I.D.A. approves loans

Posted September 25, 2019 at 12:34 pm

The Clinton County Industrial Development Authority is in the business of making secondary loans available for existing or start-up businesses and it continued to do just that at a special call meeting last Thursday morning, September 19 with six of seven members present.

Authority board members met for almost an hour and-a-half, with one hour of that meeting being in closed session to discuss loan prospects for a trio of separate businesses.

Upon returning to open session, the board, on a motion by Shane Smith, voted to approve a loan to York Impressions, LLC.

The board also voted to participate in a loan to Metal Workz LLC, with that loan pending a sufficient cash flow analysis.

The board also voted, prior to adjourning, to approve a loan to C and W Construction.

None of the loans approved gave any specifics, such as amounts or terms, due to privacy issues.

The board also took some actions prior to entering into the lengthy discussion to discuss the loans with perspective clients.

On a motion by Smith, they voted to support a Clinton County Fiscal Court resolution for a grant application to be applied for through TVA in the amount of $105,000, which if approved, would be used for economic development.

During discussion, it was noted that such funding could be used for things like infrastructure, for example, possibly purchasing land or a spec building, something the IDA has not owned themselves for the past several years.

IDA Director April Speck then presented board members a proposal from South Kentucky Economic Development (SKED) offering a possible technical assistance grant through the ARC (Appalachian Region Commission) to set up a website for the IDA, which is yet to have such a webpage.

It was noted the cost would be $4,000 for the first year and $5,000 the next three ensuing years, or about $19,000 total.

Following a brief discussion, board members felt that price was too high and a website could probably be set up a lot cheaper.

On a recommendation by board chairman Jarred Witham, Smith made a motion to reject the SKED grant application proposal with all members voting yes.

The board also voted to pay claims and bills before entering into its executive session on loan prospects.

The next regular meeting of the Industrial Authority is scheduled for November 14 at 11 a.m. at the IDA-Welcome Center and is open to the general public.