Gaylord’s Economic Development Authority is proposing to hold the line on its 2011 budget.
At the group’s meeting Monday, the board approved keeping their budget amount the same in 2011 as it was in 2010. The EDA’s 2010 budget totals $26,394.
The most expensive line item in the budget for 2010 is EDA administration. $19,200 is budgeted for services provided by Region Nine.
In other business, the EDA :
• Approved converting its existing checking account to a money market account. This will allow the EDA to earn a higher interest rate on its funds. .05% interest is currently being earned on the checking account, while .98% can be earned on the money market account. With a money market account, the EDA is allowed six transactions per month. A $2,500 minimum deposit is required. As of July 30, there was $15,164.48 in the EDA general fund checking account.
• Was given an update by Brent Pearson, EDA coordinator, about possible events at the U of M school of dentistry that could be used for recruiting an additional dentist to Gaylord and Sibley County. The EDA discussed having Region Nine speak to the group, explaining a business recruitment plan.
• Learned that a potential local buyer for the Entegris building in the industrial park is planning to come to the September 1 council meeting with a proposal. The local buyer is also interested in land adjacent to the building, according to City Administrator Kevin McCann.
• Was informed that the Housing Task Force is working with Southwest Minnesota Housing Partnership regarding the mobile home park. The task force is to attend the South Central Multi-County HRA meeting, the group that owns the mobile home park, and provide a plan for improvements.
• Held a closed session to discuss terms of a lease with Ibberson in the industrial park, and the sale price for vacant lots in the industrial park.