Staff limits MDD discussion; board requests closeout obligations and financials

At the start of the special EDC/CDC meeting, staff (S3) briefed the boards on the proposed municipal development district (MDD) creation and dissolution of the development corporations but said the town attorney advised limiting additional commentary to the factual materials previously distributed. Staff indicated an FAQ brochure in the meeting packet and on the town’s website is available to the public.

Several board members pressed staff for a clear accounting of current obligations and fund balances that would need to be managed if those entities dissolve or transfer responsibilities to an MDD. Committee members asked whether funds could be used for infrastructure; staff replied that an MDD could fund infrastructure when it is tied to an economic development project in a commercial or industrial area and could include roads when project-related.

Board members expressed concern about potential loss of institutional knowledge and the ability to transfer priorities to a newly constituted board if council appoints members after an election. Staff said an internal list of ongoing obligations exists and offered to provide a closeout meeting and a detailed list of obligations and fund status if the board requests it; staff noted a closeout meeting could be scheduled in May if the election passes.

Board members agreed to compile and email items they want captured for turnover and to request the closeout information from staff. Staff emphasized that the MDD would be governed by a board appointed by council, would have open meetings requirements, and that residents could continue to provide input through the council and future boards.