready for the Director Title. Kneeland said I see both sides of this; going forward don't the folks there now report to Braun and the Mayor; there is a wide difference in the pool of candidates between an IT Manager and a Deputy Director; a manager is a technical day to day person; they don't have time for strategic views of things; since we are in a situation where we are trying to control costs we could bring them in at lower money and using the management we have here to keep from burning them out, we would get that pool of candidates increased; whether it is a Senior Manager or Manager we are not going to get a Director; we do have a lot of things going on that are technical; everyone is working on a project; congratulations to everyone working on the AMR (Automated Meter Reading) Project as it is done 2 years ahead of time; but there is still a lot of strategic planning to be done; so I have come around full circle; I prefer we get someone in a Senior Management role and City of Gahanna Page 4 Finance Committee Meeting Minutes July 26, 2010 still have some control of planning and strategy while we continue to pursue a Director and then keep this person as Deputy Director. Larick said are we seeing a lack of knowledge or of the skill set on the strategic aspects of the role; do we have a way of leveraging that. Mayor said for planning we are working on a lot of initiatives; we do have many folks assisting in getting projects to completion; but I don't see a lot of money to start any new projects; we are not going to have it. Kneeland said but we have some things underway that we still have to plan for; we need to find someone at a level where if we help them, they are going to be ready to be promoted. Mayor said we are automating more and more functions; our dependency on technology will only grow; this will help in terms of costs but I don't see a need for hands to go down; we have a good number of Directors already. Treadway said we have the ability to hire a Director; that is Council's prerogative. Larick said what is the organizational structure that will be given; if we hire someone we have to honor that. Treadway said the Deputy Director would report to Braun, and then the Mayor; the expectation for that job would be like Jones; if White is out the door, Jones can step in; we expect a lot from a Deputy Director; they have to own that department. Larick said except at the start it is not part of the new role. Treadway said it will be, but with a lot of assistance; in this case since the candidate doesn't have this as a skill set, we would move them along and mentor them; me and Braun would lead them through the processes here in Gahanna; but we would be expecting a lot out of them technically. Kneeland said that is why a Deputy Director has some ownership. Anderson said at what level is this person going to do strategy if they start with only technology and experience. Kneeland said strategic planning is part of the job; they will have the skill set for that as well. Treadway said they will be expected to have that skill set and be a part of a group designing where IT is going; they are not out there on their own; at Deputy Director level, I see someone that has the capability to take off and be an active part of team; I am seeing a lot of CIO applicants but they have lost touch on the technical side; the title and job description draw that kind of response; what we are paying however is not close to what they earned in the past but they are going for what they can get. Samuel said Reveal left plans in place with time frames when he left. Treadway said I am requesting emergency on this so it can be posted quickly; it would then be up for 3 weeks so we would have action by October. Kneeland said we are including words like strategic planning; I do a similar role but we have a twist here; my expectation of this person is to run this organization so he has to have these processes available to him and be able to connect the dots between all the departments and tie them together effectively; the candidate will have to have basic business skills; we all need to have the same understanding of the terms. Larick said how does this role compare to a similar one by our neighbors. Treadway said seems they don't have as much or are much bigger; Dublin and Westerville have bigger IT Departments and pay more but the structure is similar; they have a Director and an Assistant Directors over divisions like GIS and Network; we have one person; some cities contract this out; we seem to have some technological advantages like fiber and wireless even though we are still trying to get this together; we have seen it grow. Larick said so we are in the middle ground. Treadway said the job is not Civil Service; it follows a job description and function that went out to you; any other questions. McGregor said I would request it go on regular agenda for both ordinances. Kneeland said can you explain the funding again. Treadway said we will transfer the funds from the Director position; this job will be established at a grade 39 with a range up to $76,534; if the pay would ever go over we would come back and ask Council; the Director pay is $82,162 so we would have a difference of about $6,000 savings; most Deputy Directors are salary grade 39 so we would bring them in lower and the pay would advance based on