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Martinsville Bulletin: Economic Development Corp. to get less money from city

Martinsville Bulletin: Economic Development Corp. to get less money from city

April 26, 2016

By MICKEY POWELL | Bulletin Staff Writer

The Martinsville-Henry County Economic Development Corp. (EDC) will be getting less money from the city in the new fiscal year that will start July 1.

Martinsville City Council voted 3-2 on Tuesday to reduce the EDC’s allocation from the city from the $219,500 it is receiving in the current fiscal year to $100,000 – the amount that the organization requested for fiscal 2017.

However, the EDC has told the city that if the allocation is reduced, the city will lose one of its two seats on the organization’s board, and the Martinsville-Henry County Chamber of Commerce and its affiliate, the Chamber’s Partnership for Economic Growth (C-PEG) will lose one of its joint seats, said City Manager Leon Towarnicki.

The EDC has expressed interest in reducing the number of seats on its board from 10 to eight, Towarnicki said.

The city’s fiscal 2017 budget proposal, which the council voted unanimously on Tuesday to adopt on first reading, included $100,000 for the EDC.

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