MINUTES OF THE HILLS ECONOMIC DEVELOPMENT AUTHORITYMAY 11, 2004Dana Dahlquist, President of the Hills EDA called the meeting to order at 7:45 P.M. Board present: Dana Dahlquist, Arlen Leenderts, Jim Jellema, Linus Svoboda, and Keith Elbers. Employees present: Joanne Goehle, EDA Treasurer, and Connie Wiertzema, EDA Secretary. Guests present: Carol Ver Meer-Owner of Southern Hills Condominium #504, and Jolene Farley-Hills Crescent.Motion by Svoboda, seconded by Jellema to approve of the minutes of March 22nd and April 28th. Motion carried. Motion by Svoboda, seconded by Jellema to approve payment of the March and April expenditures. Motion carried. Motion by Jellema, seconded by Svoboda to nominate the following persons to the offices of the Southern Hills Condominium Association: Dana Dahlquist-President and Chief Executive Officer, Carol Ver Meer-Vice President, Connie Wiertzema-Secretary, Joanne Goehle-Treasurer and Chief Financial Officer, and Arlen Leenderts-Vice-All. Motion carried. The EDA Board and Carol Ver Meer agreed that sealed bids should be obtained for building and ground maintenance for Southern Hills Condominium. Bids will be limited to Hills residents, and opened at the June 8th meeting. The EDA discussed paying of the Southern Hills Apartment bond, which has a 7% interest rate. Funds to pay off the bond will be used from EDA CD#18275; borrow funds from sewer CD#18255 and general checking; along with funds received from Carol Ver Meer for the purchase of condo unit #504. Motion by Jellema, seconded by Svoboda to proceed with the pay off as discussed, and the EDA will pay off the inter-fund loans with proceeds from the sale of the remaining condo units. Motion carried.The EDA Board reviewed options for insuring the condo building, and approved a plan as follows: $300,000-building, $1,000,000-liability, $1,000-med pay with a $500 deductible per claim. The EDA also approved to insure the contents, cabinets and bathroom fixtures for units #500, #502, #506, units which are not sold, for $8,000 per unit, $250 deductible per claim. Carol Ver Meer is responsible for insuring her own contents for unit #504. No further business, meeting adjourned at approximately 8:30 P.M.Connie J. WiertzemaSecretary(5-27)