After recently receiving $40,000.00 from Drew County and $30,000.00 from the City of Warren, the Southeast Arkansas Intermodal Authority Board voted to pay off a loan with Commerical Bank in the amount of $64,147.19 plus interest of $857.95. This leaves the authority with $13,405.22 in cash. Another $75,000.00 is expected sometime in the future from the State of Arkansas as authorized by the General Assembly. The authority has some modest recurring monthly expenses such as electrical cost and accounting services. The monthly financial report continues to list the following receivables from the two counties and two cities that created the intermodal authority:
*Monticello-$23,348.40
*Warren-$29,293.42
*Drew County-$4,100.36
*Bradley County-$177,342.96
It should be noted that BradleyCounty has ceased to contribute cash to the intermodal for construction projects and matches to state and federal grants, and has begun to provide onsite in- kind labor to maintain and improve the intermodal site. County road crews and equipment are conducting work on the site as needed and the county is credited with the amount spent.
When the intermodal was originally created and grants were received from the state and federal government, each of the four local governments agreed to provide the matching funds and share the cost 25% each. That system has long ago ceased to exist as Drew County, Monticello and Warren have continued to contribute various amounts as approved by their respective quorum courts and the Warren City Council. That is why the loan was originally taken out, to provide the matching money for the subsequent grants received. If the four local governments pay the amounts listed as owed on the financial statement, the intermodal will end
up with a healthy amount of cash for further use or operations. There are additional construction expenses potentially pending related to the railroad crossing. The interrmodal expects to continue to receive $75,000.00 per year from the state for the foreseeable future.
The board did not have a quorum in attendance but did gain approval of the minutes, the financial report and authorization to pay off the loan as the result of securing another members vote by phone.
The members present reviewed a proposed letter to be sent by Garver Engineers to Union Pacific Railroad, Genesee & Wyoming Railroad and the Arkansas Department of
Transportation in an attempt to secure action on the rail crossing issue that has been pending for some time.
The board members expressed their pleasure that the loan has been paid in full and the authority is currently debt free. They also talked about the need to get some type job creation business in the intermodal park and it was stressed by the chairman and several other members that the authority would likely have to give property away free to companies which desire locate in the park.
*Monticello-$23,348.40
*Warren-$29,293.42
*Drew County-$4,100.36
*Bradley County-$177,342.96
It should be noted that BradleyCounty has ceased to contribute cash to the intermodal for construction projects and matches to state and federal grants, and has begun to provide onsite in- kind labor to maintain and improve the intermodal site. County road crews and equipment are conducting work on the site as needed and the county is credited with the amount spent.
When the intermodal was originally created and grants were received from the state and federal government, each of the four local governments agreed to provide the matching funds and share the cost 25% each. That system has long ago ceased to exist as Drew County, Monticello and Warren have continued to contribute various amounts as approved by their respective quorum courts and the Warren City Council. That is why the loan was originally taken out, to provide the matching money for the subsequent grants received. If the four local governments pay the amounts listed as owed on the financial statement, the intermodal will end
up with a healthy amount of cash for further use or operations. There are additional construction expenses potentially pending related to the railroad crossing. The interrmodal expects to continue to receive $75,000.00 per year from the state for the foreseeable future.
The board did not have a quorum in attendance but did gain approval of the minutes, the financial report and authorization to pay off the loan as the result of securing another members vote by phone.
The members present reviewed a proposed letter to be sent by Garver Engineers to Union Pacific Railroad, Genesee & Wyoming Railroad and the Arkansas Department of
Transportation in an attempt to secure action on the rail crossing issue that has been pending for some time.
The board members expressed their pleasure that the loan has been paid in full and the authority is currently debt free. They also talked about the need to get some type job creation business in the intermodal park and it was stressed by the chairman and several other members that the authority would likely have to give property away free to companies which desire locate in the park.
No comments:
Post a Comment