It’s Payback Time
Front left clockwise: Terry Garrett, Jerry Garmon, Lisa Boswell, Mayor Doug Smith, and Matt Gallagher. Photo by PJ Martin
By PJ Martin
Editor
The Herald-News
The Edmonton/Metcalfe Industrial Development Authority (IDEA) held its regular May meeting on Monday, May 20th. Absent from the meeting were Judge/Executive Larry Wilson and Donna Caffee.
A quorum was present and the minutes from the April 15th meeting were approved with no changes.
The monthly financial report was presented by Secretary/Treasurer Alley Bragg for the period of 4/15 – 5/20/24. Payments were made on the BRADD loan of $1,476.20 and the Edmonton State Bank loan of $6,866.79.
Bragg also stated that the TVA/RDAPP funds were received on 4-16-24 in the amount of $153,846. This will allow the payment of loans which had been discussed at earlier meetings.
The board voted and agreed unanimously to pay off the loan from the City of Edmonton in the amount of $38,686.26 and also voted and agreed to pay off the loan from Metcalfe County Fiscal Court in the amount of $38,686.26. Next, the board voted to pay off the loan from BRADD in the amount of $34,032.09.
After those three loans were taken care of, the amount of RDAPP monies left was $42,441.39 which the board agreed to pay on the Edmonton State Bank loan. This will leave the balance of the board’s account at $28,839.
The budget for FY 2024-2025 will begin on July 1st and it was voted and agreed upon unanimously to take the payments of $10,941.90 made each month by Pennington Stave Company and pay those on the Edmonton State Bank loan. The full balance of the loan as of May 20th was $781,289.32.
With no other business to discuss the meeting adjourned.
The next meeting is scheduled for Monday, June 17th at 2 p.m. at the Edmonton City Hall.
