By PJ Martin
The Edmonton Metcalfe Industrial Development Authority met on July 17th with all in attendance except Mark Linkous.
Now that Pennington Stave Company, a project which has taken the last 4-6 years to complete, has begun production, the board is preparing for its next economic project.
“I think it would be very well now, if this board kinda refocused its attention now on, for the time being, on maybe doing other things for established businesses. Maybe even through some kind of microloan program or working with the Chamber of Commerce…I’m just thinking out loud about what this board could be doing from an economic development standpoint and on beyond and again that’s up to your discretion. I’m just coming up with ideas,” stated Chairman Wes Jolly.
Chairman Jolly plans to attend the next fiscal court meeting to request the next TVA/RDAAP monies ($153,838 ±) be transferred over to the Industrial Board. It was determined that the money be used to repay loans from the county ($38,686.26), city ($38,686.26), and BRADD ($47,047.60), and with the remainder, (less than $30,000) possibly pay toward the principal of the loan at Edmonton State Bank.
This is all dependent upon the fiscal court approving the transfer of the TVA/RDAAP funds. A motion was approved to go ahead and add the TVA/RDAAP funds into the budget to be sent to the Department of Local Government (DLG) as required. A budget amendment can take care of any changes needed afterward.
It was especially noteworthy that Pennington Stave Company has already begun selling its product and their loan payments of $10,941.90 began on July 5th. PSC has also fully reimbursed the board for the electric bills prior to the business startup.
The minutes from the June 19th meeting and the finance report were approved. The next meeting is scheduled for August 21st at 2 p.m. at the Edmonton City Hall.