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IDA: Gap of $37,633 in budget / September 24, 2012
The Halifax County Industrial Development Authority on Friday approved an operating budget for the current fiscal year that projects a deficit of $37,632.62.

The shortfall represents just over 1 percent of the IDA’s budget of $2,522,048.20 for the 2012-2013 fiscal year. Income is anticipated to come in at $2,485,315.68.

IDA Executive Director Matt Leonard explained that the deficit figure is based on “very conservative” projections of the Authority’s income. “I believe we will do better than what I’ve estimated,” he said late Friday. Leonard also said he hopes the expense side of the budget can be reduced.

But if all else fails, the IDA has sufficient funding reserves to cover the deficit, Leonard said.

Also during Friday morning’s monthly session, board members approved a new branding logo which is being produced by the Glerin Company. Members were presented three logos to chose from and offered strong support for one which they described as being “crisp, modern and clean.”

The logo, which has yet to be publicly displayed, will be used on all of the Authority’s letterheads, business cards and brochures.

Leonard gave an update on parking lot improvements at Riverstone Technology Center, saying the work is ahead of schedule and being done on budget. He said he expects the upgrade to be completed within the next two weeks, weather permitting.

Leonard also said Dominion Power is putting in a new high-powered transformer to insure that the center is well situated for both permanent and emergency electrical sources.

He advised that a reception desk to be placed near the front entrance of Building One will cost some $4,000 for the desk itself, as well as the wiring and needed equipment. Staffing the desk would cost another $40,000 annually, but MBC has already agreed to pay 25 percent of that cost and Faneuil is also considering making some commitment to share some of the cost.

“It would be a good move from the standpoint of hospitality as well as security,” Leonard said.

Since his taking over the director’s position, Leonard said he has completed visits to ten local industries and businesses and has found them to “feel good about the economy in general.” The director said he expects to start scheduling industry representatives to meet with the board in the very near future.

The IDA staff, Leonard said, is preparing a grant request for $1.3 million for the next phase of work at Green View (the former Daystrom building) in the Sinai community. That application is due by Oct. 15, although any announcement of funding is not expected until next spring. He explained that the building — with some 400,000 square feet — is the most attractive one that the Authority has to offer a variety of businesses. He said he hopes 90 percent of the facility will be used for manufacturing.

On the subject of economic development prospects, Leonard said Project Manager Jeff Reed is on a three-week trip in Europe, following up on previous contacts and working with representatives of the Virginia Economic Development Partnership.

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