The Grayson County Economic Development Authority on June 26 discussed a previously approved $35,000 allocation for a local business and agreed to hold the disbursement until a signed performance agreement is returned. The board also voted to approve updated financial statements with changes staff will make.

Board members discussed that the business owner’s building sustained fire damage and that the EDA had prepared, then voided, a payment while staff finalized an agreement. A staff member reported having a performance agreement and a letter from a steel supplier confirming materials and costs; the staff member asked the board whether the $35,000 should be all a loan or whether some could be retained as a performance-based grant.

Clay Wright, a board member, participated in the discussion about presentation options and consistency for applicant appearances. The board agreed staff should email the agreement to members and provide a hard copy for review before any disbursement.

On a motion to approve the financials, the board directed staff to make the presented changes (the motion asked staff member Nikki to apply those edits). A motion to approve the financial statements passed; the transcript does not include a roll-call vote listing individual yea/nay names.

The EDA also discussed related operational details: checks that had been prepared were to be held until the agreement is executed; staff will present any modifications requested by the board; and the applicant may be scheduled to appear at the next meeting rather than using a staff proxy. No additional loan documents were signed during the meeting.

The board instructed staff to circulate the performance agreement and supplier letter, and to schedule the applicant to appear at the next meeting if members wanted to question the business directly. Staff and members discussed verifying insurance and other risk factors before final disbursement.

Minor business items in the same segment included routine checks on outstanding tax-payment eligibility for a small number of applicants and the status of previously-encumbered items; staff said two of three outstanding payments have been issued since the last meeting and one remained unsettled.

The board adjourned after completing the agenda items.