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EDA property debt and hold costs consume more than half of draft budget, members say
Summary
Members warned the EDA's property-related debt and holding costs (about $45,000 debt service plus ~$17,003.50 hold costs) push property spending above 50% of the budget, constraining programming and staff capacity.
Dan and several board members highlighted that debt service and property hold costs are the largest drains on the EDA’s draft 2026 budget. Dan gave a debt-service total near $45,000 and itemized approximately $19,000 to the Cable House, $10,000 to the Panel 1 Building (fire hall site), and $16,000 tied to the Holmquist Building. He also estimated annual property-hold costs around $17,003.50.
"If we're gonna continue to hold property in the short term ... we are gonna have to increase that repair and maintenance budget," Dan said, noting several hold costs fall off at different times over coming years. Members agreed that with roughly 55% of revenues tied to property and debt, the EDA’s capacity to fund new initiatives such as studies or expanded façade grants is limited without selling assets or reallocating costs.
