The Clinton County Industrial Development Authority held a productive regular meeting last Thursday, November 14 with four of seven members present. Those present included vice-chairman Barney Latham and board members Randy Jones, Randy Speck and Dawn Tompkins.

Clinton County Judge/Executive Ricky Craig was also in attendance for the session which saw several issues being discussed, including more loan prospects moving forward.

Board vice-chairman Barney Latham chaired the meeting in the absence of chairman Jarred Witham, with the first item of business being to approve previous meeting minutes.

IDA Director April Speck then discussed TVA and the opportunities available.

The board suggested that chairman Witham reach out to Tommy Fitzgerald and try to purchase the “long brown building” close to Adanta in the former county industrial park, for $153,000. This is in hopes of attracting an industrial prospect at the location on north Hwy. 90.

Speck also reviewed all loans, the only one being in default at this time is Patriot Industries, but they have explained their situation due to cash flow with their raw materials. She noted Patriot had made two loan payments since the board’s last meeting in September and are caught up to July.

After a brief discussion, the board scheduled its annual Christmas banquet for Thursday, December 5 at 6 p.m. at Horseshoe Grill.

Latham also discussed the 2020 Chamber of Commerce fireworks show and following a brief discussion, the board voted to sponsor $1,500 towards next year’s fireworks show that is put on at the back lot at Mountain View Park.

Speck also discussed the Albany FirePup Program and a motion was made by Randy Jones, seconded by Randy Speck, for the IDA to sponsor some 75 kids for that program.

It was noted that Debbie Brown’s term on the board will end in December and her vacancy will be filed by the Clinton County Fiscal Court at its next meeting on November 21.

Brown also had served as IDA board treasurer and Shane Smith was appointed by the board members as new board treasurer beginning January 1, 2020. He will be added to all three local banks as a check signer.

Speck then discussed with the board a potential joint loan with Kentucky Highlands to Albany Plumbing and Electric. She noted she had talked to Tim Albertson of AP&E that morning and he was favorable towards the proposal presented.

The IDA and Kentucky Highlands would invest certain undisclosed amounts for a loan to the existing business. On a motion by Dawn Tompkins, the board voted to proceed with that particular loan prospect.

Speck also advised the board she had been in contact with (attorney) David Cross on several occasions on behalf of Michael Warinner, who is apparently pursuing a business related loan, as well as Edgar Davis with Kentucky Highlands, which has proposed a 4 percent interest loan over a 35-year period with the IDA to borrow the money on behalf of Warinner for this business related loan.

After approving claims and bills, the approximate one hour and 10-minute meeting was adjourned. The next regular meeting of the Industrial Development Authority is scheduled for Thursday, January 9, 2020 at 11 a.m. at the IDA-Welcome Center. The meeting is open to the general public.