The Cook County Grand Marais Joint Economic Authority, or EDA, continues to face cash flow problems. Payment of most bills is on hold right now, and no substantial income to pay operating expenses can be expected until the EDA receives half of its annual levy in June of this year.
Also on hold is Director Matt Geretschlaeger’s paycheck. But Geretschlaeger said that funds from the Minnesota Department of Employment and Economic Development (DEED), awarded for damage sustained at Cedar Grove Business Park during the June 2008 rainstorm, should arrive soon. The expected payment of $114,000 includes money designated for administrative costs, and can be used to help pay Geretschlaeger’s salary. The EDA director’s yearly compensation package totals $61,001.
The EDA is also overdue on loan re-payments of $100,000 each to the city of Grand Marais and Cook County. Both loans were made to Superior National Golf Course. The payments were due in October of 2009. The EDA will receive a $100,000 reimbursement from Iron Range Resources (IRR) for cart path improvements at Superior National Golf Course later this month. That money is earmarked to pay back the city of Grand Marais. Cook County will continue to wait. The matter is expected to be discussed at a county board meeting in February.