10-3-08

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" rowspan="2" width=210 BGCOLOR="#99CC99" TEXT="#080000" bgproperties="fixed" background="03e8dfc3.jpg"> <div> <A HREF="id125.htm" TARGET="_top" TITLE="Board of Directors"><B>Board of Directors</B></A></div> <div> <A HREF="id2.htm" TARGET="_top" TITLE="Meetings"><B>Meetings</B></A></div> <div> <A HREF="id122.htm" TARGET="_top" TITLE="CEDS"><B>CEDS</B></A></div> <div> <A HREF="id66.htm" TARGET="_top" TITLE="Scenario Planning"><B>Scenario Planning </B></A></div> <div> <A HREF="id80.htm" TARGET="_top" TITLE="Task Team"><B>Task Team</B></A></div> <div> <A HREF="id117.htm" TARGET="_top" TITLE="Regional, State Federal Links Docs"><B>Regional Plans </B></A></div> <div> <A HREF="id65.htm" TARGET="_top" TITLE="Regional Links NW CT"><B>Links</B></A></div> <div> <A HREF="id39.htm" TARGET="_top" TITLE="ByLaws"><B>By-Laws</B></A></div> <div> <A HREF="id6.htm" TARGET="_top" TITLE="Contact"><B>Contact</B></A></div> <bR> <div> <B>CEDS Sponsors:</B></div> <bR> <div> <A HREF="id125.htm" TARGET="_top" TITLE="Board of Directors"><I><U>Platinum Sponsor</U></I></A></div> <div> <B>Borghesi Building & Engineering</B></div> <bR> <div> <I><U>Silver Sponsors</U></I></div> <div> <B>Bicron Electronics</B></div> <div> <B>CEDAS</B></div> <div> <I>(CT Econ. Dev. Assoc.)</I></div> <bR> <div> <I><U>Bronze Sponsors</U></I></div> <div> <B>Parker Productions</B></div> <div> <B>Winvian</B></div> </td> <td valign="top" colspan=2 height=82 style=" border-bottom: 1px solid #999980;" BGCOLOR="#CCCC99" TEXT="#080000" bgproperties="fixed" background="03f8dfe1esnpes.jpg"> <div> <FONT SIZE="5" COLOR="#006600" FACE="Bangle" ><B>Northwest Connecticut Economic Development Corporation</B></FONT><FONT SIZE="2" COLOR="#000000" FACE="Bangle" ><B> </B></FONT><B>    </B><B>|</B><B>  </B><FONT SIZE="2" COLOR="#000000" FACE="Bangle" ><B> </B></FONT><FONT SIZE="2" COLOR="#006600" FACE="Bangle" ><B> </B><B> </B><A HREF="index.htm" TARGET="_top" TITLE="Northwest Connecticut Economic Developme"><B>home</B></A></FONT></div> <div> <A HREF="id102.htm" TARGET="_top" TITLE="12508">1-25-08</A>   |   <A HREF="id103.htm" TARGET="_top" TITLE="3708">3-7-08</A>   |   <A HREF="id105.htm" TARGET="_top" TITLE="41808">4-18-08</A>   |   <A HREF="id106.htm" TARGET="_top" TITLE="5208">5-2-08</A>   |   <A HREF="id107.htm" TARGET="_top" TITLE="9508">9-5-08</A>   |   <B>10-3-08</B>   |   <A HREF="id109.htm" TARGET="_top" TITLE="11708">11-7-08</A>   |   <A HREF="id110.htm" TARGET="_top" TITLE="12508">12-5-08</A></div> <div> </div> </td> </tr><tr> <td valign="top" height=398 width="100%" colspan=2 BGCOLOR="#CCCC99" TEXT="#080000" bgproperties="fixed" background="03f8dfc3.jpg"> <div> <I>10-3-08</I></div> <DIV ALIGN="LEFT"></DIV> <div> <B> <TABLE BORDER="1" CELLPADDING="1" CELLSPACING="1" WIDTH="727" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="BOX" RULES="ALL" HSPACE="0" VSPACE="0" BGCOLOR=#FFFFFF > <tR> <tD VALIGN=TOP HEIGHT= 1223 WIDTH="719"><div> <B><U>Northwest Connecticut Economic Development Corporation</U></B></div> <div> 333 Kennedy Drive, Torrington, CT 06790</div> <div> <U>860.567.2204 - www.nwctedc.com - info@nwctedc.com</U></div> <bR> <div> <B><U>Board of Directors</U></B></div> <div> October 3, 2008 - 8:00 am</div> <div> <I>NW CT Chamber of Commerce</I></div> <div>  </div> <div> <B><U>Attendance:</U></B> Doug Parker, JoAnn Ryan, Bob Axelrod, Lou Helt, David Dean, Rick Lynn, Dan McGuinness, Rose Ponte, Pat Power, Bill Baxter, Frank Finch, Carolle Jenkins, Maura Martin, Pat Mechare, Ted Murphy,  John Morici, Victoria Patrick, Vance Taylor, Dwain Snow,  Chris Vita, Marty O'Connor, Don Stein, and Mark Waterhouse</div> <bR> <div> <B><U>CBIA Business Survey Results</U></B></div> <div> -  Joann Ryan shared the results of the CBIA Business Survey commissioned by the NW CT Chamber of Commerce.  </div> <div> -  The survey was distributed in printed form and is also available on the www.nwctedc.com web site.  The overall business climate in NW CT is viewed as positive by regional businesses.  While there are challenges with numerous state regulations, most businesses are satisfied with the support they receive from local officials and residents.</div> <bR> <div> <B><U>CEDS Update Process</U></B> </div> <div> - Mark Waterhouse described the CEDS (Comprehensive Economic Development Strategies) updating process.  </div> <div> -  Since the NWCTEDC CEDS was completed in May 2004, it is time for a five year update with a target completion date of May 2009.  </div> <div> -  There is also a need to expand the current CEDS to include all twenty-one municipalities in the NWCTEDC region.  The original CEDS only included 10 of 11 municipalities in the Litchfield Hills Council of Elected Officials.  None of the municipalities in the NW CT Council of Governments were included in the current CEDS (May 2004) document.  </div> <div> -  CEDS is a federally sponsored program through the U.S. Economic Development Administration (EDA).  While the state recognizes the value of regional CEDS, there is currently no state financial support for the CEDS process.  Grant requests can be submitted to EDA for the purposes of creating or updating regional CEDS.</div> <bR> <div> <B><U>NW CT Financial Sector</U></B></div> <div> -  Joseph Greco, President & CEO, First National Bank of Litchfield and also President of the BOD - NW CT Chamber of Commerce provided an insightful overview of the current turmoil in global financial markets caused by the sub-prime mortgage crisis.  </div> <div> -  While federal regulations encouraged easier approval for home mortgages, speculation and bundling techniques caused a crisis when foreclosures and defaults overwhelmed the financial system.</div> <div> -  Regional banks have acted far more responsibly and required traditional levels of collateral.  However, the collapse of Fannie Mae & Freddie Mac affected nearly all of the state banks.  Local banks were encouraged to purchase stock in Fannie Mae and Freddie Mac, the failure of those two financial institutions negatively impacted nearly all of the state's banks.  </div> <div> -  Joe offered reassurance that most local banks will weather the storm and continue to operate in a responsible fashion.</div> <bR> <div> <B><U>Updates</U></B> - JoAnn Ryan, President of the NW CT Chamber of Commerce</div> <div> -  Tech Day '08 will be held on Wednesday, October 29, from 10 am - 3 pm at Oliver Wolcott Tech HS.  Most of the regional high schools will participate.  This is an opportunity for local high school students to learn about technical careers from businesses within the NW CT region.</div> <div> -  WoW ("Women of the World") Conference - JoAnn reported a very successful event that was well attended by local women in the business community.  Numerous female high school students also attended the conference.</div> <div> -  Welcome Center - A new lease agreement has been reached with the state DOT.</div> <bR> <div> <B><U>Adjourn</U></B></div> <div> -  Meeting was adjourned at 9:30 am.</div> <bR> <div> <I>Chris Vita, Recorder</I></div> <bR> <div> Respectfully submitted,</div> <div> Doug Parker</div> <div> President/Executive Director</div> <div> NW CT Economic Development Corporation</div> <div> www.nwctedc.com</div> <div> info@nwctedc.com</div> <div> (860) 567-2204</div> <bR> <DIV ALIGN="LEFT"></DIV> <div> <A HREF="id100.htm" TARGET="_top" TITLE="NWCTEDC Minutes"><B>Back to Minutes</B></A></div> </tD> </tR> </TABLE></B></div> <bR> <bR> </td> </tr></table></body>