2008: Another year gone by

To the editor:
    Another year gone by! Where does the time go? It seems as if 2008 has been long, and fairly hard, for everyone. We’ve been busy this year, lending just under $800,000 in monies – which leveraged $1.3 million in commercial loans in our community. All the while, we’ve talked fairly extensively with the Caribou City Council about what their expectations are with regard to their Economic Development investment.     I’ve been told this last year I am our organization’s corporate memory, and while I never had any particular plan to be that to the CCC&I, it does seem to have happened. For the better part of the last decade, I have been doing the loans, the accounting, and over time, gradually more and more of the traditional ‘chamber things” have grown on me – to the point they feel as if they’re mine: my Yard Sale, my Santa’s Arrival — you get the picture. But of course they are not mine, even if I do have the privilege of stewardship of being the “Corporate Memory” for the CCC&I for now. They are ours: this is our community, our Caribou Cares About Kids, our Vikings, our downtown, our heritage, our futures. We are all in this together.
    The city of Caribou has given our organization $155,000 six years in a row. For that investment (which by the way is the smallest expense in the city of Caribou’s 2007 audit for “Governmental Expenses” at just less than one half of 1 percent of the city’s expenses), our current loan clients paid $175,000 in just their property taxes in 2007. For that investment of $155,000 those loan clients (not including those who have received loans, and subsequently have paid us out) will have paid over $200,000 in property taxes for 2008. For that investment, we sold one piece of land this year, which will leverage an investment just short of $500,000 in tax valuation to the city of Caribou upon completion by 2010. We have over $2 million out in commercial loans to Caribou businesses, right now. Since our merger in 2000 – we have assisted 68 businesses with GAP financing, leveraging just over $10 million in commercial investment. We’ve been involved in a variety of “incentive packages” which have helped bring or retain businesses in the community which have ranged greatly over the years: some smaller packages have helped buy down rental costs for an incoming business over a period of time (helping them offset their overhead costs); purchasing buildings, which more than tripled the tax value of the buildings, bringing with them multi-million dollar payrolls, and secondary impacts of hundreds of thousands of dollars to Caribou, and literally dozens of secondary service jobs.
    Our Downtown has never been emptier than it is at this year end. We must rally together during these tough economic times, and not lose focus, that we are ourselves, our greatest assets. Caribou celebrates its 150th birthday this year, and on the chamber side of things, our theme is “It’s a Birthday Party All Year Long,” and we have a few “special events” geared towards the little ones (stay tuned — they’re going to be good ones!)
    On the serious, economic development side of things: we have several new projects we’re working on for 2009, including a restructure of our Loan Committee to involve representation from all the financial institutions in the community, thus freeing our Board of Directors to focus the majority of their time to (that ever changing definition): development. Joe Sleeper will be re-joining us as our Board President, and we have several new Directors, who we believe will bring new perspectives, as we consider, where should we go from here.
    We hope to work in close collaboration with the Caribou City Council, and travel that path together, to revitalize our community. We continue to believe small business is the absolute backbone of our economy, and that the small business owners are our greatest assets/resources as we look to sustaining and growing a community worthy of our children staying here after they obtain their educations, and move into adulthood. I believe we are well worth the investment to the city of Caribou. I say this to a fair amount of people and say — but of course I’m fairly biased, and one member said to me just last week, “well, you’re supposed to be, we want you to be … without that feeling of investment, what good would you be, what kind of office would this be…” I took it as a compliment.
    So it has been a long year, and I know there are many of you out there thinking the same thing, times are tough, and everyone’s holding tight to what we have. We can weather the coming year, an investment in our infrastructures and our small businesses is more important now than ever, but surely if our forefathers could do it the last 150 years, we can too: together. I believe this organization is well worth the investment of the tax dollars Caribou gives us to effect economic retention and growth. Have a safe and prosperous New Year. We appreciate your support and continued commitment to our community.