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Tue August 25, 2009
LCEDG to Conduct Capital Campaign
Fort Madison, IA – The Lee County Economic Development Group is ready to embark on a capital campaign.
In early 2007, the Lee County Board of Supervisors agreed to gradually cut funding to the organization. The plan called for LCEDG to receive $300,000 in the FY 08 budget, $270,000 in the FY 09 budget, and $240,000 in the FY 10 budget.
LCEDG Chairman Mike Holtkamp says the cut in public funding has prompted the need for private dollars. "It would help with our marketing efforts and our ability to promote Lee County and the businesses we have here," says Holtkamp, "and to also bring in businesses without putting all the burden on Lee County.
Holtkamp says LCEDG will use a $7,000 contribution from the Board of Supervisors to hire a consultant. The supervisors approved the contribution during their August 25 meeting.
Holtkamp says the consultant will help the organization determine the amount of money to be raised and how long the campaign will run. In February, Holtkamp said LCEDG was working with nearly two-dozen potential businesses.
Highlights of Campaign Timeline
Within 6 weeks : Research and build case for capital campaign through interviews
Weeks 8-10 : Create at least three different funding scenarios
Weeks 10-12 : Develop a donor list
Weeks 12-14 : Develop solicitation materials
Weeks 14-16 : Provide training/coaching for solicitation.