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EDC finishes FY 2010 in black

ALBANY, Ga. -- The Albany-Dougherty Economic Development Commission closed out Fiscal Year 2010 on "sound financial footing," President Ted Clem told his board of commissioners Wednesday.

According to financial documents presented to board members, the EDC finished the fiscal year, which ended June 30, with $282,000 and more than $300,000 in reserve funding.

The increase in revenues is largely thanks to funding generated

through the Albany Area Chamber of Commerce to support an initiative to use Cornerstone, a company the EDC and Chamber believe can help keep MCLB-Albany off the Base Realignment and Closure Commission's radar.

"So we ended the year on sound financial footing, and are moving forward with this year's budget," Clem said.

Board members also discussed an upcoming event that will bring business owners from around the country into Albany in an attempt to grow business opportunities for the U.S. Marine Corps Logistics Command, which is headquartered at MCLB.

The event, which is hosted by LOGCOM, will take place at the Albany Civic Center on Aug. 12. The EDC will host a reception the night before at the Hilton Garden Inn downtown.

"It's a great opportunity for us to showcase our city and county and really put our best foot forward in front of business owners from around the country," Clem said.

More than 250 exhibitors have been invited to participate in the event.

In other discussion, Board Chair Bob McKinney thanked the EDC staff for their work putting together last week's ribbon cutting for the Coats PLC distribution center.

The company has already began an expansion of the center that will ultimately create a 400,000-square-foot facility and add 25 new jobs.

The board also agreed to allow Clem to serve on a Tax Allocation District Advisory Council on a temporary basis until a permanent person can be found.

That advisory council will consist of three delegates from the city of Albany, two delegates from the Dougherty County Commission, three from the Dougherty County School Board and one from the EDC.

It will oversee and manage projects undertaken in the TAD District, which includes downtown Albany and part of East Albany.