grading and the points system. Kneeland said so no matter what we call it, the salary will not be any different; the job need is the same and the skill set is the same so if we can get it done for less than Director costs I say lets get it done. City of Gahanna Page 5 Finance Committee Meeting Minutes July 26, 2010 RECOMMENDATION: 1st Reading; no need to come back; 2nd Reading; Regular Agenda for 2 Ordinances. ISSUES - From Previous Committee Nights: Economic Development Fund White said this discussion has been postponed for 4 weeks; Jones will do a power point presentation as a follow up; we have received your comments and concerns and we hope this will address all of that. Jones provided the power point presentation; a copy is available in the Council office. Larick asked how the loan interest rate on slide 6 was calculated. Jones said it is based on loan amounts of $5,000 and $30,000. Samuel asked what is the main purpose of the RLF (Revolving Loan Fund). Jones said we believe it fills a need in Gahanna by providing access to capital to establish and grow small businesses; we anticipate it will provide a return and generate revenue for the City. Samuel said what is the incentive. White said it is a pilot program; we would love to have million dollar accounts coming to Gahanna but I don't see it as feasible; this is a way to get in the market and stimulate something in our problem economy. Samuel said what is available for a business base. White said in 1978, Donatos and Grote came in; he has 45 years here and has brought 40,000 employees through there; in the next 45 year span, we hope we will grow another big company; but the reality is the SBA (Small Business Administration) says 50% of all businesses are small; in Gahanna I can name you all the businesses that have 100 employees or more; 90% of ours are small; we need to provide a climate where we can increase this base; we hope to hit some home runs as well as increase the base; need to have a continuum of opportunity for Gahanna; the RLF won't have the same impact as the TIZ; in 1978 when that Council made it's decision it was risky but aren't we glad they did it, and that Grote did it; when I look down the horizon for the next 30 years, I would have to say if we don't start being progressive and making investments in our town, we will see a deterioration of the base; we can't afford that; 64% of our Income Tax is generated from these employers in Gahanna and this isn't enough; this comes back to what can we do; we found a new program in the RLF; because it is a revolving fund, we don't give the money out all at one time; if the first one out is $18,000 then it is drawn down $18,000 and the loan service fees; in a 2 year time frame, if no one wants it, the money is still in the account; the Director of Finance has creatively put in a number of fail safes; requesters will be required to put in money to get started as well. Larick said tell me about the payroll line; that is new. Jones said it is new; we wanted some program guidelines but don't want to be too restrictive; $47,000 in payroll is not too restrictive; that will help us to generate income tax and pay down loan servicing costs. McGregor said the $47,000 would be new money. White said that is correct; when we looked at it we believed it covered a full time and part time salary; if they can't do that they can't get a loan; initially during the first 5 years, we pay for their loan service; after the business has grown and they have hired a lot more employees, that is when we make money. McGregor said so existing businesses will have to have $47,000 in additional payroll. White said yes; when all the old spaces are filled up to capacity, rates go up, values go up, property is worth more, our community sees this increased value; that is what happens when a place is hot; there is more opportunity for growth which is an indirect benefit. Kneeland said the line below payroll is misleading using the tax rate to calculate the payback on the loan. Mayor said this is paying back the service fees. Kneeland said they pay this plus income tax; on your City of Gahanna Page 6 Finance Committee Meeting Minutes July 26, 2010 slides, rather than showing default, you should emphasize you have a 90% to 92% success rate; that is astounding; banks suffer about a 50% failure rate; I will not die on the hill for this but I see it as very valuable. White said we are actually at the low end of this; other communities put out a lot more; Dublin just lost a company to Columbus; we need to keep businesses here and grow. Samuel said doesn't the CIC (Community Improvement Corporation) have a Development Fund. Kneeland said that is a good point; they can also leverage the infrastructure for utilities we have here; there should be an agreement in place this week for a 3rd party to collect fees for another Development Fund. Samuel said I also have a copy of the revised Fiscal Impact Study; this has a list of businesses we would like to encourage to locate here; would you use this. White said it is used by the City; a design engine for the City. Samuel said this could be another tool to use; I am uneasy with this; it is like buying a car or a home; it is new to me. Mayor said we will do whatever is Council's pleasure; but we do invest a lot of money in this already; the City has a whole department that has been doing