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<br /> They have found that in both cases,Bourne Financial Development Corporation took its' lead
<br /> from Falmouth, and he strongly urged Mashpee if it does incorporate an EDIC that it gets a hold of either
<br /> Bourne or Falmouth's SO 10 filing status as a non-profit corporation.
<br /> Private corporations and donors do not life giving to anything but 501 M's. The first thing an
<br /> FDIC can do is receiving funds on whatever it might be from the private sector and to use them any way
<br /> they can. Your BDIC would have the capacity of any corporation to buy, sell, rent,whatever, independent
<br /> of the town.The Town charters it and the Town can take actions to correct anything they don't like about.
<br /> the FDIC.The FDIC is set up to function differently.There are lots of examples where that's valuable. One
<br /> you can access funding that's not available to towns,the Falmouth FDIC wanted to evaluate a piece of
<br /> property and took advantage of any potential 2 1 B as used by getting a.bank loan,which basically loaned
<br /> them the money to get the 21E, and if they gent through the project and it became a loan and they had to
<br /> pay it back, if they rejected the project,it was a grant and they didn't have to pay it back. The FDIC's are
<br /> allowed to do things that towns aren't.Another example,a piece of property became available in Falmouth
<br /> that the town founders wanted to acquire as part of their bike path-parking program. In town,you have to
<br /> evidence an interest, go through town meeting,get an appraisal and so on and so forth*it wasn't going to
<br /> stay on.the market. The BDIC was asked to acquire the property on the open market and hold it until the
<br /> town was able to do the Necessary paperwork and acquire the property.
<br /> You will have all kinds of abilities to do things that towns just simply can't do.The other thing is
<br /> that you have a vehicle that can help, in my opinion and in our opinion,we can build a consensus on things
<br /> that need to get done, outside of regular town government,for example, in Bourne,we are trying to Borne
<br /> up on a consensus building program on redeveloping Buzzard's Bay. The FDIC is meeting with many of
<br /> the town boards and associations in Buzzard's Bay and the Cape Cod Commission,to try and come up with
<br /> a consensus on how to raise ffindin.g to do those studies and hope to create a remodeling program for
<br /> Buzzard's Bay. Again that"s something that is not quite public,not quite private and an EDIC provides the
<br /> vehicle does that.He said he did believe that they're experience in Falmouth and in Borgne,it is a non-
<br /> profit organization, it needs to be run in a business-like fashion,because the FDIC in Falmouth has been
<br /> able to tape the asset of their land to give to their tech. park*to use that to leverage the funding of the goads,
<br /> to use that to leverage the creation of lots,be able to create 500 new jobs in town,the kind of jobs they
<br /> were looking for by de-restricting those lots, selling those lots for a reasonable,but not exorbitant price,
<br /> below market price to the right businesses, in fact they were able to do financing to the kind of businesses
<br /> they wanted to,for example, marine technology business,they provided first mortgage, subordinated to the
<br /> construction loan,which allows some of these things to happen,to create those jobs.
<br /> They did not do it to give the farm away,they eventually got their money back and gent on and do
<br /> more things. If it is not dome in a business like fashion,there won't be anything left to work with,you
<br /> would be struggling like the town of Bourne is now,to get that original asset,to hake the first original
<br /> project happen.EDIC boards run everywhere from in cities,they're run by the city counsel,they're created
<br /> by the city council so the city councils can amend things very easily. Usually the Board of Directors is
<br /> determined by the original by-laws,they can be changed but they can be cumbersome.what Harlan was
<br /> saying and I'm saying that if you want to keep the Board of Directors to a workable Number,there's an
<br /> awful lot of work that Edict's work with and assume responsibility for. He though FDIC's made a mistake
<br /> staffing,without funding from the project. what Falmouth has done, and what Bourne is trying to emulate,
<br /> if you have a project,get the consultants that you need for the work you're doing.You need an awful lot of
<br /> money to fund a$50,000 a year director's position.where is that going to come from` As an aside there's
<br /> ars interesting conversation,which towns need to have with the community preservation act. The town of
<br /> Falmouth is trying to consider taking some of that.Preservation Act honey and ereating a community
<br /> development officer in the town that can work with all the other representing constituency. The affordable
<br /> housing, historical society,the EDIC to try to coordinate all the community efforts that are going on,but
<br /> my strong recommendation is to stay away froth that as an FDIC,because that's not usually the charter
<br /> tato,it's very expensive. Staffing is a very expensive item and you better have a very good justification for
<br /> having it, if you don't,use your funds wisely,you won't have any left again. The finances need to be very
<br /> carefully understood,they're project related,I'm not saying real estate related.Falmouth has been very
<br /> prudent in investing their money, so they can invest it, again. FDIC's provide an tremendous ability to
<br /> build a consensus,FDIC's can be given issues and asked to cone back with the highest recommendation of
<br /> what's going wrong,what should be done and because they're quasi-town government and private,they
<br /> can build that consensus and gets those groups together for potential solutions to problems.
<br /> Board Member Questions Regarding EDICs
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