| |
Budget Hearing Pending for Redevelopment Commission
(posted 8.24.09)
The Speedway Redevelopment Commission is planning to present a budget to
the town council, although Executive Director Scott Harris said it was
not mandated by law. No date has been set for the budget presentation.
The commission's balance as of August 19 was $16,030, and the Redevelopment
Authority's balance was $2,121,706.
The SRA received a $3 million bond anticipation note, minus a $15,000 fee, from Oppenheimer on July 22. Since that time the commission averaged $36,000 per day in expenses. The authority passed a resolution in 2008 giving commission access to its account.
The commission has not returned the $100,000 borrowed from the town's general
fund, even though the money is no longer needed for the International Village
purchase that failed. The town council was challenged by Jo Ellen Dotlich
during public comment prior to passing the resolution authorizing the loan.
Harris told the council at its June 8 meeting that the loan was an "unplanned"
expense, necessary to carry out negotiations with Resource Real Estate
to purchase International Village. The money was placed in escrow as a
refundable deposit. During negotiations, the commission agreed to spend
$40,000 of its June 1 $58,000 balance to cover appraisals, title search
and environmental surveys. The authority had a $77,780.37 balance on June
1.
According to Clerk-Treasurer Sharon Zishka, "Because of flow of funds
and an accounting program glitch the money ($100,000) does not show as
going in and out; as it is a 'temporary loan'. However, the SRC is carrying
this as a payable which will show in a balance sheet and will be repaid
as discussed previously." The county has stated that tax funds will
be sent out on August 28.
|
|