The Italy Economic Development Corporation prepared to move forward with the demolition of the property being purchased at 108 E. Main Street and the former community center at 100 E. Main at its monthly meeting Thursday evening.

Mark Stiles, president, named Tom Little chair of a finance subcommittee with Elmerine Bell and Randy Boyd.

Their job is to explore financing options for a community center.

He named Darrell Rosemond chair of a building design subcommittee along with Joyce Hobbs and Mark Souder Sr.

Their instructions were to gather input from the citizens to design the proposed center.

The IEDC tabled an item for demolition of the property at 108 and 100 E. Main. Stiles said the group could call a special meeting to plan demolition after the closing expected in early September.

Each member received a sample draft of a request for proposal on the demolition of the property. He advised each member to study the proposal.

The IEDC approved the transfer of $65,000 from the money market to the operating account to pay for the two buildings they are purchasing from the Zack McConnell family.

The $65,000 is the cost for the building known as the clothes closet and the former furniture store across the street.

During the financial report, Teri Murdock, city secretary, said the corporation has a balance of $181,493.40 in the money market account and just over $2,000 in the operating budget.

The board also approved a budget of $126,600 for fiscal year 2010-2011.

Prior to adjournment, Bell applauded her colleagues for “stepping up to the plate” with the community center project. She said this project has been a dream of hers for some time.