COUNCIL ON DEVELOPMENT FINANCE - Delaware



COUNCIL ON DEVELOPMENT FINANCE

August 27, 2007

PUBLIC HEARING 336

THOSE PRESENT:

Mr. Andy Lubin, Chairperson Director Judy Cherry

Steve Biener, Esquire Mr. Rudy Marshall

Senator Nancy Cook Mr. Gary Smith

Mr. Tom Gilligan Mrs. Sanskriti Inamdar

Mr. James Hutchison Mrs. Lee Porter

Representative Greg Lavelle Mrs. Zena Tucker

Mr. Don Lynch Elio Battista, Jr. Esquire

Mr. Fred Sears

Mrs. Richelle Vible

ALSO PRESENT: Representing Delaware Military Academy: Mr. Jack Wintermantel, CFO, Charles W. Baldwin, Commandant, Mr. Bruce Shumway, Mr. Bill Major, Wilmington Trust, Emilie Ninan, Esquire, Ballad Spahr; and Silvia Shin, Esquire and Tim Frey, Esquire with Saul Ewing, LLP; ANP Technologies, Inc.: Mr. Tom Bodnar; Mr. Michael Morton, Controller General’s Office; Ms. Meaghan Brennan, Office of Management and Budget; Mr. David McGuigan, Mr. James Feeley, Mr. Anthony Pullaca, Ms. Aprile Rolfe, Ms. Cheryl McCann, Ms. Barbara Grogg, Mr. Howard Weinberg, and Mr. Jack Polidori

LOCATION: Buena Vista, 661 South DuPont Highway, New Castle, Delaware

TIME: 9:00 A.M.

CALL TO ORDER

The meeting was called to order at 9:00 A.M. by Mr. Lubin, Chairperson, on Monday, August 27, 2007.

OLD BUSINESS:

Mr. Hutchison made a motion that the minutes of the July 23, 2007 Council on Development Finance meeting be approved as presented. Representative Lavelle seconded the motion, which was then adopted by unanimous vote.

ANP Technologies, Inc. (“ANP” or the “Applicant”): ANP submitted an application dated January 29, 2004 for an $100,000 Delaware Strategic Fund grant to be used for costs incurred with the relocation and expansion of its biotechnology operations from Maryland to a Newark, Delaware location. The Council reviewed and recommended approval of that application at its February 24, 2004 Council meeting. A performance grant agreement between the Authority and ANP was executed on May 13, 2004.

Under that Grant Agreement, ANP had one year to request its first disbursement of which it did in the amount of $50,000 for its first ten employees. ANP was then to create 20 new positions and request the final disbursement of $50,000 by May 13, 2007.

The Authority has received a request from ANP requesting an extension on the Agreement from May 13, 2007 to December 31, 2007. ANP states it currently has 27 full time employees, 4 summer interns, 3 subcontractors and is in the process of extending full-time offers to two additional individuals which would make it 29. ANP feels confident it can meet the 30 employee requirement by the end of the calendar year and then could request the remaining $50,000.

Mr. Smith stated that DEDO staff recommended approval of this request with a December 31, 2007 cut off date.

Mrs. Vible asked about the positions being created - were the positions at the salary level that was originally agreed upon. Mr. Bodnar stated that the salaries are actually higher. He stated the new positions will be at a higher level than average because most of the hiring over the last twelve months has been at the lower level but these new jobs of $77,000 will be above the required level. He stated that there will be two positions over $100,000; one being the CEO. Mr. Bodnar stated that ANP was actually over the thirty employee figure during the summer because it had five interns. He stated they also have consultants which are not included in these numbers. Therefore, they have twenty qualified employees. Mrs. Vible asked if ANP expects to retain those twenty. Mr. Bodnar stated yes and it will actually go higher.

Mr. Bodnar stated that ANP has two spears of intellectual property. It does detection systems for the federal government and it is also focusing on the commercial level for the medical field. He stated the west coast company has reader capability and that is very critical. He stated that ANP has an agreement with Christiana Care that provides ANP with blood markers.

Mr. Gilligan stated that the financials indicate that ANP continues to be profitable. Mr. Bodnar stated that was true. Mr. Bodnar stated that one reason ANP has been unable to reach the thirty employee level is because they feel they have to be frugal with its funds.

