Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council gives first reading to ordinance creating Elkins Development LLC
Summary
The council held a first reading of an ordinance to form Elkins Development LLC, a joint development entity with Randolph County Development Authority holding a 1% interest; the City would retain majority control and the city attorney would serve as manager.
The Elkins City Council on first reading approved an ordinance to form a joint development entity to be known as Elkins Development LLC, a special-purpose vehicle intended to access financing and incentives for local rehabilitation and development projects. The ordinance, introduced as Ordinance 352, is the first of two readings required for final adoption. "This is requesting the approval of a joint development entity, which is basically a special economic development tool," Presenter (Amy) told the council.
Amy and councilors described the proposed ownership and governance: the City of Elkins would hold 99% of membership interest and the Randolph County Development Authority would hold 1%, transfers of membership would require city approval, and the LLC would be manager-managed with the city attorney named as manager. Councilors emphasized that use of historic tax credits and financing were related but not contingent on one another; the presenter said the tax-credit work is "separate and apart from the financing." The first-reading procedural vote advanced the ordinance to a second reading; final action will take place at the next scheduled meeting.
