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EDA to move $300,000 into county capital fund; Falling Branch Phase 2 grading underway
Summary
EDA staff reported renewing CDs (rates down to 3.69%), $82,611 interest received for the year, and a plan to move $300,000 (town funds) into the county capital fund; Falling Branch Phase 2 grading is in progress and a $95,895 payment on Nov. 15 covered grading work.
EDA staff briefed the Montgomery County Economic Development Authority on cash positions and an active construction contract. Staff said the authority held two certificates of deposit funded in part from the FedEx building sale and that one of the CDs was $850,000; staff proposed removing $300,000 (identified as funds from the town of Christiansburg) and placing it into the county capital improvement fund so those dollars appear in the county CIP. Staff said both CDs had been renewed at 3.69 percent and that the authority had received $82,611 in interest for the year.
On Falling Branch Phase 2, staff said grading work is ongoing, describing the project map as 'red' for cut and 'blue' for fill and that cut work is roughly 30% complete. Staff reported a November 15 payment of $95,895 allocated for grading work. Site conditions include up to 24 inches of topsoil that contractors are scraping and storing; staff said the topsoil may be made available to other county departments or stockpiled and seeded. The team has encountered and repaired four karst features (three shown on plans plus a fourth found in the field) but said the project remains manageable. The EDA approved the purchase order (funded from EDA reserves) and staff scheduled a pre-construction conference with the vendor for 2:00 p.m. today to align roles and next steps.
Staff cautioned that wetter weather could affect earthwork pace but said current progress is satisfactory.
