Redevelopment Authority has $2.3 million as it takes over economic development

In the account for the RDA’s two parking garages there is a $166,390 cash balance.

FALL RIVER — It’s been nearly a month since the Fall River Redevelopment Authority terminated its management contract with the former Bristol County Economic Development Consultants and the city administrators, pinch hitting until a new economic development director is hired, gave a brief financial update to the members on Thursday.

Community Development Agency Executive Director Michael Dion said the RDA is awaiting the transfer of its files and records from the BCEDC, formerly FROED, on Dec. 23.

Meanwhile Dion, when not working on his CDA responsibilities, said he’s been researching the RDA’s bank accounts.

In the authority’s operational account it began 2018 with a little more than $3.2 million and as of Dec. 3 there is a $2.3 million cash balance.

In the account for the RDA’s two parking garages there is a $166,390 cash balance.

RDA is attempting to negotiate returning the Pearl and Third street parking garages to the city. The matter was recently tabled in the Committee on Real Estate and will be addressed again by the committee on Tuesday.

The top two tiers of the Third Street garage was shut down in May 2017 after the city building inspector declared it unsafe. It’s expected to cost millions to repair the structure.

RDA also met in executive session to discuss a real estate transaction at the SouthCoast Life Science and Technology Park and to discuss potential litigation regarding the Old Second Street project and the City Pier projects.

When the members returned in open session the discussion turned to the City Pier and the possibility of hiring a firm for an independent review of the project.

Email Jo C. Goode at jgoode@heraldnews.com