SCDA Approves FY 17 Budget, Property Acquisition Fund

The Stephens County Development Authority is setting aside money to help with buying property if it is needed in the future.

On Thursday, the Development Authority voted to put $50,000 into an account at a local financial institution as seed money for a property acquisition fund.

Stephens County Development Authority Executive Director Tim Martin said that the fund is possible in part because the Development Authority was able to come out ahead in the just completed fiscal year.

“Because of a one-time fee that we received from the Nifco KTW, a bond financing fee, we did have some additional revenue last year that was not anticipated and the board voted to use those funds to establish a dedicated Property Acquisition Account for the purpose of, at some point in the future, when we need additional industrial properties, we would have a fund we could use for that purpose,” said Martin.

Martin said the Development Authority hopes to grow the fund in future years.

However, he said it is not something that is included as a budget item to do so at this time.

Speaking of budgets, the Development Authority approved its Fiscal Year 2017 budget on Thursday.

Martin said the budget is slightly lower than the Fiscal Year 2016 budget, but it is balanced and reflects an aggressive program moving forward.

He said the city of Toccoa and Stephens County’s contributions remain the same to the Development Authority this fiscal year.

“We again are extraordinarily pleased and thankful that both the city of Toccoa and Stephens County are both supporting the Development Authority efforts in the same amount as they did last year,” said Martin.

In other action at Thursday’s Stephens County Development Authority meeting, the Development Authority board welcomed new member Stacy Miller.

Miller began serving on the board as of July 1 as she took over as chair of the Toccoa-Stephens County Chamber of Commerce board.