The Mexico Industrial Development Authority Board hasn’t met in more than five years but did so this week because there may be a need for its services soon.
The meeting was held on Monday, …
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The Mexico Industrial Development Authority Board hasn’t met in more than five years but did so this week because there may be a need for its services soon.
The meeting was held on Monday, May 21 at City Hall. At the meeting, members got reacquainted with what the board does in addition to electing new officers and tying up loose ends with the board’s bank accounts.
The board hasn’t met since November of 2017 because there’s been no reason to meet with no business before the board. However, Mexico City Manager Bruce Slagle said that could change.
“We don’t have any businesses before us now but we have talked to a couple that very well could come forward so we wanted to make sure our paperwork and filings are in order so if that happens we’re ready to move,” Slagle told the board.
The last project the city worked on with a business was the Arthur Center which provides mental health services to the public. The board helped the center open a new location in Mexico in 2015.
Slagle said the board provides an avenue for industrial or non-profit organizations to get tax-free financing through the city.
“We’re giving them the authority to use the city’s ability to borrow,” Slagle said.
Slagle said the purpose of the board is to grant permission for the organization to use the city’s authority. Slagle said the financing is all based on the organization’s credentials.
“It’s all done on that business’s ability to borrow and ability to pay and their credit rate,” Slagle said.
Slagle said most of the leg work is done by the city’s staff and attorney’s before it reaches the board.
“Usually before it comes to us we’ve already vetted it, our attorneys have looked at it and have agreed it’s okay to do this,” Slagle said.
The board also has open accounts with three different banks. The board will explore combining those accounts. Board members include Melissa Chastain, Brendan Webber, Jim Medley, Heather DeMint, Ben Steinman, Daniel Norman, and Eric Richardson. Non-voting city representatives include Amy O’Brien, assistant city manager/economic development, Roger Haynes, deputy city manager, and Mexico City Manager Bruce Slagle.
