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Halifax County IDA approves 2014 budget, re-elects board leadership
SoVaNow.com / June 30, 2014The Halifax County Industrial Development Authority (IDA) on Friday approved a $2.29 million budget for the coming year, based mostly on lease payments that form the bulk of the organization’s revenue.
Money for the IDA comes from several major sources: rent of $521,966 on Buildings One and Two at Riverstone Park; another $111,610 in rental income from other IDA properties; plus almost $1.19 million from the ABB expansion.
The other major source of funding is the Halifax County Board of Supervisors, which earmarked $460,461 for the newly approved budget.
In approving the budget, IDA directors indicated that changes may be needed as the fiscal year goes forward, although they did not indicate what changes they have in mind. The new fiscal year begins Tuesday, July 1.
The IDA also approved a two-year custodial contract with Klenco for $44,400 to cover the period of July 1, 2014 to June 30, 2016. Executive Director Matt Leonard said approval of the contract would mean an annual savings of $15,000 to $17,000 in custodial expenses.
Board members also voted unanimously to re-elect the current officers to serve another year. John Cannon will continue as chairman, Butch Blanks as vice chairman and Garland Ricketts as secretary-treasurer.
Leonard reported that work on Phase II of the Southern Virginia Advanced Manufacturing Center (formerly Daystrom) is underway at the facility’s front entrance and parking lot, with completion expected in September. He also reported that he expects to issue a request for proposals for design of Phase III improvements to the SVAMC next month, with completion expected by September 2015.
Leonard also said he is looking into the possibility of a technical assistance grant opportunity from USCIP to assist the local Halifax County Service Authority with the mapping of local water and sewer lines.
“This will be very helpful to us in marketing our properties,” he noted, adding that $150,000 is the estimated cost of the work. It will require a local 25 percent match. 477
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