Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, March 8, 1995 TAG: 9503080077
SECTION: CURRENT PAGE: NRV-2 EDITION: NEW RIVER VALLEY
SOURCE: NEW RIVER VALLEY BUREAU
DATELINE: PULASKI LENGTH: Medium
An IDA would be able to issue bonds and make loans to help new or expanding town industries. Town Council's Finance Committee made plans Tuesday to appoint new members.
``We have the mechanics set up. It's just been allowed to lie dormant for the last 15 or 20 years,'' Town Attorney Frank Terwilliger said. The terms of the last members to be appointed have long since expired.
``Depending on whom you appoint,'' he said, ``you can get a lot of expertise.''
The town has been able to make industry loans from its Urban Development Action Grant funds, secured originally from federal sources. The loans go to industries and as they are repaid, the money is recycled and lent to other industries.
``We're in a slightly different position than localities in this whole state because we've got the federal monies available that we've kept segregated for that purpose,'' Terwilliger said.
An IDA would be an additional tool for encouraging industry to locate here. ``This board could also issue bonds,'' Mayor Andy Graham observed.
Finance Committee Chairman Rocky Schrader suggested that the concept be run by council members not on the committee before a formal recommendation is made to the full council.
The committee also discussed a policy for investing town funds and proposals for a new town computer system.
Requests for investment proposals have gone to local banks, which are to return proposals by March 15.
The town got three proposals for a computer system, which would replace the present, outdated one. Town officials want to see how those systems work in communities that are already using them before recommending a proposal to council.
by CNB