By PJ Martin
The August meeting of the Edmonton Metcalfe Industrial Development Authority (IDA) was held on Monday, August 22nd. All were in attendance except Mark Linkous.
Chairman Wes Jolly made his apologies and corrected his misunderstanding of the Resolution voted on by the Metcalfe Fiscal Court discussed at the last meeting.
“With regard to this verification of fiscal court plan resolution for TVA/RDAAP funds, first of all, I want to apologize. Some of the information that I shared with you at our last meeting was incorrect…to my understanding that those TVA/RDAAP funds had been approved through fiscal court to be used for the payment of the cost overrun. Not the case…The motion that was made at fiscal court and approved is that the TVA/RDAAP funds are being designated to the IDEA board to pay down debt on the existing building. Meaning the TVA loan and the ESB loan that we have currently on that facility,” explained Jolly.
This use will adhere to the TVA/RDAAP standards of use for the funds. Once the funds are used to pay the current debt on the spec building, this will free up the equity in the building allowing the IDA board to borrow the money for the cost overrun of the fit-up for the stave and cooperage.
Judge/Executive Harold Stilts noted that the current TVA funds available are $308,974, but the 2023 funds will not be available until sometime after mid-August. Once the remainder is received the total available will be $462,820.
The amount remaining on the TVA loan is $265,035.04 and the remainder of the ESB loan is $133,835.13 for a total to be paid with the RDAAP monies of $398,870.17.
An audit of the IDA for the year 2021 was completed by Taylor, Polson & Company with clean results. The members approved the draft of the audit which is now cleared for the auditors to send to the Dept. of Local Government (DLG). This will bring the IDA up to standard and allow them to receive the TVA RDAAP funds.
An update was presented for the South Industrial Park. Judge Stilts stated that Scott, Murphy & Daniel were almost finished with their work on the fit-up of the building for Pennington Stave. They were beginning work on the pond and drywall was being hung in the bathrooms. Also, the subcontractor was there installing the sprinkler system. This leaves the wait for the switch gear due to arrive in September.
The next meeting is scheduled for September 19th at 2 p.m. at City Hall.