At a joint meeting of the Crockett City Council and the Crockett Economic and Industrial Development Corporation (CEIDC), the CEIDC board voted to terminate the corporation and approve a plan to wind up and distribute its assets. The City Council later approved a corresponding resolution accepting the termination and authorizing an interlocal agreement with the CEIDC to prepare and execute documents needed to complete the dissolution.

The vote followed an executive session in which city attorneys briefed both bodies on legal matters related to the CEIDC, including pending lawsuits. On reconvening, an EDC member moved to approve a resolution terminating the CEIDC and approving a termination-and-distribution plan and an interlocal agreement; that motion was seconded and the board’s motion carried. The City Council then considered the same resolution, moved and seconded it, and voted to accept and approve the plan and interlocal agreement.

City officials said the interlocal agreement authorizes preparation and execution of the documents required to wind up the CEIDC “in accordance with state law.” Council and EDC members noted that, because the EDC voted to dissolve, certain actions (including payments or other disbursements from CEIDC accounts) are constrained while the wind-up is implemented. Several speakers cautioned that unresolved disputes could lead to court filings; the mayor and council referenced the possibility that the matter could ultimately be decided by the courts if parties do not reach agreement.

The resolutions direct staff and legal counsel to prepare the paperwork needed to complete the dissolution and to transfer assets consistent with the approved plan. Council members said the city will receive additional documentation and that, if necessary, the city will take further action when those documents are presented for final approval.