The Monticello Economic Development Commission has agreed to establish an economic development war chest using non-tax revenue to help fund future economic development projects in Monticello, according to Bennie Ryburn III, president of the MEDC.
Ryburn said the MEDC board approved a motion by MEDC board member Bill Wisener to set up such a fund using proceeds from the future sale of a piece of property the MEDC acquired through a land swap with CenterPoint Energy, and future profits from The Ridgeway, an MEDC-owned apartment complex for senior citizens.
The MEDC recently traded a lot at its industrial park for CenterPoint Energy property on Chester Street, west of former W.C. Whaley Elementary School. The Chester Street property is valued at about $40,000.
The MEDC war chest, which will be funded with non-tax revenue, is separate from a city-funded economic development war chest which is funded with city sales tax revenue.
The city war chest currently has a balance of approximately $200,000. It is also used for economic development projects.