After weeks of negotiations between the City of Big Spring and the Big Spring Economic Development Corporation they both finally came to an agreement on the 4B project. The project, if passed, would fund the new water treatment plants using part of the budget from the Economic Development Corporation. Originally, the city had asked for $850,000 a year from the Economic Development Corporation. But on Monday, the board had three other options to choose from.
"The board had the option to look at all the scenarios and how that would affect us over the years in different situations," Wegman said.
The option that was agreed on by both entities was the following: The first two years, the Economic Development Corporation will hand over $750,000 dollars of their budget. After those two years, the city will take 40% of the Economic Development Corporation revenues each year with a minimum of $500,000 and a maximum of $750,000 each year. If voters approve the contract, it will end in 20 years or when the $13 million are paid off, whichever comes first.
"We can live with that. We will have to do things differently. It will limit some of our ability to attract some types of businesses but that doesn't mean we can't work hard and still try to do good things for Big Spring," Wegman said.
Monday's agreement also stated that if the city wanted more money for another type of 4B project in the future, then it would be deducted from their current agreement. The Mayor of Big Spring says he's relieved that they were able to come to an agreement.
"First of all the sales tax revenue belongs to the citizens of Big Spring. I'm extremely pleased that the Economic Development Corporation and City of Big Spring have come together supporting a project," Big Spring Mayor, Tommy Duncan, said.
The Big Spring City Council still needs to hold a final reading to get the current proposed 4B project on the ballot for this year. If voters approve to use the Economic Development money, then Monday's agreement will go into effect and the Economic Development Corporation's money will be spent on the water treatment upgrades. If the measure does not pass on the ballot, then the city will have to look at other ways to fund the water treatment plant improvements.
