07.15.2024 EDC MinutesEDC Meeting Mi nutes -July 15, 2024 Pag e 2
2.Consider approval of the Economic Development Corporation FY 2024-2025 Budget.
Ta mara Smith, Assistant to the Town Manager, presented the FY 2024-2025 budget for
review, comparing the current year's budget against the proposed budget for FY 25. Revenues are
projected to decrease from $753,125 to $675,000, reflecting conservative sales tax estimates
despite an increase in interest income. Expenditures are projected to increase from $634,426 to
$653,965, mainly due to the addition of legal services. Personnel expenses were reallocated to
include 15% of both the town manager and assistant to the town manager, with an additional
$10,000 for administrative services transfer red to the general fund. Expenditures also include
provisions for professional outside services and the Thrive Business Grant Program, projected at
$150,000 for FY 25. The advertising budget fluctuates based on promotional items needed for
Economic Development Corporation events. Ms. Smith and To wn Manager Wright answered
questions from the Boa rd.
President Mann moved to approve the Economic Development Corporation FY 2024-2025
Budget. Director Longo seconded the motion.
VOTE ON THE MOTION
AYES: Mann, Rybeck, Longo, Borgan, Hinshaw, Calaway
NAYES: None
ABSENT: Addington
VOTE: 6-0-1
3.Discuss updates from the small area plan meeting held on July 8, 2024.
Ms. Smith and To wn Manager Wrig ht provided an update on the small area plan for Tr ophy
Wood Drive, reporting on the kickoff meeting with McAdams held on July 8th. Key discussions
included calendar coordination, document requirements, and vision objectives for the area. The
McAdams team emphasized creating a distinct identity and sense of place, considering
community input, and engaging property owners early in the process. The plan involves ongoing
biweekly updates, community engagement strategies like focus groups and surveys, and ensuring
transparent communication. The goal is to make the area a destination that reflects community
desires and attracts both local and external visitors.
ADOURN
President Mann adjourned the meeting at 7:34 p.m.