Mr. Smith stated that when companies receive financial assistance, they are required to submit financial statements. These statements are analyzed by DEDO staff. If they see a problem, a visitation is set up to determine the problem.

Mr. Lubin asked if ANP continues to grow, would it continue to grow in Delaware? Mr. Bodnar stated it would. He stated that ANP’s CEO lives in Newark and he has made it very clear that he is not leaving Delaware. He stated ANP has made promises to Senator Biden and Senator Carper that it is not looking to leave Delaware. However, it is looking at bigger spaces within the next 24 months.

Mr. Lubin asked if there were any comments from the public. There were none.

Mr. Sears made a motion that the Council recommend to Mrs. Judy Ann Cherry, Chairperson, The Delaware Economic Development Authority, approval of the Applicant’s request for an extension on the Grant Agreement from the expiration date of May 13, 2007 to December 13, 2007. Mr. Hutchison seconded the motion, which was then adopted by unanimous vote.

Delaware Military Academy (“DMA” or the “Applicant”) - The Applicant is requesting approval for the issuance of $12,000,000 in industrial revenue bonds. The Bonds would be issued to finance the (i) acquisition of the Applicant’s principal educational building located at 112 Middleboro Road, Wilmington, Delaware 19804; (ii) refinancing of debt incurred to finance improvements to and equipping of said building; (iii) deposit to a debt service reserve fund; and (iv) payment of the costs of issuance of the Bonds (the “Project”).

Director Cherry stated that the Council on Development Finance (“CDF”) is here to advise her as the Director and as the Chairperson of the Authority.

Director Cherry stated that with DMA’s application, it is the first time the Council has had the opportunity to hear and receive an application from a charter school. She stated that as Chairperson, she cannot vote. However, today she is making a recommendation that the CDF consider deferring action until the CDF has had time to consider fully the long term implications and ramifications in moving forward given the thoughts of the legislature and the State’s policy in not providing capital resources especially for charter schools. Director Cherry stated she stands ready to provide staff resources that the CDF may need to enable it to fully be briefed before taking action and that then she will be comfortable that the CDF has received the necessary information to make this decision.

Mr. Lubin asked Director Cherry that even though she would like the CDF to defer from making a recommendation, would she have an objection if the hearing took place today. Director Cherry stated that she would leave that decision to the Council.

Mr. Lubin stated that regardless of whether the CDF decided to hear the project today, or to defer action until later, it would not affect the volume cap for the State of Delaware and further that there would be no funds lent or committed to or available to the Applicant from DEDO or DEDA.

Director Cherry stated that the question is whether using the State’s bond rating is a capital resource. Mr. Sears asked how it would be using the State’s bond rating. He stated that he was not sure that has much to do with DMA getting the bond financing. He stated it gives them the authority to go out and get that funding. Mr. Sears stated that if DMA is legally compliant by the IRS standards and it qualifies for IRB status, if any government institution can give them the authority to do so, he doesn’t know why the State would not be interested in helping the schools progress in the State. He stated that clearly DMA can go out and borrow from somewhere else; all that we would be doing is helping them get lower rates. Mr. Lubin stated that the difficulty is in the definition of capital resources.

Mr. Battista stated that there needs to be a basic understanding of the conduit bond process where the Authority can facilitate a qualified applicant in receiving tax-exempt bond financing. He stated the way it works is that there is an agreement between DEDA and the borrower and DEDA and the Trustee. DEDA acts as a conduit - DEDA enters into a loan agreement with the borrower who has repayment obligations, and at the same time, DEDA assigns all of its rights, except for certain reserved rights, over to a Trustee that stands in DEDA’s shoes. There is an underwriter that determines how strong the bonds are; that rating is based on the strength of the borrower. He stated that the bond issuance is backed by a letter of credit, a bond insurance policy or the financial strength of the borrower and or its parent or affliates. Then the bonds go out into the market and are purchased, usually by institutional investors, retirement funds, private investors, etc. He stated that now to the extent that there is a default, you would have a letter of credit or bond insurance policy that makes the bondholders whole. The important thing is that there is no money coming from the State. The State actually makes money from a fee that is charged by DEDA.

Mr. Battista stated that there are certain mandatory provisions that go into the bond documents such as indemnification and exculpation provisions to insulate the State from liability. He stated that there is also a mandatory clause that provides that to the extent the bonds become taxable, the bonds will be redeemed by the borrower with no liability to the State.

