Wednesday, March 5, 2014

CDC receives $144,000 from council

Contract includes funds for new business incubator

Express Staff Writer

     The Ketchum City Council on Monday unanimously approved an expenditure of $144,000 for the Ketchum Community Development Corp., most of which had already been in the fiscal year 2014 budget but had not been formally approved.
    The council had already expressed its intent to spend $116,000 from local-option-tax funds for a contract for services with the CDC, and on Monday added an expenditure of $28,000 from the contingency fund for the Ketchum Innovation Center.
    The facility at 100 Lindsay Circle—in the city’s light-industrial district—will serve as a business incubator for local entrepreneurs and businesses. A ribbon-cutting ceremony will be held Thursday, March 6, at 4 p.m.
    “We have the intellectual capital and the entrepreneurs that want to collaborate,” CDC Executive Director Jon Duval said. “We’re bringing a hub and a facility to support entrepreneurs and startups. For this incubator, we’re looking at bringing in small companies of one to three people that have innovative ideas and people who want to be in a creative environment where there’s a collective energy of people that want to work together.”
    Ketchum has contracted with the CDC for the past seven years to provide a variety of services related to the corporation’s mission statement.
    According to the CDC’s organizational overview, “The mission of the Ketchum Community Development Corp. is to create a vibrant and sustainable community. This is accomplished through volunteer-supported projects centered around the creation of affordable workforce housing, downtown infrastructure, sustainable energy and economic development.”
    The overview also states that the City Council and Urban Renewal Agency largely fund the CDC, while the funding is often applied on a project-by-project basis.
    In addition to the business incubator, the CDC is responsible for the maintenance of operations of 32 affordable-housing units at Northwood Place and operations for Leroy’s ice cream stand, which raises money for county schools.

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