KDI Member Wants To Step Up Economic Development
July 28, 2016 at 4:25 p.m.
With a local funding request of $400,000 for the next four years on the line, Max Courtney took the Kosciusko Development Inc. executive board of directors to task Wednesday, advising them to get serious about economic development.
Courtney, KDI chairman Roger Moynahan and KDI president Joy McCarthy-Sessing approached the county council this month, requesting $100,000 each year for the next four years to bring new companies to the county.
The funds are available in the economic development income tax money. The county receives $2.5 million in EDIT funds; most of that, $1.9 million, is allocated to pay for the Justice Building renovation including the jail expansion. About $600,000 is left to spend on economic development, Courtney said.
At the council meeting and yesterday he presented charts illustrating that KDI's economic development budget was $68,000. Half the funding came from the county council; the remainder came from contributions by the city, towns, businesses and other members. Huntington County spent $138,000 on economic development; Fulton County, $150,000; Grant County, $183,000; and Wayne County, $700,000.
Kosciusko County expended 92 cents per person toward economic development in 2003; Elkhart County, $1.50; Grant County, $2.47; Whitley County, $7.13; Fulton County, $7.50; Wayne County, $9.86; and Wabash County, $11.43.
KDI member and county council representative Bob Sanders advised the board to get a business plan in place prior to the council's next budget hearings, which begin in June.
Courtney said he was shocked at a recent Chamber meeting "which many of you attended, and a Grace College representative talked about their incubator.
"No one said anything! No one said 'Let's talk about it!' We're sitting here like fat cats and not doing anything."
He said with Warsaw's expanded wastewater treatment facilities and three to four residential subdivisions offering affordable housing under construction, the time to push economic development is now.
He said everyone will prosper from new companies and new employees. He asked members to write the council in support of the request.
Moynahan talked about the recent rural development grant award of $90,400, which will be available as low-interest business loans. Lake City Bank, Mutual Federal Bank and Farmer's State Bank also contributed $25,000 each. Part of the application requirement was $75,000 in funds from other investors.
KDI will receive about $10,000 for administration fees, leaving $144,000 available for loans. That amount can increase when other investors make contributions.
"This is not a donation but a low-interest-bearing investment," Moynahan said. "And there is some risk involved if the business doesn't pay the money back."
The funds will be held at Lake City Bank.
The board also:
• Heard another "Starting Your Own Small Business" seminar will be March 15 from 2 to 4 p.m. Cost is $25. The session will be held at the Warsaw/Kosciusko County Chamber of Commerce, 313 S. Buffalo St., Warsaw. Participants will get a realistic view of requirements to begin a business: sources of information, legal requirements, the feasibility of your business idea and starting out on the "right foot." Registrations must be prepaid by March 11. Call the Chamber at 574-267-6311 for more information.
• Heard Small Business Development Center counselor Jim Gregar saw 10 clients in January.
• Heard the 12 Department of Commerce regional offices have been reduced to five offices. Offices are in South Bend, Merrillville, Indianapolis, Madison and Evansville.
Pending legislation will make these DOC offices a part of the Indiana Economic Development Corp. with Pat Miller as Secretary of Commerce under Gov. Mitch Daniels.
• Heard the chamber is sponsoring a workshop on identity theft March 24 from 7 to 10 a.m. and a half-day conference about IOSHA with Joe Moorhouse of the Indiana Bureau of Safety Education and Training. For more information about these business outreach programs, call the Chamber.
• Added a seat on the executive board for a Grace College representative.
The next KDI meeting is March 23. [[In-content Ad]]
With a local funding request of $400,000 for the next four years on the line, Max Courtney took the Kosciusko Development Inc. executive board of directors to task Wednesday, advising them to get serious about economic development.
Courtney, KDI chairman Roger Moynahan and KDI president Joy McCarthy-Sessing approached the county council this month, requesting $100,000 each year for the next four years to bring new companies to the county.
The funds are available in the economic development income tax money. The county receives $2.5 million in EDIT funds; most of that, $1.9 million, is allocated to pay for the Justice Building renovation including the jail expansion. About $600,000 is left to spend on economic development, Courtney said.
At the council meeting and yesterday he presented charts illustrating that KDI's economic development budget was $68,000. Half the funding came from the county council; the remainder came from contributions by the city, towns, businesses and other members. Huntington County spent $138,000 on economic development; Fulton County, $150,000; Grant County, $183,000; and Wayne County, $700,000.
Kosciusko County expended 92 cents per person toward economic development in 2003; Elkhart County, $1.50; Grant County, $2.47; Whitley County, $7.13; Fulton County, $7.50; Wayne County, $9.86; and Wabash County, $11.43.
KDI member and county council representative Bob Sanders advised the board to get a business plan in place prior to the council's next budget hearings, which begin in June.
Courtney said he was shocked at a recent Chamber meeting "which many of you attended, and a Grace College representative talked about their incubator.
"No one said anything! No one said 'Let's talk about it!' We're sitting here like fat cats and not doing anything."
He said with Warsaw's expanded wastewater treatment facilities and three to four residential subdivisions offering affordable housing under construction, the time to push economic development is now.
He said everyone will prosper from new companies and new employees. He asked members to write the council in support of the request.
Moynahan talked about the recent rural development grant award of $90,400, which will be available as low-interest business loans. Lake City Bank, Mutual Federal Bank and Farmer's State Bank also contributed $25,000 each. Part of the application requirement was $75,000 in funds from other investors.
KDI will receive about $10,000 for administration fees, leaving $144,000 available for loans. That amount can increase when other investors make contributions.
"This is not a donation but a low-interest-bearing investment," Moynahan said. "And there is some risk involved if the business doesn't pay the money back."
The funds will be held at Lake City Bank.
The board also:
• Heard another "Starting Your Own Small Business" seminar will be March 15 from 2 to 4 p.m. Cost is $25. The session will be held at the Warsaw/Kosciusko County Chamber of Commerce, 313 S. Buffalo St., Warsaw. Participants will get a realistic view of requirements to begin a business: sources of information, legal requirements, the feasibility of your business idea and starting out on the "right foot." Registrations must be prepaid by March 11. Call the Chamber at 574-267-6311 for more information.
• Heard Small Business Development Center counselor Jim Gregar saw 10 clients in January.
• Heard the 12 Department of Commerce regional offices have been reduced to five offices. Offices are in South Bend, Merrillville, Indianapolis, Madison and Evansville.
Pending legislation will make these DOC offices a part of the Indiana Economic Development Corp. with Pat Miller as Secretary of Commerce under Gov. Mitch Daniels.
• Heard the chamber is sponsoring a workshop on identity theft March 24 from 7 to 10 a.m. and a half-day conference about IOSHA with Joe Moorhouse of the Indiana Bureau of Safety Education and Training. For more information about these business outreach programs, call the Chamber.
• Added a seat on the executive board for a Grace College representative.
The next KDI meeting is March 23. [[In-content Ad]]