12/22/2005 BLUE RIBBON COMMITTEE Minutes

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3 housing component to the FDIC and its' funds could be used for any number-of Town projects that night otherwise go unfounded. These projects could theoretically be funneled through an BMC. An FDIC could also-r se money through private means,through developers, through investors and oftentimes that happens cooperatively with some town funds} said Mr. Miller. Mr. Miller said that the biggest challenge would be to get the initial seed money necessary. The composition of the Board of Directors would be defined by the legislature in terms of what kinds of constituents they need to represent, plus there would be two at-large members. 'The Town has had direct input b.-orn neighboring Falmouth recent months, regarding the success of what the Falmouth BMC has had, so much so that they're apparently milling to enlist Mashpee and furthcr their opportunitics thereby creating one for us, he said. More recently, there's an effort underway to create an Upper Cape Regional Technology Development, Mr, Miller said, They had a prelm' m' at r organization that was in the formative stages. This regional entity could collaborate with other DIC's if it so chooses,provided the town that it collaborates with has an EDIC, said Mr. Miller, When this regional organization gets under way, said.Mr. Miller, the Committce would be entitled to have a voting interest on that,provided we have an EDIC represented. The Conu i#tee could also have ad boc representation at those discussions, but could only have a voting role in it. What Mr, Miller was hoping,ghat the coimn i.ttee would agree to be doing, after looking over the document, in the same sort context of other disciplines they have taken a look at, and then perhaps in some subsequent meeting M J a.nuai y or Februax , as we have done with some others, arrange for two or three people to come in and give a presentation to us. perhaps the director of the Falmouth EDTC who is already known to us. perhaps Senator O'Leary or Matt Patrick. Mr. Miller said he could tell the committee that the Town is predisposed to moving ahead with this anyway. The Cbaitinan asked Mr. biller what be envisioned his program regarding the BMC of ultimately doing. Mr. Miller replied that if the leadership of the E 1 , once it is created is carefully chosen, specifically with board directors and executive director that may or net be a paid position. It would be their 'Job to verify short tm-mllong tenrn opportwiities or ideas that are implementable. Ultimately, Mr. Miller said,the bottom line would be creating jobs for the residents of Mashpee. Depending on the zoning by-laws in the towns, it had become fashionable to create commercial space one portion in a lower-portion of a building, and then residential space above,he said. There would be budding opportunities to facilitate that kind of thing. Depending on the relative affluence of the EDIC that would provide seed money for individuals to come forward with a business plan. To create jobs or opportunities. Diller stated where Mashpee has not a lot of components that some other towns have to hang an economic hat on, it doesn't have a substantial tourism economic base, other than a handful of second homeowners,it does have land suitable for that, it certainly has people that are looking for economic opportunities. We're better-off with this bind of tiring, than we are without it, especially when the Town doesn't have, can't afford, or justify an in-house economic development office,per se,he added. The Chainnan questioned what power the tax payers would have over the Board.of Legislature. Anything that the FDIC would have to conform to what the by-laws are, the town's preference is, or as any citizen, or enfity would be to do is influence that would mare those sorts of decisions, said Mr. Miller The State legislature established an act to start a Mashpee BIT Yn 2002, W. Miller said. Lee Gurney asked why there was no reason the EDIC did not go to the obvious next step?