Minutes of Board of Directors Meeting - 2/3/04

Regular Board Meeting called to order at 1:00 p.m. by President Mr. Stonebraker. In attendance were Mr. Stonebraker, Mr. Schloss and Mr. Bettag. Also present were Mark Brady of the St. Louis County Economic Council, Greg Hayden of the St. Louis County Gaming Selection Committee and one Citizen of the District, Tom Call.

The purpose of the meeting was for St. Louis County Economic Council Representative Mark Brady to present the Board with information and revenue projections for the Lemay Fire Protection District if Pinnacle is selected for the casino project.

Mark Brady indicated the Lemay Fire Protection District would receive $770,885 in real property taxes and $445,787 in personal property taxes for a total of $1,216,672 a year. The money would come from St. Louis County in lieu of taxes since the National Lead site is owned by the County. The revenue projections were based on the assessed evaluation of the Pinnacle project times the Lemay Fire Protection District tax rate.

Mark Brady indicated the Selection Committee would make their decision on February 10, 2004.

Motion by Mr. Schloss to adjourn meeting at 1:35 p.m., 2nd by Mr. Bettag. Roll call vote, all ayes.

Respectfully submitted,



Jerry G. Schloss, Secretary

JGS/pgv