An extremely healthy bottom line has raised more questions about what the Industrial Development Board is doing to bring jobs to the community.
According to a financial breakdown presented to Warren County commissioners by IDB treasurer Mark Brown, IDB has over $3.1 million in checking and savings.
Some of that money has already been designated to be spent, such as $877,000 for Spec Building 3. IDB says of the $3.1 million, it has $1.1 million in non-committed funds.
IDB also has more than $3.7 million it is expecting to receive from property rental, and more than $1.8 million in available credit, which is money IDB can access if necessary.
Of the $3.1 million, there is $560,280 in city-restricted funds. That money is being held by IDB for use in the city. It was gained from the sale of properties that were given to IDB from the city of McMinnville and is designated to be used on projects within the city.
“We actually have two projects that are in negotiations that would use all of that money if both of them were to occur,” said Brown.
Specifics on those projects were not disclosed. Commissioner Les Trotman says IDB signs non-disclosure agreements with businesses that are considering relocating Warren County.
“That’s why when you see the report, it has weird names on there,” Trotman said. “IDB is bound by a non-disclosure agreement. They could be sued for thousands. We did lose a project one time, from their end.”
According to Brown, the deal was the biggest project he has worked on in his time with IDB.
“We lost it by probably just a few hours,” Brown said. “When word leaked out about what they were voting on, it was over. It would have been in the neighborhood of 1,300 jobs. We use code names 90 percent of the time.”
Spurring questions about IDB’s financial strength was this month’s quarterly report given to county commissioners during their monthly meeting. The report showed a $125,870 loss from July 2011 to February 2012. 
Brown says, while that quarterly report did show a deficit, prior quarterly reports showed positive revenue. Brown says one actually showed $800,000 in revenue.
The revelation of IDB’s financial wealth has some commissioners wondering when Spec Building 3 will be complete. A concrete pad has been poured, but there has been no building construction.
“I went out to look at the pad that was placed,” said Commissioner Wayne Copeland. “There is some deterioration of it. Is IDB going to place a building on it? What are IDB’s plans for Spec Building 3?”
Plans are in the works, says Brown.
“We don’t have all the money necessary,” Brown said. “Allocations have not been received to complete that project. We are looking for some grants. We cannot start construction or it would negate our ability to obtain those grants. We are in a little bit of a holding pattern until we can figure out a way to fund the whole project.”
Spec Building 2 cost $1.3 million. IDB wants to make Spec Building 3 bigger at an estimated cost of $1.8 million.
“You have $1.1 million in non-allocated funds and $1.8 million in an available credit line,” said Commissioner Herschel Wells. “We are as strapped as anyone when it comes to funds. You need to cut your big dreams down, by the way I see it.”
IDB has to have some financial reserves in order to borrow money for a project.
“We have to keep money in reserve because banks will not loan strictly against collateral,” says Brown.
Wells, who says he has been questioned by members of the public about the amount of money the county has handed IDB in comparison to so few jobs created, asked Brown about the specific number of jobs IDB has created in the past six years.
Brown contends IDB has brought in approximately 1,000 jobs in the past six years.
Brown presented commissioners with a list of plants which were not specifically identified. Instead, they were marked A through K. The 11 companies were estimated to have created 902 jobs over the past six years.
“Tell me you aren’t going to try and take credit for A and B,” said Wells. “IDB did not bring those jobs in.”
Companies A and B, with 1,200 employees each, are believed to be Bridgestone and Yorozu.
To that comment Brown said, “We didn’t bring them in, but we have worked with both of them on expansion projects that helped bring more jobs here, Herschel.”
Jobs added at Bridgestone and Yorozu made up 600 of the 902 jobs IDB says it has created.
Also making the list were retail jobs IDB says it helped create with stores such as Roses, Mings, Goody’s, Goodwill and Great Clips.
According to county records, the county has given IDB more than $4.3 million over the past six years. That includes $150,000 given the last four years to “promote industrial development.” That money goes to pay IDB operating expenses, such as salaries, utilities, etc. Taken from that amount is McCormick’s salary of $77,250 and an additional 3 percent retirement benefit for him.
Of the $2.4 million that went into site development at the industrial park and $500,000 for Spec Building 2 renovations, approximately 14 jobs have been created, according to Wells. Those jobs are with Miniature Precision Components, which just started local production in January.
“I’m going to have to side with Herschel on this,” Copeland said. “It sound like 14 jobs isn’t enough for all the money that’s gone into it.”
MPC is projected to grow its workforce to around 120 employees.
Commissioner Terry Bell says IDB should have already started construction of Spec Building 3.
“We have no building for anyone to go into,” Bell said. “You’ve tied that one up for 14 jobs. You should have started on this a long time ago, because you are going to take another year before you get started. That’s the way the last spec building worked. Somebody is not doing their job.”
Wells says he feels slighted by McCormick’s attitude.
“John and I went out there to see the contract for MPC. We went out there and John told him that we wanted to see it. Jeff said, ‘Boy they don’t believe anybody.’ I said ‘The road that brought you in here can carry you out.’ Instead of handing it to me, he throws it down.”
To the information, Brown said, “On his behalf, I want to apologize for him treating you without respect, Herschel.”
“I don’t want his apology,” said Wells.
Brown says McCormick is dedicated to bring jobs into the community, but may lack social skills in dealing with people.
“Jeff is very focused on bringing jobs into this community,” he said. “He probably, not probably, he definitely needs to spend more time working on relationships with local politicians, the media and the community in general.”
McCormick was not in attendance at the meeting.