The RDAPP Money Comes With Questions
Clockwise from left: Josh Devore, Lisa Boswell, Donna Caffee (by phone), Mayor Doug Smith, Jerry Garmon, Matt Gallagher, and with his back to the camera is Judge/Executive Larry Wilson. Photo | PJ Martin
By PJ Martin
Editor, The Herald-News
The Edmonton Metcalfe Industrial Development Authority met in regular session on Monday, August 17th at City Hall.
Those in attendance were Lisa Boswell, Josh Devore, Matt Gallagher, Jerry Garmon, Donna Caffee (by phone), Mayor Doug Smith, J/E Larry Wilson, Alley Bragg, and PJ Martin for the Herald-News.
Chairperson Boswell opened the meeting and asked for a motion to accept the minutes from the July 27th special called meeting. The minutes were approved after motions by Garmon and Gallagher.
The treasurer’s report was presented by Bragg, “On July 31st, we added the ESB interest of $3.01, and then today in the mail, we received the Pennington Stave Company payment of $6,866.75. So, we will have $47,135.47.”
The financial report was approved after motions by Caffee and Devore.
Boswell said, “And the next thing on the agenda is Pennington Stave. Josh, I think you’ve got some info for us.”
“We did go out there and do the inspection (appraisal), so we’re just waiting on it to be put together. There’s really not a whole lot that we can do today without that, other than just discuss our options. I have made several phone calls, talked to a lot of community members. I’ve talked to some, talked to Eric Sexton, Bradd. I’ve talked to other people that have been involved in idea development boards elsewhere.”
“And the only thing that I have against doing exactly what the proposed buyer wants to do, Chad wants to do, is they want to buy the property for $575 or $550 and then wipe the remainder of this debt away. I don’t think that we can. Honestly, myself, I can’t say that I would be for wiping the rest of that debt.”
The hesitance on Devore’s part concerns the TVA money (RDAPP) that the Industrial Board has used to pay down the ESB loan and whether it needs to be repaid or not. Or if it was specifically documented that it must be paid on the debt.
After a lengthy discussion about the stipulations of the agreement and/or contract and whether it states specifically or not that the TVA money must be paid on the loan for the Pennington Stave Company, it was decided to table the issue until the next meeting. The paperwork needs to be located, read thoroughly, and the appraisal documents received.
The board voted to table the item until the next meeting.
Devore stated his opinion. “I think Chad is doing-I think he’s worked his butt off. He can get his thing done, and I know that, I’ve seen it. I believe he’s been honest in his effort. It was a series of unfortunate events that hit him…But what has happened is that all these large stave mill operations have consolidated and are buying in all these small ones. That’s what happened. And he got undercut by a big operation… And he’s not the only one that has gone through this… nobody could predict it.”
“It’s not something that should be just go on his record for bad at all. I think he made a good, honest effort. I don’t think he’s done anything harmful to this community at all. I just wanna say that.”
No other items were brought forth to discuss, and the meeting was adjourned.
