By Bob Vlach
Woodford Sun Staff
The Woodford County Economic Development Authority (EDA) board approved a budget for the next fiscal year, which begins July 1, at its June 26 meeting.
The budget includes spending $7,000 for an audit, $6,000 for rent, $2,500 for Industry Day, $2,500 for marketing and website maintenance, $2,500 for an intern, and $1,000 for legal fees, Treasurer Maria Bohanan said. Total projected expenses of $62,500 will leave a balance of $78,600 at the end of fiscal year 2027, she said.
Later, the EDA voted to proceed with an audit this fiscal year at a cost of up to $6,500, a fee that is lower than what was budgeted. “We don’t have to do (an audit) until next year,” said Bohanan. “But we all felt it was prudent” to proceed with an audit before spending Community Development Block Grant (CDBG) funds.
The CDBG program fund had a balance of $54,649.61 as of June 23 after a $3,643.73 lease payment was received from Bluegrass Distillers, according to Bohanan’s financial report. She said someone from Bluegrass Area Development District will come to the EDA’s August meeting to explain how CDBG money can be spent.
“Hopefully,” said EDA Consultant Lucas Witt, “you can get creative on the uses of (those dollars) and pour it back into the community, helping businesses…”
The EDA board also approved a financial report (as of June 23), with a beginning balance of $141,246.76 (including interest) and an ending balance of $137,878.76, after paying $3,368 in expenses.
Yokohama-related approvals
The EDA board approved paying its share of an “earnest payment” – an upfront deposit that a buyer makes when offering to purchase a property – for the acquisition of the Yokohama property. The $33,333.33 payment is included in next fiscal year’s EDA budget.
Bohanan said the earnest payment will be reimbursed to the EDA after the property is sold. The City of Versailles and Woodford County Fiscal Court are closing on the purchase of the industrial property at 105 Industry Drive for $8.5 million.
Witt said Versailles put up the entire $100,000 for the earnest payment, and has invoiced the EDA and Fiscal Court for equal thirds of that payment, which will be recouped after the Yokohama property is sold.
The EDA authorized its board Chair Michael Michalisin to sign the closing documents on the purchase of 105 Industry Drive, and approved an updated real estate listing agreement for the property and an agreement with Perfection Group to maintain the industrial building’s 27-unit HVAC system at a cost of $2,300 a month.
Yokohama financial details
Michael Duckworth, who is running for Woodford County judge-executive, asked the EDA to share the Settlement Statement – an itemized record of the financial details of the purchase – with people in the community after closing on the purchase of the Yokohama property. He was told that wouldn’t be a problem.
EDA officers
The EDA board voted unanimously to make no changes during its election of officers, so Michalisin will continue as chair, Anna Beth Bobbitt as vice chair, Bohanan as treasurer and Paul Schreffler as secretary.