PIDCO – BOARD MEETING – AUGUST 16, 2010
Board Members Present: Nelson Chipman, Greg Compton, David Fortin, Mark Gidley, Ron Liechty, Brent Martin, Ron May, Chris Morrow, Gordon Taiclet, Ren VanGilder, and Jim Vinall
Board Members Absent: Jack Davis and Sarah Smith,
Mark Gidley called the meeting to order at 12:08. The minutes were approved as presented, with a second and carried.
FINANCIAL REPORT
Mark announced that we received a lump sum payment for back rent for Rail Road spur use from Pregis for $804.00- this includes $402 per month for two months’ rents. Also, in addition to mowing, Prices Nursery was paid $1,500 for weed removal at the warehouse and for weed removal in the NIPSCO sub-station.

A motion was made by Brent Martin to approve the financial report as presented. Motion was seconded by Ron May and carried.

STOCK COMMITTEE REPORT
There was discussion on re-evaluating the stock prices. Nelson suggested that we hire out any work on revaluing the stock as we are not experts at this. David and Brent suggested that the stock price remain low to encourage new shareholders.

Brent made a motion that PIDCO authorize Nelson Chipman to contact Attorney Sonny Wyland for legal opinion with regards to stock valuation. Ren seconded this motion. The motion was carried.

LAND AND WAREHOUSE UPDATE
Brent reported that Manufacturing Services no longer wants to purchase the warehouse. They are interested in leasing for $9,000 per month; PIDCO pays property taxes and nothing else. They are interested in a Six-month term.

Whitley Products has some interest in buying the building as a 2011 project.

Ren moved that we approved the terms of the lease. Nelson suggested engaging Sonny Wyland for lease terms. Gordon seconded the motion; motion carried.

There was discussion over the $45,000 that Pregis owes PIDCO for removing the office space in the warehouse. David made motion that PIDCO enforce the contract to collect the $45,000. The motion received a second by Ron Liechty. Motion carried. Nelson offered to set an appointment with Sonny Wyland to write the contract.

7th ROAD
Brent reported that the Marshall County is in the process of deciding on route between new US 31 and 7A Road. Alignment A passes through PIDCO land. The commissioners seem to like Alignment A.

Ron May made a motion that the PIDCO Board of Directors go on record supporting Alignment A. Greg seconded the motion; motion carried. Mark offered to write a letter stating PIDCO’s support.

Meeting was adjourned at 1:00 pm.

Respectfully Submitted,

Christine Morrow 9/20/2010