Mr. Battista stated that there are other types of conduit bond issues that can affect the volume cap. However, qualified 501(c)(3) issuances do not. Mr. Battista cited to the provisions of 29 Del. C. §§5054(f)(1) & (2) which provides DEDA with the authority to issue tax-exempt bonds and the requirements for doing so.

Representative Lavelle wanted to make sure that there was no implied credit support from the State, there are no costs to the State of Delaware and it is not illegal. Mr. Battista stated that there are issuance costs but the borrower covers those. He stated that Bond Counsel makes the determination on qualified status of the bonds and the borrower. Representative Lavelle stated that he didn’t know the intent, but he felt that the application has come this far, he believes it meets the criteria and that students would specifically benefit. He doesn’t understand how it could get to the Council today and then it be pulled. Mr. Biener stated that he understood Director Cherry’s concerns, one being if there was going to be an opening of the flood gates, but he believes that this is a way to do it at zero cost to the State and he doesn’t understand the concern.

Senator Cook stated that it was a conscientious decision by the legislature to not provide funding to charter schools. She asked if we had this funding program to make money. Mr. Sears stated that this is an Authority and it is hard for him to understand why parochial schools qualify but not charter schools. He stated they are not asking for money but asking for support.

Mrs. Vible asked if the program is set up to allow these schools to do this because it doesn’t cost the State any money. Senator Cook stated that the legislature decided not to provide capital funds with State tax dollars to schools.

Mr. Lubin stated that a decision needed to be made whether the CDF wanted to hear the application presented today. He stated that if so, the CDF has a whole vehicle of options available to it after the presentation is heard. The Council can decide whether to make a recommendation, not to make a recommendation or table any decision pending further inquiry. Mr. Lubin asked for direction as to whether the Council wanted to hear the presentation today. Mrs. Vible asked if the Council had the discretion to not hear it. Mr. Battista stated that the Council did have that discretion.

Mr. Biener made a motion that the Council hear the Applicant’s presentation. Representative Lavelle seconded the motion which was unanimously adopted.

Mr. Smith stated that DMA is located at 112 Middleboro Road in Wilmington, Delaware. He stated that DMA was formed in 2001 and received its final charter on May 15, 2002. The school is chartered by the Red Clay Consolidated School District, as opposed to being chartered by the State of Delaware. DMA is the first Navy military charter school in the United States.

Mr. Smith stated the bond financing will be used to acquire property, for issuance costs, for the refinancing of existing debt with WSFS, and for making a deposit into a debt reserve fund. He stated DMA has a letter of credit from Mercantile Bank. DMA is currently operating under a lease with Tryson Buildings. DMA has total assets of $3.4 million.

The bond financing deal is $12,000,000 with a 30 year term, with variable rate swaps and the rate will be determined by current interest rate and swaps.

Mr. Smith stated that this project will have an impact from a policy standpoint. There are several other charter schools which could approach DEDO. He stated the determination on this project today is going to make a precedent. Mr. Smith stated that looking at this project is the first time in which DEDO has considered looking at a charter school that meets the criteria. He stated DEDO has looked at a previous application from a charter school that did not have a letter of credit and it was turned down.

Mr. Smith offered DEDO’s staff resources in providing whatever the CDF needs to make the ultimate decision in regards to this application. Mr. Sears stated that at least from his background in banking and now working at the Foundation, he has looked at numerous charter schools in New Castle and in Dover, and the ones that are going to be in the financial position to do something like this are few and far between. He feels that any that are in a position to get a letter of credit, are in great shape. He doesn’t see the flood gates opening if this project is done.

Commandant Charles W. Baldwin, presented this application to the Council. He stated that in 2001, there was a discussion about opening up an academy affordable to all. He stated that Valley Forge is up the road but not really affordable to all. He feels there are people from all walks of life that have the desire to do this. Commandant Baldwin stated that it was decided that they were going to teach students how to be in the military. He stated that many students do not go on into the service; their interest lies in discipline. He stated that Red Clay encouraged DMA but made it clear that they did not have any buildings to accommodate them. He stated that once they gave DMA the green light to go ahead with this, DMA had to find a builder. However, they couldn’t pay any money until they had students in the school. In 2002, along with 13 veterans associations and the US Navy, the DMA was started. There are currently four or more of these academies opening based upon the DMA model. DMA has had delegates that have come to the school to see it and see how it works. Commandant Baldwin stated that DMA is the largest one of its kind in the country. He stated they have magnificent parents and a wonderful board.

