Present were:

Patrick Gillespie, President; Mark Proudman, Treasurer; Robin Rosen, Secretary; Michael Jacobs, Business Administrator; Joseph Arena; Michael Spina

Absent were:

Mayor Jim Phillips; Peter Davis, Vice-president; Edward Testino, Councilman; Russell Azzarello; Michael D'Agnes; Laheri Mehta; Raj Patel; Larry Redmond; Kevin Ruffler; Ellen Ritchie; Nick Smolney

The meeting was called to order at 6:45 p.m.

Salute to the flag was followed by roll call.

Statement was made that the meeting was held in accordance with the requirements of the Open Public Meeting Act.

Mark Proudman gave his Treasurer's Report and Bill List for February 2006.

A motion was made by Joseph Arena and seconded by Robin Rosen and unanimously agreed upon for the approval of the February 2006 Treasurer's Report and Bill List.

A motion was made by Mark Proudman and seconded by Joseph Arena and unanimously agreed upon for the approval of the February 8, 2006 Meeting Summary report. Mike Spina abstained from the vote.

New Business

The County is offering a county wide economic summit on March 14, 2006. It primarily deals with work force development. It is part of the Middlesex County Regional Chamber of Commerce business expo week. Mark Proudman will be attending and will also be representing the Economic Development Corporation.

The Economic Development Corporation has received a notice to renew their membership with the Old Bridge Chamber of Commerce for an annual fee of $125.00. Vicki DeMarco will be the contact person to receive all the information on upcoming events to present them to the EDC Board.

A motion was made by Mark Proudman and seconded by Joseph Arena and unanimously agreed upon to renew the 2006 annual membership to the Old Bridge Chamber of Commerce in the amount of $125.00.

Chuck Fallon, CPA, attended the meeting to present the December 31, 2005 and 2004 financial statement of the Old Bridge Economic Development. He passed out a "draft" report to all the board members. Mr. Fallon reported on the balance of the EDA grant, which is now approximately $10,000.00. Mr. Fallon also mentioned that since Russell Azzarello retired on December 31, 2005 he received his final paycheck the first week in January 2006. That will create a quarterly report to the pension board. Since the EDC has terminated the services of the payroll company in December 2005, Chuck Fallon has offered his service to do the final quarterly report. In Mr. Fallon's summation, the audit showed no instances of noncompliance that are required to be reported under Government Auditing Standards. Patrick Gillespie asked the Board if they had any questions. Mr. Gillespie suggested that procedurally before the Board accepts this report, it should be finalized and marked "Final". Mr. Fallon will be issuing a "Final" report shortly. Mr. Gillespie stated that the Board will not take a vote on the audit this evening until the final document is in front of them. If something does come up, Chuck Fallon will be available to come back to the Board.

On a new subject, Mike Jacobs received a phone message through his office from a gentleman, Walter Daly, who is interested in putting up a hotel in town. Mike spoke with the gentleman and referred him to Ellen Ritchie, director of Community Development. She will be meeting with him next week.

Patrick Gillespie also mentioned to the Board that the next monthly meeting will be set for April 19, 2006. Mr. Gillespie suggested that due to the holidays and light agenda in April, that the April 19 meeting be cancelled. The Economic Development Corporation has just begun getting resumes for the Executive Director's position. Mr. Gillespie feels that unless there is someone whom they feel is ready to be brought to the Board, he recommends that we wait until the May meeting. We will also finalize the audit by May. All board members present agreed to cancel the April 19, 2006 meeting. All public notification will be made.

Mr. Gillespie opened the meeting to the public. There were no comments.

A motion was made by Patrick Gillespie and unanimously agreed upon to adjourn the meeting. The meeting was adjourned at 7:25 p.m.