Tuesday, July 9, 2019

Message from the mayor: Asphalt firm buys new lot in Midway Station, absolving city of interest due this year

Map projection at March EDA meeting showed lot sold this week. 
By Grayson Vandegrift
Mayor, City of Midway
    I’m excited to welcome Imperial Asphalt as our newest addition to Midway, at Midway Station. Owners Seth Christian and Aaron Gillund have purchased 4.01 acres at the “nose” of McKinney Avenue, address 775 McKinney Ave.
    This closing, which occurred late yesterday afternoon, comes with additional good news. Because the 4.01 acres was not originally platted with Midway Station, the bank does not claim a release price towards the principal. For this reason, the Woodford County Economic Development Authority has agreed to use the proceeds, close to $120,000 after closing costs, to use towards paying the interest due at the industrial park.
    Because of this, as expected, we will not need to make an interest payment this year, as EDA will make that payment for us. This is not only a sign of goodwill from EDA to both the City of Midway and Woodford County, but also signals as new phase where our EDA is beginning to become self-sustaining, a fact that is good for the entire county.
    This also means that the $40,000 we have budgeted for this fiscal year in our general fund for paying interest is now freed up. My recommendation is that we let it sit for now as a rainy-day fund in case we have an unexpected expense this year, and if we should not need it, let it roll into our projected surplus at the end of June 2020.
    I want to thank the EDA board and Chairman John Soper for their diligence and excellent work, as well as their continued cooperation with the City of Midway.

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