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Monday, October 6, 2008

Lake Area Improvement Corporation: Delinquent

...or so says the Secretary of State's website of our local economic development agency. Visit Secretary Nelson online, punch "Lake Area Improvement Corporation" into the corporate database search tool, click the resulting "Active Records," then NS005831, and you get the following:

The folks down in the depot have probably just been so busy flipping the Rosebud property that the deadline (September 30, I think, if I understand the rules properly) just slipped under their radar. The file may even be on Secretary Nelson's desk already, just waiting for someone to scan it into the computer. The late fee appears to be only $25, but hey! That's $25 of our hard-earned quasi-public-private money that could be going for wage subsidies here at home. An economic downturn is no time to fall behind on paperwork! Let's hire Tammy Jo back and get those documents in.

p.s.: The LAIC's 2007 report says the organization held $1,451,146 of property as of August 3, 2007.


  1. Are they still holding a residential property on South Grant or has that money been returned to LAIC from the TIF fund?

  2. That house has been torn down for months.

  3. Yes, it is torn down, but LAIC purchased the house last year for Randy Schaefer. Has that money been paid back to LAIC yet? Paying back LAIC was part of his $300,000 TIF application. Just wondering if all the pieces are being put back in the puzzle.


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