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Economic Development Authority Discusses Banking Issues, Bylaw Changes

The EDA also swore in a new member

Right before the Economic Development Authority (EDA) meeting Monday night,  Manassas Park City Clerk Lana Conner swore in the board's newest member, Mark Schuefler. After a round of applause and congratulations from the other members, the meeting began.

The first order of business was to discuss the authority's banking situation. Conner told the authority that as of July 21, its balance was $2,165.

With the type of account the board currently has, they are losing $12 to bank fees every month, she said.

Manassas Park city attorney Dean Crowhurst suggested that the authority transfer the account to Alliance Bank, the bank that takes care of the city's accounts. He explained to the authority, that while it doesn't qualify to have the same type of accounts the city holds, they could probably get better interest and not have to pay fees for just having the money sit in the bank.

“We need someone to get on this thing and switch it over,” EDA member William Wren said. 

The EDA treasurer was supposed to report on the existing account, but in his absence, the authority voted to have the EDA Chairman Jeffrey McKay go to Alliance, and see what transfering the account over would entail. Conner told the authority that she would go to the bank and give them a heads up about the EDA's plans and the type of account they are looking for.

The EDA also spoke about changes that needed to be made to its bylaws. Crowhurst said that he would go through the existing bylaws to make sure that it complied with the updated code of Virginia, mainly making sure that the references to the state's code were correct.

Members also decided that they should add another section to the bylaws (Section 3.1) to state that the EDA had the power to create committees as necessary and to have them report to the EDA upon request.

McKay said that at the next meeting, the EDA will move to accept the new bylaws.

The EDA will meet on October 17 at 7:30 p.m. 

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