this for 20 years; we have been doing all the right things; this is something additional; I have listened and they have turned me around on it; I go back to the fact we brought in our banks that we do business with and asked for help; we want micro lending available; they said it has too much paperwork; go talk to ECDI (Economic and Community Development Institute); the Huntington National Bank's VP Reggie Thomas is on the ECDI Board and they put money into this; they want to refer small businesses here then come back to the bank for larger loans; that told me a lot; somehow I get the feeling you are thinking we are giving money to people who don't qualify; they still have to qualify; it may just be less stringent than banks. Samuel said I have been seeing ads from Huntington where they say they are the biggest provider of SBA loans. White said their definition of the SBA loans are not $25,000 and $35,000; they want $100,000 loans and in business 3 to 5 years; that is not what we are talking about; otherwise it is not worth investing in; the bank cannot make a profit; they would rather send them to ECDI which is a non profit and have them make a good loan where they are not looking for that kind of profit margin; we believe this is a program that will work for Gahanna; we have addressed all of the issues; this is something we need; I am, like Kneeland, not going to die on the hill for it, but I do come to you and say you should do this. Kneeland said the ECDI folks are here; do you have anything to correct or add. Kinney said there are a few things that need clarified; banks want us to believe they are lending; we know they are missing the SBA market; they acknowledge us but some don't know us or know what we are doing; the idea that we are a tool in the kit but we are not the total answer is true; we have a good track record and can help owners find alternate sources of funding; but we are not receiving a huge number of referrals from banks. Kneeland said is there a standard process for qualifying. Fireman said yes, we use automated tools that are credit driven; we get a deep picture of the business that we are underwriting; some are screened out. Anderson said if they are flushed out will they continue a working relationship with the administration and development. White said we will continue to work with them and maintain contact with them; we would let the administration know; we are a partnership and we send them people and they let us know who has come in; we can report that to Council; you will know when the first loan is made and beyond that whatever you would like us to keep you up to date on. Anderson said since we are on the low end, what are other cities doing. White said Jones and I were just at a meeting where the City of Dublin gave $900,000 for a business center in their community; Upper Arlington gave $50,000 to their CDC for a downtown million dollar project. McGregor said in Worthington the debt is forgivable. White said that is true their city manager can grant forgivable loans; we have lost 2 businesses to Worthington; Columbus of course has the largest CDC loans with an City of Gahanna Page 7 Finance Committee Meeting Minutes July 26, 2010 interest rate that is quite affordable; this is to start business loans here and make us competitive; it is not a give away; we still get a return; it is not a charity; it is to help businesses in Gahanna have enough capital and is structured to pay for itself in short order. Anderson asked White so why didn't you ask for a million. Mayor said we talked about it; but it should be self evident; if we are having this much difficulty for this money we won't get more; we figured to start here and once successful we will come back for more. Fireman said we are putting up $450,000 of our funds into this. Samuel said I would be remiss if I didn't reiterate something my fellow councilman believes; it is not the role of government to be a bank; you have businesses that are established here and have had to work very hard to get there. White told a story illustrating even if businesses start at different times and come from different places, they need to look at the end result; they put in what they agreed on and go out with what was expected; we helped in 1978; we intervene many times for property owners; we have a whole tool kit available; today's thinking is different; what happened 20 or 30 years ago is not going to happen now; the economy and market have changed and so has the role of government in America; it has to change to keep up with this. Kneeland said this is open to anyone; established businesses can use this as well. McGregor said where does the $450,000 come from. Kinney said the USDA Treasury, banks, grants; we have 14 different loan funds that will be available to Gahanna. McGregor said we got this Kiplinger Report; on the back page it talks about tax breaks for more jobs and how to get these from Treasury Funds; it is right on the letter. Fireman said the stimulus bill has been great; we are not included, but businesses can apply; we have found out that banks are not interested in this kind of lending; not an efficient use of their money; they did think it would be a big boost potentially and we embrace it and hope it goes well; however the banks are still referring clients to us; we partner with banks because of the time frame