Cash: Whitepath upgrades, cash flow FCDA topics
Members of the Fannin County Development Authority (FCDA) gathered Wednesday, October 16, at the newly renovated Whitepath building to discuss ongoing projects and take a tour of the facility.
“All things good; it’s been a good year,” said FCDA Executive Director Erick Youngberg, who shared financial updates and project progress.
The FCDA hired a financial advisor through an accounting firm and reported spending approximately $10,000 on a new website, far less than the $35,000 originally budgeted. Youngberg called it a “good investment,” while the communication director also praised the website’s value.
During the meeting, Youngberg reviewed Whitepath’s financials, stating that the building had generated around $35,700 in income for the year, while expenses reached $101,000. By year’s end, those expenses are projected to total $130,000 to $135,000, with the remaining renovations expected to be completed soon.
He noted that Whitepath would soon start receiving $3,000 monthly from Solar Credit, which will help boost cash flow. “So far, we’re on a pretty good track,” Youngberg said, adding, “from a cash flow perspective, we’re in a good spot.”
Youngberg reported that “about 95 percent” of the renovations at the Whitepath Building are complete, with the majority of the remaining work focused on the roof. Cool Roofs, the contractor, believes the roof may only need patching rather than a full replacement. Reflecting on the building’s transformation, Youngberg said, “A year ago, this wasn’t a favorable asset to Fannin,” but now, with significant improvements, it is becoming successful.
Currently, UPS, Solar and Mason Tractor are leasing space in the building, and Youngberg suggested that the building would also be ideal for a real estate or sales office. The rent for the renovated space will include utilities and internet, with a proposed rate of $2 per square foot, after comparing similar spaces in downtown Blue Ridge. With these new leases, Youngberg estimated monthly income from the building will reach around $17,000, predicting that the redevelopment costs will be paid off quickly.
The Whitepath Building is located at 118 Industrial Boulevard in Blue Ridge.
For more information, visit the FCDA’s website at www.fannindevelopment.com.