Avard Regional Rail Park Authority now debt free
January 22, 2021
Members of the Avard Regional Rail Park Authority met this past Tuesday evening, some via the video conferencing app Zoom. Those members were Todd Holder and Bob Firth, and, although not a member of the authority, former Woods County Economic Development Committee Director Sonja Williams. In-person members were Stan Bixler, Ed Sutter, and Allan Poe. Current WCEDC director, Neal Williams, was also present, along with Woods County Clerk Shelley Reed.
After roll call and approval of the last meeting's minutes, the group voted to convene in executive session. When they opened the meeting back up, they took no action on matters discussed in the session.
They moved on to talk about possible action with Emblem Strategies – an Edmond-based company that specializes in providing expertise relating to bylaws; policies; board development; strategic planning and assistance with finance, government, academia, business, and economic development.
Back in November, the board decided to formally engage with the company in hopes of building a sophisticated website for the economic advancement of both the Avard Regional Rail Park and Woods County. Sutter requested a representative from Emblem Strategies come for an in-person meeting. Bixler said he would try to make that happen.
The next agenda item was infrastructure expansion. Sutter asked about the tree removal and ground sterilization around the temporary building and fence line at the rail park.
In October of last year, the board members accepted a $3,000 bid from a landscaping company called MRF to do the work. Neal Williams said the work isn't completed yet, but it will be. Some highway projects impeded the company's ability to complete the work, but Williams said it should be done soon, and agreed to stay on top of it.
Finance Report
Holder remotely answered questions the board asked. He said payment on a land lease had been paid and the check deposited. A TIF (tax-increment financing) check for $70,000 was also deposited and reflected on the balance sheet.
TIF financing is a public financing method that's used as a subsidy for redevelopment, infrastructure and other community improvement projects.
Sutter asked if more tax-increment financing money will be received, to which Reed said yes. Sonja Williams added that last year's big TIF payment was almost $28,000 and came in April. The Park Authority received $100,213.90 total TIF money in last year's fiscal year. So far this fiscal year, about $75,000 has been received.
Holder said there was nothing outstanding outside of insurance premiums payable in the future and also $53,270 for the general obligation bond. That bond was sold by Woods County as agreed by the county's commissioners. Reed said that the entire amount was waived by the county.
Holder said the authority is "eternally grateful" for that and mentioned getting some documentation to reflect the waiver. The county clerk said she sent over that documentation already, but would send it again to ensure it was received. Once received, that $53,270 liability will be removed from the balance sheet, and the rail park deemed debt-free. The board approved the finance report.
Reader Comments(0)