Monday, June 28, 2010
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ALBANY -- With time slipping away to use the funds, Dougherty County Commissioners voted Monday to transfer $2.3 million in stimulus funding meant for bonds for economic development to the Albany-Dougherty Inner City Authority.
ADICA will have to immediately ask for an extension on the funds, which were set to expire Wednesday. If granted an extension, ADICA will have until Dec. 31 to grant the bonds before they expire, Dougherty County Administrator Richard Crowdis said.
ADICA, which will serve essentially as a conduit between the state -- which is the entity who has the stimulus dollars -- and developers who plan on developing the downtown area, Crowdis said.
Chairman Jeff Sinyard told the commission that the transfer is being done because ADICA had projects that they believe could be funded using the money rather than letting it expire.
The Herald tried to find out what projects are on the table Monday, but interim Downtown Manager and Assistant City Manager James Taylor is out of town, officials said.