He stated that in 2006, 75 percent of DMA’s students went on to college, 20 percent went into the service and 5 percent entered the workforce. Mr. Sears asked how many have graduated on time. The response was all have graduated on time; two students left about half way through the year. They have students from all walks of life. They have 8-9 percent in a special education category with extra needs. He stated DMA has some students that physically are not going to make it in the service but they get to say they have worn a uniform and feel they have been a part of a military academy. He stated 48 percent of their students are from private schools. He stated they offer preference to Red Clay students and also give preference to families with children currently enrolled in DMA. He stated that the common factor is that they all want to be there. He stated that they seem to be happy at the school and they will have established quite a resume in four years of time.

Commandant Baldwin stated that DMA is fully accredited and its charter has been renewed by Red Clay. They have a waiting list each year. DMA has a full sports program. The audits are in compliance. He stated that in one audit, it was described as a model school. He stated the U.S. Navy distinguished DMA with academic honors. He stated he has authority for nine service academy nominations. Commandant Baldwin stated that all staff is certified in Delaware, are highly qualified and are 100% in compliance. He stated DMA is not out there competing with other schools – just in raising the academic bar. DMA wants to be a part of the recipe of helping kids.

Commandant Baldwin stated that DMA has applied for this bond so it could purchase the existing facility. DMA is not going to build any new buildings and it is not going to expand. They think the number of students they have now is a good number. There are 525 cadets. That size allows DMA to know what’s going on with the students. He stated that as a public school principal prior to this, his philosophy is that they are going to be paying back what they get. They want to move ahead with the academy based on the merits of the application; they want to play by the rules and if the rules say they are authorized, then they want to do it. He stated that in 39 years of service to his country and to the State, he is having more fun now than he has ever had.

Mrs. Vible stated that Commandant Baldwin had indicated that one of the purposes of founding the school was to offer this type of education to kids that cannot afford it at a private academy. She asked if that was based on demographics or income levels. He stated that 20% of students are at the poverty level. But, when talking about $34,000 a year for the academy; 90 percent of DMA students couldn’t afford it. 17 percent are minorities. He stated that the number of applicants have grown dramatically. Next year they will have 50% male and 50% female enrollment.

Mr. Biener stated that going through this process would save money. Mr. Wintermantle stated that DMA would save $100,000 per year which could be put back into the academic side of the school. He stated they could initiate a few more projects.

Mr. Lubin stated that prior to coming to DEDO, DMA had made an application to New Castle County. He asked DMA what the process was and what brought DMA here today to the meeting. Commandant Baldwin stated that DMA submitted an application to New Castle County and found out through the newspaper, that New Castle County was not going to entertain DMA's application. He said he spoke with Mr. Paul Clark, one of the Councilmen and was told that even though there was support of the project, it was not going forward. Commandant Baldwin said that DMA felt that it had gone too far and had too many success stories to not move forward. DMA knew about this program so they then contacted DEDO. Mr. Frey, Bond Counsel, stated that the Authority is 100% on solid ground legally in providing its name as a conduit - it is not providing capital support. He stated that it has provided its name to get tax-exempt bond financing to all entities that qualify which is a large array of 501(c)(3) entities including apartments, schools and water companies. He stated that any entity under the IRS code that is entitled to qualify for tax exempt bond and where support as a conduit has been provided, there is no liability incurred by the Authority.

Mr. Major stated he has been involved the “a principal for the day” program and is now chairman of the Board. He stated he can’t emphasize enough the enthusiasm he has for the school. He stated DMA takes responsibility very seriously and what has amazed him is that DMA has made due with the funds they have had. He stated the application is risk free - it's a wonderful school with wonderful people. The football coach takes his salary and turns it back into the school.

Commandant Baldwin stated that there is no tuition – DMA gets the district’s portion. Regarding scholarships, the State law requires DMA to go by the lottery system. DMA has talked to people at other schools about how it could provide scholarships and it has been determined that as of right now, they can't under State law. He stated DMA does charge a deposit which is for their clothes and books. The students get the deposit back.

Mr. Lubin asked if there were any public comments.

