Council approves new EDC board

The City Council approved the initial board of directors for the newly formed Olney Economic Development Corporation, naming seven members to the entity that replaces the Olney Economic Development Corporation. The Council also approved the EDC’s certificate of formation at its July 10 meeting.

Three of the OIDC board members – Ronald Rogers of Rogers Drilling Co., Franklin Fischer of Fischer Engineering, and Tammy Montgomery of Olney Floral and Designs – will sit on the EDC board. The others are Kelly Mahler of Tower Extrusions, Phil Jeske of Air Tractor, Rick Turner, and Johnny Moore of State Farm Insurance.

The Council also discussed in a closed session an opinion by City Attorney Bill Myers as to the OIDC board’s recommendation that Mayor Pro Tem Tom Parker be named as the EDC director but took no action. Mr. Parker abstained from the vote to approve the new board of directors.

The OIDC sought a new corporate designation, changing from a Type A to a Type B corporation in May, to expand the group’s mission. A Type B designation would allow the OIDC to invest in “quality of life” projects in the community, such as the municipal swimming pool, housing, and retail.

Industrial development corporations in Texas are nonprofit corporations funded through sales taxes. Type As are typically created to fund industrial development projects such as business infrastructure, man- ufacturing, and research and development, as well as job training classes and public transportation, according to the Texas Comptroller’s Office.

Type B corporations can fund all projects eligible for Type A, as well as parks, museums, sports facilities, and affordable housing, but are subject to more administrative restrictions than Type A, the Comptroller’s Office said.