City Increases Economic Development Funding

Article by Terry Rogers of MilfordLIVE.com, the entire article can be found at https://milfordlive.com/2014/07/29/council-discusses-water-treatment-economic-development/.

Milford City Council voted unanimously to increase funding for economic development in the city. Mayor Bryan Shupe presented a proposal that would earmark proceeds of the sale of land at Independence Commons for economic development in the city.

“For many years, the fund known as the Wawa account has helped promote economic development in the city,” Mayor Shupe said. “That fund is dwindling and we need a way to keep economic development funds coming in. Right now, proceeds from the land sold at Independence Commons is placed in the General Fund. Since the land there is selling for $125,000 an acre, placing those proceeds into a fund specifically designed to improve the economy in the area could be extremely beneficial.”

Councilman Skip Pikus pointed out that one parcel in the industrial park had been purchased back by the city using the General Fund and that the proceeds of the sale of that land needed to be returned to the General Fund. City Manager Richard Carmean said that he was in negotiations with two buyers currently, one of which was planning to purchase the lot that the city had just repurchased. He said that the money from the proceeds would return to the General Fund for that lot.

Article by Terry Rogers of MilfordLIVE.com, the entire article can be found at https://milfordlive.com/2014/07/29/council-discusses-water-treatment-economic-development/.