Mr. Dave McWiggin came before the Council and stated that he is filled with joy over DMA. He is the parent of two DMA students - one from the first graduating class in 1996 and his other son who is a senior this year. He stated he can testify that as a parent and as a Delaware resident – DMA is a fantastic group of people and a fantastic school. He has nothing but admiration for the teachers, administrative staff and absolutely for the Commandant. He stated his son is a cancer survivor and has been designated cancer free. He stated that he believes the support of this staff was instrumental in saving his son’s life. He asks for the Council's total support for this project.

Barbara Grogg, President of the Delaware State Education Association (“DSEA”) came before the Council and presented her comments, which are attached.

Mr. James Feeley came before the Council and stated that he lives in the Newark district. He is a parent of a DMA graduate. He stated that his family was residents of Christiana School District. He believes something went terribly awry even with all the safe guards. Therefore, Mr. Feeley’s son went to DMA and graduated last year. His son had gone to a private Christian academy where parent involvement was not very much encouraged. He stated that at DMA, parent involvement is very much encouraged. He stated that he believes in the school so much that he is still involved. He stated he has spoken to children in that school and they have said they would probably have dropped out of school if they had not been at DMA. Mr. Feeley stated that the cadets are very active in the community groups, veterans’ community and community at large.

Mr. Jack Polidori came before the Council and stated he is a lobbyist for the DSEA. He referenced the enabling statute and specifically the proceeding chapter which describes the establishment of DEDO. He asked the Council to consider the points of the establishment of the Authority and its intent. He stated the DSEA is raising broader public concerns but it is not its intent to disparage the academy. He stated that HB 197 was amended by a substitute bill which removed any type tax financing. He stated this gives the Council the level of cognizance the General Assembly has had to deal with. Mr. Polidori asked that if the CDF should choose to defer this project, that they please take time to read the third and final report of charter schools which will give them an idea of the complex issues facing charter schools. He also asked that they read the Annual Report which gives statistical information on charter schools.

Ms. Cheryl McCann came before the Council. She stated that with her child at DMA, it is actually the first time that she feels she actually has an input in her child’s education. She stated as a taxpayer, she didn’t understand the liability that the State would be taking. She stated that if a school is currently supporting itself, that as a tax payer she is all for this assistance.

Ms. April Rolfe stated that her son was accepted at DMA. He has cerebral palsy. She stated that before he entered this academy, it was a horrible experience. He entered the academy and he has had the best education he could have ever received; his ego, his pride and his spirit were so lifted. She stated he was there for four years. She has been a board member – this is their family. She still has plans to help out. She stated that it may say charter school, but it is really a military academy.

Mr. Lubin stated this is a complex issue with the different aspects of the process, the General Assembly’s policies, etc. Mr. Biener stated that he appreciated the concerns of all but feels that everyone needs to recognize that the CDF’s responsibility is limited in its scope. He stated it is the CDF’s responsibility that everything is in compliance and if in fact, the applicant meets those qualifications, then it is the CDF’s responsibility to approve that recommendation. He stated that the CDF’s role is limited in scope and is based on that view. The Applicant has met the required responsibilities and obligations.

Mrs. Vible stated that she supported Mr. Biener’s comments. She stated that if there are issues before the legislature that are yet to be decided, then so be it, but given the policies, rules and regulations that are in place now, she doesn’t think it is the purview of this body to make those decisions. She stated that if this decision today makes a problem then we will have to deal with that. She stated it is not the CDF’s responsibility to limit future applications but to look at the application before us and see it if meets the qualifications.

Representative Lavelle doesn’t see a reason to not act on this application today. He stated there are always policy questions in Dover and there always will be. He stated that he doesn’t see any reason to delay and asked that it be acted upon favorably.

Mr. Hutchison stated that he is the newest member of the CDF and in listening to the staff and to the legal comments; he believes every application stands on its own. He stated he embraces the application before the CDF today, and believes it has passed that test. He stated he deeply appreciates all the comments made and feels that this is an application that the CDF can move on today.

Senator Cook stated she would be voting no. She stated it is a major policy decision. The State has looked at it and legislation states that a charter school should be looked at as a public school and public schools do not have that opportunity to pursue this type of financing.

Mr. Smith suggested that the Council have the time to review all information and suggested it may want to review it again and that it needs to look at all policy issues.

Mr. Sears stated that he appreciated all the information put before them today but he believes it is not the CDF’s position to decide whether charter schools are good are bad.

Mr. Lubin asked Director Cherry if she was comfortable with the CDF moving forward.

