The Mineola Economic Development Corporation (MEDC) board approved submission of a budget Thursday with a projected $16,983 surplus for consideration by the city council.

The budget reflected two significant trends: increased financial solvency and significant investment in economic development. The cash on hand balance of the MEDC has increased over threefold since 2020 – from $488,000 to $1.4 million. While improving the financial balance sheet, the  MEDC also more than doubled the amount of economic investment over the same period of time – from $554,000 to a projected $1.2 million.

Executive Director Mercy Rushing noted the support of three large continuing projects: the Wood County Airport runway extension ($254,000), the Holiday Inn Express incentive ($200,000), and the fiberoptic internet installation ($115,000).

In addition to the large expenditures, the directors also discussed the value of investing in existing businesses, for current, local benefit as well as to build an environment which draws future business.

The directors unanimously approved the projected FY 2024-25 budget.

Also approved was a one-year extension to the Economic Incentive Agreement with Social Networks Group, LLC, that group developing the hotel project. The directors added a performance contingency to the incentive – awarding $100,000 upon securing a building permit and the remaining $100,000 upon receiving a Certificate of Occupancy.

Assistant MEDC Director Cindy Karch briefed the board on the results of the recent citywide priorities survey. Economic development was tallied as the third highest priority among survey respondents. 

The board noted that the Ward 3 Adopt a Street Program will be kicked off on Saturday, Sept. 14 – the fall city-wide clean-up day. It is hoped that the initiative will be replicated in all wards of the city.