The selection, made during the second JDA’s annual meeting Thursday morning, came after the authority sent out proposals to Bartow County banks.
“We got four responses and some respectful declines,” said Cartersville-Bartow County Economic Development Executive Director Melinda Lemmon. “Of the four responses, the proposal from NorthSide Bank was selected by the board after
The accepted proposal, Lemmon explained, is a combination of a money market account and taking part in the Certificate of Deposit Account Registry Service.
“All balances are placed in the CDARS program until needed, then the maturities would be transferred to the money market account for the distribution of a payment. So what this is is really a collection of [certificate of deposits] where the lengths can range from four weeks to multiple years with varying interest rates depending on the length of time, particularly in the market rates of the time,” she said.
The second JDA, which owns the Highland 75 industrial park, while the first JDA manages it, is slated to receive $13,073,354, or 38.6 percent, of the 2014 SPLOST. The funds will be used to pay off the debt, Lemmon said, which could save as much as $5 million in interest.
“It’s a substantial savings and really helps position our community for ... economic development opportunity,” Lemmon said.
During its meeting, the second JDA also approved its $14,000 operating budget for 2014 and elected its officers. None of the positions changed, with Eric Strickland continuing to serve as chairman, Malcolm Cooley as vice-chairman, Ronnie Evans as treasurer, Ed Brush as assistant treasurer, Greg Frisbee as secretary and Carlos Calhoun as assistant secretary. Also serving on the JDA board are David Caswell and Lamar Pendley.