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EDC reviews financials; board broaches McAllen Street project, wayfinding and property acquisitions
Summary
Finance staff reported sales-tax receipts were trending above the prior year in late 2024, and the board discussed several capital priorities including the McAllen Street project (estimated at about $2 million), wayfinding signage and a possible property purchase—projects that will require further cost updates and council involvement.
Montgomery EDC finance staff reported on December 2024 financials and sales-tax trends and the board used the update to explore funding options for several planned capital projects, including McAllen Street improvements, wayfinding signage and a possible property purchase.
Mary Anne, the city finance staff member at the meeting, told the board that sales tax for October–December 2024 trended about 20–40% above the prior-year months, and that the EDC’s pooled cash and investments total roughly $2.7 million. She also noted $705,000 sits in the general fund pool that is part of the overall cash picture discussed during the meeting.
Project planning and funding constraints Board members raised the McAllen Street project as a near-term capital need and cited an estimated project cost of about $2 million. The EDC does not have authority to issue debt; members emphasized that the city is the entity that would hold debt if financing were required. Staff and the board discussed that EDC funds can be used to acquire property or toward infrastructure projects, but such work typically involves coordination with the city’s capital-project process, public hearings and council action.
Wayfinding and property items Board members asked staff to update pricing for wayfinding signs and to bring a narrower list of recommended signs and locations back to the EDC for approval. Staff said prior packets contained estimates but that pricing may need updating. The board also requested an agenda item to discuss how to finance or reserve funds for McAllen Street and to confirm which projects are prioritized for immediate spending.
Ending Staff agreed to return to the EDC with updated wayfinding pricing, clarified property-status documentation and a financing discussion for McAllen Street at the next meeting; council approval will be needed if financing or site closures are required.
