The Oktibbeha County Economic Development Authority will operate with a leaner budget than last yearâ€™s, with several factors contributing to the dropoff, an official said.
The OCEDA board of directors adopted its current-year budget at its meeting Monday night.
Afterward, Board President Jack Wallace provided an overview on the essential differences between the near-term spending plan and the one for the previous year.
The 2009-2010 budget was about $693,000. The coming fiscal year is around $591,100.
The principal reason for the nearly $100,000 drop-off was a $48,974 Tennessee Valley Authority loan OCEDA paid off, Wallace said. A $40,000 grant no longer on the books and a break in rent to Camgian Microsystems also contributed to the smaller budget figure, Wallace said.
Camgian took over the space in the Multi-Tenant Building previously used by Cypress Semiconductors, and officials offered the company two years of rent-free space to â€śsalvage 15 very professional jobsâ€ť and it has â€śbeen a very good investment,â€ť Wallace said.
Camgian is slated to move into the new multi-tenant building across Research Boulevard from their current facility in the coming months.
Though the revenue from the cityâ€™s 2 percent food and beverage tax has been â€śreally exceptional,â€ť the budget is â€śbare bonesâ€ť and officials are acting conservatively, Wallace said. OCEDA receives 15 percent of the receipts for the revenue stream.
In other matters, the OCEDA board:
â€˘ Heard GSDP President and CEO John Maynard says a study has been completed on an 1,143-acre first phase tract near the Hickory Grove Road interchange with U.S. Highway 82. Officials have said at least a portion of the property could be a potential site for development for heavy manufacturing.
â€śItâ€™s ideally suited for a lot of things and weâ€™ve made a step in the right direction with that ... property,â€ť Maynard said Monday.
â€˘ Listened to Sturgis Mayor Walter Turner recap his efforts to find a suitable use for wood waste generated by the Sturgis Mat Co., a company which makes mats to support heavy equipment traveling in and out of soggy areas.
After the meeting, Maynard said heâ€™s proposed to OCEDA that officials look into how best to market several potential industrial sites around Sturgis â€“ including the mat company â€“ and perform the required due diligence.
â€˘ Heard Maynard say Tennessee Valley Authority is helping to update a master plan for the Cornerstone Industrial Park and include possibilities for surrounding areas.
â€˘ Voted to keep Wallace as president, Joe Williams as vice president and Bobby McClelland as secretary-treasurer for the fiscal year.
â€˘ Met in executive session to discuss prospective business.