By Michael O’Connor/editor@trcle.com
November 11, 2008 10:01 am
—
The Cleburne Economic Development Foundation has attracted businesses and jobs to the city thanks to the vision of its founders more than 40 years ago.
CEDF President Stan Gray paid homage to those who had come before in his remarks to members at the foundation’s annual meeting Monday.
He said the foundation had seen lean times in the past, but through perseverance and the support of the city’s businesses, about 5,000 jobs have been created and about a half a billion dollars worth of taxable industrial property has been added to the city’s tax rolls.
That tax base represents about a third of the city’s total tax base.
Treasurer Jerry Wheatley of Wheatley, Fowler & Lee P.C. drew laughs from the crowd with his succinct report on the foundation’s fiscal status.
“All we have is cash and land,” he said. “We have no liabilities, so everything looks good.”
His printed report shows the foundation has more than $2.5 million in net assets, which includes 245 acres of land in the Cleburne Industrial Park.
Assets increased over the previous year by about $682,000, mostly through gas royalties.
After expenses for the year, the foundation showed a net increase in assets of about $624,000. The largest expense was for taxes on the land, the report showed.
After the meeting Executive Director Jerry Cash said most of the foundations gains had been in the energy area, but other areas had shown growth as well.
“We have been successful in getting more restaurant and lodging options in the past year,” he said.
The city has also gained a number of service-related companies, many of which provide support to the oil and gas industry, he said.
A new industrial park, the Barnett Industrial Park on Texas 174, was begun with nine new companies going into it, he said.
In the year ahead, Cash said, gas drilling activity will drop by 20 percent to 30 percent, and revenues from gas royalties have fallen in recent months.
He said the price for gas had fallen from $10 to $12 per metric cubic foot to $7 to $8 per mcf.
The foundation also elected officers and directors for the next year.
Sheryl Hudzietz, president of Colonial Savings in Cleburne was elected to a two-year term as director, filling the unexpired term of Travis Adams, formerly with Edward Jones. Elected to three-year terms as directors were Matt Reynolds, president of First Financial Bank; Joel Victory, manager of LPL Financial; Harold Gilliam, CPA with Gilliam and Wharram CPAs; Dan Taylor of Taylor Insurance, Erik Dumas of Dumas Surveying; Blake Kretz, president of Texas Health Resources Walls Regional Hospital; and Jeff Pakeltis of Sachem.
Officers for 2008-09 are president, Stan Gray of Pinnacle Bank; vice president, Robert Childress II of Childress Engineering, executive director, Jerry Cash; past president, Roger Pedigo of Pedigo Investments; treasurer, Jerry Jerry Wheatley of Wheatley, Fowler & Lee P.C.; legal counsel, Scott Cain of Bradley and Cain, attorneys; and secretary, Cheryle Fergason, senior secretary with the city of Cleburne.
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