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GEDC requests approval to return about $3.4 million surplus to taxing bodies; board approves
Summary
Nancy Norton of the GEDC asked the board to approve a surplus distribution of roughly $3.4 million and noted two remaining rebates; the full board voted to approve the surplus and distribution as presented.
Nancy Norton of the GEDC reported to the committee that the GEDC recommends declaring a surplus for Economic Development Project Area No. 1 and returning roughly $3.4 million to taxing bodies, which the memo described as about 80% of that year’s revenue.
Norton said the full report and distribution memo were in the packet and noted two remaining rebate obligations — one for Airgas and one for Telog — that would be paid in full for one more year. "We would request a motion to approve, the surplus and the distribution," Norton told the committee.
The Chair asked for a motion to approve to the full board; the motion was moved and seconded (first by Deb, second by Matt) and the Chair declared the motion carried on voice vote.
The meeting record also noted that Eric Rasmussen has replaced Greg on GEDC and that Norton was available to answer questions in follow-up if board members had any.
Next steps: The board approved the surplus distribution as recommended by GEDC; payment of the noted rebates will proceed as indicated in the GEDC memo.