Mr. Smith stated that the private institutions which DEDO has previously approved, all met the legal criteria. The one charter school that previously inquired about tax-exempt conduit bond financing was not presented to the CDF because it did not meet the required criteria.

After duly considering, inter alia, the nature of the business, its competitive situation in Delaware, its location, the employment and other requirements under applicable statutory and regulatory provisions, the Council made the following finding: financing the Project will meet a need for assistance in financing the facilities and activities of the Applicant, as an exempt person within the meaning of 29 Del. C. §5052(8), in order to contribute to the prosperity, health and general welfare of the citizens of Delaware pursuant to 29 Del. C. §5054(f)(2) and 29 Del. C. §5051(a)(10). Representative Lavelle made a motion that the Council recommend to Mrs. Judy Ann Cherry, Chairperson of The Delaware Economic Development Authority, approval of an amount not to exceed Twelve Million Dollars ($12,000,000.00), exclusive of original issue discount, if any, of revenue bonds, not guaranteed by the State, to be used for the Project; and that such approval will remain in effect through and including August 26, 2008. Mr. Hutchison seconded the motion, which was then adopted by unanimous vote except for Senator Cook who voted no.

Mr. Lubin informed the public that this is a recommendation that will go before Director Cherry and that if she chooses to do differently than the CDF’s recommendation she will come back before the board and we will rediscuss the application, but as of today, there is a favorable recommendation.

Representative Lavelle asked how long Director Cherry had to respond. Mr. Battista stated that there is in nothing in the law or regulations giving a timetable.

Pre Venture Fund Board – Mr. Smith passed out a list of the proposed members for the Pre Venture Fund Board for the Council’s action. He stated that all of the names on the list had agreed to be on the board. He stated there are still a few more positions to be filled. He stated there will be an additional name of someone from the University of Delaware and one from AstraZeneca. Mr. Smith stated that these board members will actually be voting on the projects. There will be nine members with the quorum being five members.

Mr. Sears asked if there were any requirements such as being a Delaware resident. Mr. Smith stated that Delaware residency was not a requirement. The CDF is being asked to approve the board. Mr. Sears asked if the CDF would be approving replacements. Mr. Battista stated there will have to be regulations established and the replacement issue would be addressed. Mr. Sears stated he would like to make sure these members live in Delaware. Mrs. Vible also wanted residencies checked for the names that have already been submitted. Director Cherry stated that it needed to be geographically balanced. They need diversity in that group. Mr. Smith stated business expertise was also needed. Director Cherry stated that she knew that some of the individuals on the list do not live in Delaware, but that the idea is that a cadre of experts would be created to be able to provide needed expertise in specialized subject areas. She stated that the suggested board is a bonafide, credible group. Mr. Lubin stated that he felt that the discussion on the term limits had some merit and suggested that the appropriate operating language be incorporated into the regulations.

Representative Lavelle stated that since there are some questions, he would suggest that there be a complete list before making approval. He also stated that he felt Mr. Sears made a good point about the members being Delaware residents. Mr. Sears wants to make sure that most of the members are Delawareans. Mr. Battista will propose regulations which will comply with the direction of 76 Del. Laws c. 79 §46(d) (7/1/2007).

The Council decided to defer action on this matter until September at which time all of the board members’ names would be in place.

FY08 DEDO Strategic Marketing Plan – Ms. Dina Reider presented the FY08 DEDO Strategic Marketing Plan to the Council. Mr. Sears asked is this money was in the budget. Director Cherry stated it was in the budget. She stated that while there is money in the budget for this, it is very important that the CDF knows that DEDO also has to have this signed off by the Director of OMB. Director Cherry stated that this is the first time DEDO has had a comprehensive marketing plan. She stated that this plan will be going out to the counties and to the cities. She stated this is truly a document that gives continuity with different economic development agencies.

Retreat – Mr. Smith stated that the Retreat scheduled for today will be rescheduled to October 22, 2007 at Buena Vista in New Castle County.

ADJOURNMENT: The meeting was adjourned at 11:15 A.M.

Respectfully submitted,

Lee Porter, Secretary

LKP

cc: Members of the Council on Development Finance

Director Judy Ann Cherry

Elio Battista, Jr., Esquire

The next CDF meeting is scheduled for Monday, September 24, 2007 at 9:00 A.M. at the Delaware Economic Development Office in Dover.

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