Enterprise zone financials: assets balanced, $12 bank fee flagged; several projects near reporting completion
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Summary
Administrator Mark reported that partner contributions are received, the balance sheet shows about $48,000 in assets, and a $12 returned‑check fee resulted when the state’s $65 payment was pulled. He also provided project updates (Verizon, harbor downtown, Centerville, AFMA, Revolution Golf HD).
At the Nov. 20 McHenry County Enterprise Zone meeting, Speaker 3 (Mark) presented the profit-and-loss and balance-sheet reports and said all partner contributions for the fiscal year have been received and project fees are tracking to budget. He reported total assets of about $48,000 and said liabilities and equity balanced.
Mark described an administrative banking issue: after finalizing and submitting a Marengo-related item, the state issued a $65 check (he referenced 'Michael Frerich' as the sender). The organization deposited the check and the state subsequently pulled it back, which resulted in a $12 returned-check fee from Associated Bank. Mark said he contacted the treasurer and the bank but the bank would not waive the fee; he said the organization will try to recover the $65 from the state.
On signatories, Speaker 3 said the board is updating Associated Bank signatories to match current leadership: Jessica (chair), Larry (vice chair) and the administrator will be signatories to enable online banking access and simplify statement retrieval.
Project updates: Speaker 3 reported that the Harvard Verizon Wireless project is on track and ahead of schedule for enterprise-zone reporting; the harbor downtown renovation has a building-material-exemption certificate and an Oct. 31 completion target that the administrator is following up on; the Centerville Lake Avenue renovation and AFMA Manufacturing have pending reporting and open applications; and Revolution Golf HD in Harvard holds a certificate and is expected to close by August with likely completion by year-end.
Speaker 5 confirmed Mark gave a presentation to the Marengo City Council about enterprise-zone services and the utility-inspection project is progressing. No formal financial actions were taken; the finance report was provided as an informational update to the board.