The Italy Economic Development Corporation held its monthly meeting Monday evening to discuss information gleaned from a recent joint meeting with the city council, school board and various community leaders.

During the recent meeting, the three dozen in attendance chose their preferred mission statements. Following a lengthy discussion with David Miracle, consultant, the group opted to go with the following mission statement:

— The mission of the Italy Economic Development Corporation is to promote and enhance the economic vitality of the community through the retention and expansion of existing business and the appropriate attraction of new business. Further, the IEDC will work in a variety of ways to promote a suitable climate for quality economic development in all its forms; industrial, commercial, institutional and retail.

The group adopted four goals and objectives discussed at the recent joint meeting.

The goals and objectives, approved by the commission, are to expand and retain existing business, to attract desirable industry, to market Italy and to promote a healthy business climate.

Tom Little said the community is in desperate need of a civic/community center and asked if this was a project the EDC could endorse. Miracle said a community center is an item the EDC could fund. Mark Souder Sr. objected to the project saying it did not promote “jobs” in the community.

Those attending the recent joint meeting were named stakeholders forming the Strategic Plan Steering Committee.

In other business, the board accepted the resignation of Diego Garcia, EDC board member. Mark Stiles, president, said he appreciated Garcia’s input while serving on the board.

The only person turning in an application to replace Garcia was Karen Mathiowetz. There was discussion as to whether the public had been given enough time to turn in applications for the EDC. Mayor Frank Jackson said the sign at SH 77 and Hwy. 34 had advertised the need for EDC members for more than two weeks.

Board members Little and Elmerine Bell both pushed for her appointment. Souder said several citizens had picked up applications and perhaps the commission should wait before making a recommendation to the city council. The board eventually moved to recommend Mathiowetz to the EDC board following approval from the Italy City Council.

A lengthy item was transferring money from the TexStar account to a local bank. The commission eventually voted to close the TexStar account, which paid less than 1/3 of a cent in interest, and move that money to a money market at the First State Bank of Rice/ Italy branch. Interest on the money market account pays 2.5% interest. The interest on a money market at CNB is 1.24%.

They also voted to close the checking account at Citizens National Bank and move it to the First State Bank of Rice. Teri Murdock, city secretary/administrator, argued against moving the checking account noting they had numerous unused checks and deposit slips but the board eventually overruled and voted to move all their funds to the same bank.

The board entered into an administrative services agreement with the City of Italy to reimburse the city for use of the building and Murdock’s time spent on the EDC. They agreed to pay the city $1,000 per month for the months of June, July and August. The city opted to reduce the payment, beginning in September, to $800 per month or $9,600 per year for one year. Stiles said the commission would re-evaluate at the end of that one-year period.

Stiles turned to the proposed budget for 2009-2010 and explained the EDC expected approximately $182,384 in projected revenue along with $45,000 currently in the checking account. Based on this information, the EDC adopted an expense budget of $113,320.

Broken down, the proposed expense budget includes $2,000 each in miscellaneous and attorney fees; $5,000 each in training, mileage and auditor fees; $3,500 each in membership/dues and website design; $6,520 in advertising; $200 in bank charges; $9,600 in administration/reimbursement services; $13,500 in consultation services; $30,000 in upcoming projects; $27,000 on the fire truck; and $500 for public notices.

Stiles said the EDC has been frugal with funds expending $39,000 of its $80,000 budget for 2008-2009.

Stiles asked Bell and Murdock to work on up a report for the next meeting that will explain the cost to build a website to the IEDC.

Members also discussed a “Buy Italy First Program.” Bell said she felt this was something the EDC could put together themselves. They tabled the item until the next meeting.

The board also approved minutes from the previous meeting and approved bills.

The next EDC meeting is set for Tuesday, Sept. 22, at 6:30 p.m.