Keene Type A board approves June financial report; members hear development updates and a resignation

The Keene Economic Development Corporation (Type A) voted to approve the minutes of its July meeting and accepted the financial report for the month ending June 30, 2025, during a meeting that opened at 9 a.m. and adjourned at 9:26 a.m.

The vote followed a presentation of the June financials and updates on recent and prospective development in the city, including a local 380 economic incentive payment tied to Tractor Supply and an earmarked $250,000 for improvements in the industrial park. The board also heard public-comment announcements from the Keene Chamber of Commerce and was told that long-serving board member Wes Ram has resigned because he and Cheryl are moving out of town.

Board staff member Boyd presented the June financial report and described the authority’s revenue streams as sales tax and interest income. Boyd said the money market balance was $265,944.07 and that the authority’s broader money market holding as of June 30, 2025, was $426,046.60. He said the board remains about $84,000 short of the budget target (described in the meeting as “350,” i.e., $350,000), which the board has set for the past three years and has not met in that span. Boyd attributed much of the expense side to a 380 agreement payment tied to Tractor Supply and said expenses in the period were in excess of $156,000.

"We have to spend money to make money, and this is because of the 380 agreement that we paid out to Tractor Supply," Boyd said. He told the board the $200,000 item shown on the financial slide represented money the board had allocated for Tractor Supply and that the payment was made in July.

Boyd also outlined interest-rate activity for the authority’s cash holdings, saying monthly interest had been at 3.87% and that the city had secured an interest rate of 4.00% for the next 12 months with Pinnacle Bank. He said retail activity is expected to boost sales-tax receipts in coming months, noting Tractor Supply opened (reported as beginning to generate sales in June) and that sales-tax reporting timing means related receipts should appear in August and September collections.

Public commenter Paul Knott, speaking on behalf of the Keene Chamber of Commerce, described upcoming chamber events and noted the chamber had raised its lunch fee by $20. Knott listed the chamber’s schedule, including a luncheon and a reception for departing board members. "It's a really good program," Knott said of the chamber luncheon and the planned reception for Cheryl and Wes.

During administration remarks, the board president announced that Wes Ram and Cheryl are moving to Salado and that Ram has resigned from the Type A board. The president said the board is planning a farewell and acknowledged Ram’s contributions to the city.

Board members and staff provided development updates: city administration reported that the Sunset Ridge subdivision had been accepted into the city and that 17 home permits have been approved pending builder closings and payment of permit fees; site work permits for an apartment project across from the Tractor Supply site have been issued and work on utilities and erosion control is under way; and the board discussed outreach to a small Baptist church adjacent to the industrial park whose cemetery dates back to the 19th century and whose road access has been a concern for residents. The board reported earmarking $250,000 in the coming year to address water and temporary road stabilization in the industrial park area.

A board member said discussions with a prospective land buyer for the Dane property are ongoing and that the prospect could create jobs and a new entrance to the industrial park if negotiations proceed. No sale or agreement was finalized during the meeting.

The board approved the July 16, 2025, minutes and the June 30 financial report by voice votes; no roll-call tallies were recorded in the minutes.

Looking ahead, board members said they will continue developing guidelines for smaller-business incentives and consider forming a small committee to welcome and help new businesses, with ribbon cuttings and networking coordinated with the chamber. Staff said they are waiting for guidance from the secretary of state on an EDC-related matter and will place that item on a future agenda when information is received.

Votes at a glance: The minutes of the July 16, 2025, regular Keene EDC Type A board meeting were moved to be approved and seconded; outcome approved by voice vote (tally not specified). The June 30, 2025, financial report was moved, seconded and approved by voice vote (tally not specified).