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°. 3 <br /> <br /> The board would therefore consist of: <br /> !. Eight County Commissioners <br /> <br /> 2. Eight financial institutions representatives <br /> <br /> 3. Eight .from either Chambers of Co~erce or other private sector reuresentaW_~ <br /> <br /> 4. A few ex-officio members selected because of their expertise in <br /> business or finance plus the Chairman of Centralina <br /> <br /> 3. A minimum of five directors must be selected from the board. Directors <br /> <br /> are required to meet bi-monthly and actively participate in management <br /> decisions. <br /> <br /> 4. The board is required to develope and approve by-laws <br /> <br /> 5. We are also required to identify individuals or organizations which <br /> will provide financial and management services. We recommend that the <br /> Centralina staff provide this function for the CDC, with legal assistance <br /> from Bill McNair and other professional service organizations. <br /> <br /> GO TO WORK PROGP~a=%~ ~J~D BUDGET <br /> <br /> The Cities of Charlotte and Salisbury have indicated they are interested in organi- <br /> zing their own economic development groups. This is fine. We would be happy uo work <br /> with these groups, if they so desire. We want our organization to be region-wide. We <br /> will cooperate and work with any other group in the region. <br /> <br /> In the long range it is conceivable that this organization might be a completely <br /> independent agency. <br /> <br /> The 503 program is designed to eliminate red tape and bureaucratic hassles - the <br /> CDC will provide all of the services necessary to provide loans. <br /> <br /> <br />