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SIDA reports CD maturities and town-shop reimbursements as SIDA balance falls
Summary
SIDA Chairman Ron Orr reported a checking balance of $154,877.08 with pending loans and CD holdings; a $75,000 cashier’s check for Town Shop rehab and outstanding forgivable loans were listed, and CDs maturing in January 2026 were documented.
At the Dec. 9 meeting the Smyth Industrial Development Authority (SIDA) presented its financial statement. Chairman Ron Orr said the checking balance as of Nov. 28, 2025 was $154,877.08, with outstanding obligations including two forgivable loans ($10,000 and $23,000) and a $75,000 cashier's check previously issued for Town Shop rehabilitation. SIDA holds certificates of deposit that mature in January 2026 and reported a residual bank balance after transfers and obligations.
The SIDA report given to council included prior deposits and reimbursements to the town and noted a potential reduction in an old Town Shop reimbursement of $67,400 pending documentation from Stantec. Orr provided line-item entries and CD maturities; council used the SIDA report as background during the Town Shop conveyance discussion and subsequent fund-account creation.
The SIDA financial packet and ledger entries were included as part of the council meeting materials; SIDA’s pending obligations and the timing of CD maturities were flagged as items the council may revisit for budget planning.