we mandate. McGregor said how long. Fireman said 6 years. McGregor said why can you make loans when the banks can't; they receive many years of credit history and consider them not worthy; why is this better. Fireman said on average we spend 12 hours of technical assistance for a new or existing business; that is 12 hours up front, one on one; part of our mission is knowing the customer better so we can decide if this is right or not; if they aren't ready to do this we can determine that; we are not putting them in the pipeline for the fun of it; it is not any good to have failed loans. McGregor said how many have completed your loans. Fireman said our terms are 3 to 5 years; some are 6 months; banks have rules we don't have; we have no prepayment penalty. White said so much was geared to the banks because of the mortgage crisis; overvalued property and bundling and selling loans in the secondary market were goals. Fireman said we don't do any of that. Kneeland said banks were compelled to follow loaning practices with more risk; this should be less risky; we are talking about a completely different market. White said we have done what we can to mitigate the risk; if they expand it is part of the note that they let us know; and technical assistance is always available; support is offered that banks don't give when they make loans. Larick said I am less focused on the physical numbers in the RLF; in fact big dollars make more sense; my question is on the default rate; is the 8 to 10% annual or for the life of the loan. Kinney said for the life of the loan. Larick said that puts the default rate annualized at 2 to 3% per year which is incredible; why will the City's interest rate be capped at 12%. Jones said it is a blended rate; rates go from 7 to 13% to keep them affordable. Larick said so the cap is seen as a targeted rate; you may never give a loan at that rate. White said it is an expected rate annually; if we lost 8% per year what interest rate would we need; this is how we made the decision; it could go up or down. Fireman said that is SBA guidelines based on funding sources that is what the cap is; should be consistent. Larick asked were you part of the City of Gahanna Page 8 Finance Committee Meeting Minutes July 26, 2010 decision to have the $47,000 in payroll. Fireman said no; that is just what Gahanna wanted in payroll. Larick said how does it fit. Fireman said our focus had been on larger project so I think it is really low. Larick said since it is a new item it has the potential to change the game; I want to make sure I understand, and what you said now is different from what was said previously on the 8 to 10% default. Kinney said that was my personal misunderstanding; the 8 to 10 % is an annualized rate; ECDI does have money in the bank that we reserve for default. Larick said talk about that reserve. Kinney said we have to have reserve; we base this on the county and city modes for any given loan ECDI makes. Larick said so with the ECDI default rate back to 8 to 10% annually; when we put money on the table for 5 years it may get us netted out no return; if it continues on that could change; but in that span of time we would not make a return. White said maybe not cash; but if we bring in 15 business in 2 years, they hire and create jobs, produce products and services and fill up spaces; that is in fact a return that is measurable as a business investment; beyond that it would also bring in investments in office equipment and City services during the five years of pay back; the J Gumbo space was vacant for 2 years; now he is paying rent, he has hired 5 or 6 more people; they may expand; that is the kind of return we are looking at; when prospects come here and they see vacancy they go elsewhere; they vote with their feet; 63% of our income tax is a return we have to hold on to; will it add all we need; no but it will add a little bit; right now the big ones can go anywhere in the world; we have to start first to fill up space, then grow and increase payrolls; ECDI is an innovative idea for the City to do that will bring in more benefits to us. Mayor said as White has said, this was started by Council saying how do we fill spaces; look at other cities and see what they are doing. Samuel said in the plan, the committee identified the types of businesses that come to Gahanna; do we look at what the people want. White said that is our guideline; it helps them see where there are gaps in the market. Kinney said ECDI does look at that; remember we are a partnership and a resource in that regard. McGregor said if J Gumbo's got a loan without ECDI funding, why do we need them if requesters can get funding without our help. Fireman said ECDI will have a more concentrated approach and this money will be dedicated here; we have a few requests in the pipeline; if you vote this down it doesn't mean we will never do a loan in Gahanna again; it would just be very random. Evans said they can leverage additional funds for projects; we got J Gumbo's loan from Heartland Bank. White said any questions please contact us. RECOMMENDATION: 1st Reading; no need to come back; 2nd Reading; Regular Agenda. Sherwood said she would like to remind all Council members to attend the joint meeting with the Planning Commission on Wednesday. Meeting Adjourned. Della Brandenberger, Reporting City of Gahanna Page 9