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Tazewell County IDA accepts short-term $160,000 loan from Board of Supervisors, approves routine financials
Summary
The IDA accepted a 90-day, 0% interest $160,000 loan from the Board of Supervisors to cover low account balances while grant reimbursements are pending and approved monthly invoices and bank statements unanimously.
At its Oct. 8 meeting, the Industrial Development Authority of Tazewell County approved a short-term loan from the Board of Supervisors and cleared a slate of routine financial items.
Economic Development Director Tim Danielson told the board the IDA’s balance was low while it awaited multiple grant disbursements. The Board of Supervisors granted a $160,000 loan for 90 days at 0% interest; the IDA approved accepting that loan by unanimous vote.
The Authority also approved the October invoice summary (which included a late $200 check to Gillespie Electric), authorized retroactive approval of September invoices, and approved the September bank statements for the General and Grant accounts. Mrs. Ashley Harris noted a monthly payment from Clinch River Forest Products of $5,952.00. Director Danielson clarified that a recent $12,000 Cox Security invoice covered motion sensors, about a dozen indoor and outdoor cameras and monitoring.
Danielson warned the board that a newly created business questionnaire could be subject to FOIA requests, so staff will frame future outreach as conversational assistance rather than acquiring potentially public records.
What’s next: staff will return with quotes and documentation tied to pending grants and will report back at the next meeting.
