A One Year Deal
In back (L-R): Chad Pennington, Mayor Doug Smith, and Secretary/Treasurer Allie Bragg; Table (Clockwise): Chairperson Lisa Boswell, hidden is Donna Caffee, Jerry Garmon, Matt Gallagher, Terry Garrett, and Luke Wilson. Photo | PJ Martin
By PJ Martin
Editor
The Herald-News
The Edmonton – Metcalfe Industrial Development Authority (IDA) met on Monday, June 2nd, in a special called session with only 2 items on the agenda.
The following board members were in attendance: Chairperson Lisa Boswell, Terry Garrett, Jerry Garmon, Luke Wilson, Donna Caffee, and Matt Gallagher. Also in attendance were Edmonton Mayor Doug Smith, Judge/Executive Larry Wilson, PJ Martin of The Herald-News, and Chad Pennington of Pennington Stave Company.
Once a quorum was acknowledged, Chairperson Lisa Boswell immediately asked for a motion to go into a closed session per KRS 61.810(1)(g). That motion was made by Gallagher, seconded by Wilson, and approved.
The closed session lasted approximately 20 minutes, and the motion was made to return to the open session.
Chairperson Boswell began by asking for a motion for the action taken.
Gallagher made the motion as, “Well, the discussion is that if we would do an addendum for separate depending on what the attorneys say, we need to do 12 months with a balloon payment at the end for the amount of interest that we are currently paying, 5.75 instead of the 4% that you originally had on that money…and we revisit in a year…
Garrett seconded the motion, and the other members approved.
With no way to get the paperwork completed in time for June, it was noted that the full payment would be made for June ($10,941.80) and the new payment of $6,866.79 would begin in July.
Boswell stated, “And then the other question that came up is, Chad, would you be willing to pay for the attorney for the document creation of the contract?”
To which Pennington replied, “I’ve gotta talk to my partners. I’m sorry. I’ll talk to my partners.”
Each side will need to talk to their legal team and find out if it needs to be a full contract agreement or if it can be done as an addendum.
Pennington had one more question, stating that he had to look at all the options. “If we had somebody that wanted to buy the stave mill, would we be able to sell it to them?”
“I don’t think it is transferable,” replied Boswell. Pennington added that he meant if the loan was paid off.
With that clarified, Boswell answered, “Oh, once you paid us? Yes. Oh, yeah, you get a clear title, because once you pay that off, it’s yours.”
After a motion to adjourn by Matt Gallagher and a second by Donna Caffee, the meeting adjourned.
The next regular meeting is scheduled for Monday, June 16, 2025, at 2 p.m. at Edmonton City Hall.
