Both authorities held special called meetings Tuesday to begin the new year. The second JDA was formed to handle Special Purpose Local Option Sales Tax payments to reduce the debt on the 700-acre industrial park and is now taking formal ownership of the property.
The original JDA took care of regular business, including the approval of reimbursement payments to the city and county from industrial payments in lieu of taxes. Melinda Lemmon, executive director of the Cartersville-Bartow County Department of Economic Development, also explained extra expenses occurred during the 2012 operating budget.
“We were 3.1 percent over budget in operating this year,” Lemmon said. “But we took on some expenses associated with the second JDA and the projection was that we were going to be about 8 percent over budget — so I’m actually pleased with this. And just to remind you, even though we’re over budget, that was, I think, a worthwhile investment to save about $5 million in interest financing.
“And even though we were over budget, the cash flow was still positive.”
During the second JDA’s called meeting, the authority approved steps for taking on responsibilities tied to Highland 75 as the park’s first tennant, voestalpine, makes way for their pressed-metal division manufacturing facility.
The second JDA approved Century Bank for the home of their operating checking account and approved a bid from the Association of County Commissioners of Georgia for insurance coverage on the volunteer board members and various liabilities on site.
An intergovernmental agreement between the two authorities defining covenants and restrictions regarding Highland 75 was tabled until details are finalized.