Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Officials flag net deficit in economic development fund and look for $18,000 subsidy
Summary
Staff told commissioners the economic development fund continues to operate with a net deficit and declining fund balance; Brady and Rob discussed options to subsidize about $18,000 to prevent further shortfall.
Rob told the commission the economic development and growth fund has operated with a continuing net deficit and the fund balance is declining; he said studio rent recovery has improved the net asset position somewhat but the fund could use a subsidy. “If there is a way to find a way to subsidize that 18,000,” Brady said, suggesting revenue or sales-tax growth could help avoid a chronic deficit.
Discussion covered the job development authority (historically assessed at 2 mills) and industrial park rent that brings in about $9,450 annually, typically paid in two installments. Brady suggested paying off land if no projects are committed by January to make offerings more competitive, but commissioners requested more analysis before committing funds.
