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DDA treasurer: balance sheet healthy, large Lumen receivable noted
Summary
The DDA treasurer reported a positive balance (about $117,000) aided by $250,000 in loan installments from the city and noted a large outstanding receivable from the Lumen project; board members discussed using incoming funds to reduce loan draws.
The DDA Treasurer reported that the authority's balance sheet is "about 117,000 right now in the black," citing $250,000 in loan installments from the city as a factor in the positive position.
The Treasurer also said a large receivable from the Lumen project is outstanding and discussed a figure in the meeting that sounded like roughly $1.8–1.9 million. Board members said receipt of the Peachtree flip payment and the Lumen payment would improve liquidity, allow the DDA to stop additional draws on the city loan and could make it possible to retire about $100,000 in remaining obligations. The Treasurer recommended running formal numbers and presenting them to the board, and members requested a legal opinion before making binding decisions.
The board did not adopt a final direction on use of proceeds at the meeting; members asked the Treasurer to prepare scenarios for the next meeting and to clarify outstanding receivable amounts.
