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OCEDC Purpose & Goals
The Osceola County Economic Development
Commission commenced operations on July 1, 1988.
It was established as a non-profit Chapter 28E organization
under Iowa law. Chapter
28E organizations are defined as the joint exercise of
governmental powers with the purpose to permit local governments
to make efficient use of the powers by enabling them to provide
joint services and facilities with other agencies and to cooperate
in other ways of mutual advantage.
OCEDC is a separate entity for all legal purposes and
serves each contributing unit of local government.
An
intergovernmental agreement was made between Osceola County and
the Cities of Ashton, Harris, Melvin, Ocheyedan, and Sibley.
Each of these units of governments adopted resolutions
approving and executing the constitution of the OCEDC.
At that time, two separate financial resource areas were
established. Administrative
support dollars, which are used to operate the office, come from
an annual assessment to each of the six participating units of
local government. In
2000, this annual assessment amount totaled $92,666.
Please refer to Appendix A for a breakdown of the OCEDC
Administrative Budget.
The
second major funding source was the establishment of the OCEDC
Revolving Loan Fund. This
fund was originally provided with $400,000 in capital from the
participating units of government.
As of the end of 2000, OCEDC has provided low interest
loans to various businesses in the county in the amount of
$811,862.94, and has an outstanding principal balance of
$485,656.09. The
initial funds that capitalized
the account have been repaid and loaned out again at least three
times. With
effective administration and a low loan loss, the Revolving Loan
Fund has grown to a respectable resource that replenishes itself
on a regular basis. Finally,
OCEDC has supplemented the funds available from these two sources
with interest income from loans and fund balances, as well as
various administrative fees collected for services provided to
other agencies. The
County graciously contributes office space for OCEDC on the ground
floor of the Osceola County Courthouse in Sibley.
We wish to thank the County Supervisors in enabling this
space to be available to the office at no cost.
The
Osceola County Economic Development Commission was established for
the following constitutional purposes:
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To
enable the governmental units in Osceola County to make more
efficient use of their powers, particularly to encourage and
promote the establishment, development and retention of
industrial, manufacturing, commercial and retail interest in
Osceola County, and to promote the county as a desirable place
in which to live, learn, and to conduct business; and to assist in diversifying the industrial base by
creating and retaining jobs;
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To
cooperate with various profit, non-profit, State, and Federal
agencies, and other groups or agencies that can assist in
promoting economic development;
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To
engage such employees and consultants, and provide such
offices, equipment, machinery, buildings and grounds as are
necessary to adequately perform the functions of the
Commission;
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To
receive and expend State, Federal, and private grants and
other monies which may be made available, to the extent
permissible under applicable State and Federal laws.
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