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a <br /> agreed that this fits EDIC's mission statement. Carol noted TIF approval would <br /> have to come from the Board of Selectmen. Katherine said she could come up <br /> with a business plan- <br /> Following a discussion, the Chair stated she would look into this between now <br /> and.their March 8 meeting. <br /> 3. Old Business <br /> 1. Investment Options. <br /> Dino Mitrokostas distributed his report on the research he and Mary LeClair did <br /> on investing the ERIC funds. He recommended breaking up the funds into a 3 <br /> month, 6 month and one year investment. The members reviewed the CD rates <br /> and money market rates and agreed to empower Dino Mitrokostas to negotiate <br /> with Cape Cod Five Bank and Santander and in the meantime deposit $350,000 in <br /> the Cape Cod Five money market account. <br /> Motion: Terrie Cook moved to transfer$350,000 from the Cape Cod Five <br /> regular checking account to open a Cape Cod Five Money Market Account, <br /> seconded by Denise Dutson. Vote unanimous 5-0. <br /> Dino clarified that he would come back with the best scenarios on investing <br /> $200,000 and give a recommendation on one year, 6 months and 3 months. <br /> 2. Treasurer's Report <br /> Terrie Cook reported there is $384,307.48 in the ERIC Account. <br /> 3. EDIC's Director <br /> Chairman Sherman reported that Tom Mayo, Assistant Town Manager, and <br /> liaison to EDIC Committee will be leaving Mashpee and taking a job closer to <br /> home and will be missed. He will be attending the FDIC meeting on March 8. <br /> The Chair also suggested that EDIC revisit the hiring of a Director and figure out <br /> what we are going to be looking for and how many hours a director will be <br /> working. j <br /> 4. Budget <br /> Carol suggested reviewing EDIC's budget at a future meeting. <br /> 5. Insurance Bill <br />