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No deficiencies reported in CCEDC audit

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Posted: Friday, March 23, 2012 12:00 pm

By Audrey Spencer

The Cove Herald

The Copperas Cove Economic Development Corporation 2010-11 audit shows strong financial reporting.

Todd Pruitt, from Pattillo, Brown and Hill LLP, presented the audit to the corporation's board. He said the auditors had provided the entity with an unqualified, clean, opinion of the findings.

"We're happy to report that this year, there were no specific deficiencies," said Pruitt. "It's a very clean audit."

The corporation increased its assets slightly during the fiscal year, ending with about $5.8 million. It also has committed $1.1 million to the city for use on the reliever route over the next 10 years.

Pattillo, Brown and Hill LLP has conducted the corporation's audit for three years and Pruitt said the most recent one has been its easiest so far.

The board approved the audit.

Board members also were asked to consider an amendment to the Repurchase Option Agreement between the corporation and C-Cove 90 Partners, the developers of the Shops at Five Hills.

Daniel Campbell of Endeavor Real Estate Group, half of C-Cove Partners, contacted the staff in early March requesting the removal of the agreement, stated documents from the corporation.

Potential lenders were concerned about the agreement because it would allow the corporation to repurchase the land for the retail center under the right conditions. Repurchasing the land means the corporation could possibly take C-Cove Partners' collateral, according to the documents.

After consulting with an attorney, the staff agreed upon an amendment to the agreement that would allow it to still meet the needs of both parties.

"It's not a labor of love. It's certainly been a labor of frustration at times," said Polo Enriquez, executive director of the corporation. "The amendment protects the Copperas Cove Economic Development Corporation and provides the developers with the opportunity to borrow funds from the lender to proceed with the project."

The board approved the amendment.

The board also:

Heard an update from Enriquez on the corporation's progress on projects such as the business retention surveys and business attraction projects.

Approved invoices from Walker Partners for engineering and surveying services relating to water and sewer mains in the amount of $25,472.51, and from Pattillo, Brown and Hill LLP, for audit services in the amount of $5,000.

Contact Audrey Spencer at aspencer@kdhnews.com or (254) 501-7476.

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