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Town staff urges reconstitution of Economic Development Authority to enable bonds and grants
Summary
Town staff told the council it lacks appointment records for the town Economic Development Authority (EDA) and recommended dissolving and reconstituting the EDA so it can issue tax-exempt bonds and administer streetscape and business development grants. Council did not vote on EDA reconstitution at the meeting.
During staff comments at the Jan. 21 meeting, Mr. Ham briefed council on the status and purpose of the town’s Economic Development Authority (EDA) and recommended action to restore it to full function.
Mr. Ham said the town does not have records showing who was appointed to the EDA or the terms of those appointments. He explained that a properly constituted EDA is necessary for certain financing tools and programs — including the authority to issue tax-exempt bonds and to administer projects such as downtown streetscape grants and business development grants — and that the town should first dissolve the existing body (to clear ambiguity) and then reconstitute it with documented terms.
Mr. Ham’s presentation was informational and intended to guide the council on next steps; council did not take a formal vote to dissolve or reconstitute the EDA at the Jan. 21 meeting. Mr. Ham recommended that council appoint members and set clear terms to permit the EDA to function without limitations.
