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EDTA votes to ask Pryor Creek council to allocate $300,000 from police building sale for economic development
Summary
The Pryor Creek EDTA voted to recommend that the city council transfer $300,000 of the $419,320 sale proceeds from the old Pryor Police Department to the EDTA for property purchases and incentives to attract businesses throughout the city; trustees discussed intended uses and next steps.
The Pryor Creek Economic Development Trust Authority voted to recommend that the city council allocate $300,000 of the $419,320 proceeds from the sale of the old Pryor Police Department to the EDTA for property acquisitions or incentive programs to attract businesses across the city.
Chair (speaker 1) outlined the draft recommendation and said the goal is to use the one-time asset to strengthen the EDTA's capacity to acquire vacant commercial properties and offer incentives rather than absorb the proceeds into general budget lines. "I would like to see some of those funds being used for that," the chair said, noting prior EDTA projects that led to new housing and commercial activity.
Trustees discussed possible uses, including buying small lots for resale to builders, creating incentive grants for storefronts, and using the funds to match other grants. Several trustees said keeping the funds under the EDTA's control would allow quicker action and continuity with the trust's prior projects. One trustee flagged that some uses might be constrained by bond or fund restrictions and urged attention to bond terminology.
The EDTA made a motion to send the $300,000 allocation request to the council; the motion carried by roll-call vote. The Chair said the recommendation will appear on the next council agenda and that initial indications from councilors are supportive. If council approves, staff will be authorized to seek quotes for investing the funds or to proceed with EDTA-authorized uses per the agreement.
The trustees emphasized that the proposed allocation is intended for economic development functions citywide and not for unrelated operational expenses. The recommendation does not itself transfer funds; final action rests with the city council.
