SEEDA Funding Agreement Approved by Council

A funding agreement between the City of Sheridan and the Sheridan Economic and Educational Development Authority Joint Powers Board was approved by the City Council Monday night. In the new agreement that goes into effect July 1 and runs through June 30 of 2022, the total amount the City would allocate to SEEDA annually is $150,000, which is offset by the City providing accounting services for the SEEDA in the amount of $24,000. The payment amount the City will  make to SEEDA is $126,000 a year. City Councilman Clint Beaver.

According to the one-year agreement that was adopted by the Council Monday night, the agreement shall be extended for up to two additional one-year terms unless either party provides a notice 90 days prior to June 30th of each respective year of its desire to negotiate terms. Should a notice to negotiate be delivered and the parties are unable to reach an agreement prior to the date of expiration, the agreement shall automatically continue for three-month terms until a new agreement is concluded or the agreement is terminated.