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EDC reports sales-tax growth, Los Velas Road bids and multiple commercial permits
Summary
EDC staff reported a month-to-month sales-tax increase of 3.78% and a 9.4% year-to-date rise; staff said four bids were received for Los Velas Road and several commercial building permits and tenant improvements are underway, including a 12,893-square-foot research center valued at $1.8 million.
At its January meeting, the Rio Grande City Economic Development Corporation reviewed its financial packet and project updates, which included rising local sales-tax receipts, an engineering recommendation expected for Los Velas Road and progress on new commercial permits.
EDC staff said the latest sales-tax deposits showed a 3.78% increase month to month and a 9.4% increase year to date compared with the prior year. The packet also reported the EDC is about 25% through the fiscal year and that the EDC—s operating budget is currently at approximately 8.46% of planned expenditures; staff noted that some projects had not yet drawn funds and several construction pay applications were pending.
Staff told the board there were four bidders for the Los Velas Road project; the engineer reported one bid within the expected budget and was verifying references. The board was told the engineer will recommend a bidder to the EDC when vetting completes.
Separately, staff reported active work on the Villanueva subdivision and the DHR Medical Plaza: three buildings are under construction and a permit was issued for a 12,893-square-foot research center with a construction valuation reported at $1,800,000. Staff also said Little Caesars will occupy a Dollar Tree Plaza location (address given in packet as 3167) and Ross has received a finish-out permit and expects interior work to finish in 30 to 45 days.
The director said the EDC is ready to distribute three Small Business Boost grants the following day, naming the recipients as Magic Creations, Finding Barbershop and Angry Burgers. Staff said the grants are funded from a $15,000 line item in the EDC work plan; the EDC will present the checks and photograph recipients. Staff also said Main Street facade grant interest remains active and additional applications are pending.
Board members asked staff to monitor overtime and payroll accounting after the holidays; staff confirmed some overtime pay had been required for events and that staffing shortages (a main street coordinator on maternity leave earlier in the year) had temporarily increased workloads.
Ending: Staff will return with a formal recommendation on the Los Velas bid after reference checks and will report back to the board after the Small Business Boost check presentations.
