Finance committee recommends emergency funding to resume payments for Troy Development Council

The City of Troy finance committee on Thursday recommended emergency legislation to restart quarterly payments to the Troy Development Council (TDC), saying the organization needs the funds to continue operations while it completes a search for a permanent chief executive.

Chairman Todd Seavitt said the 2026 budget appropriation for the TDC had been approved but was held after the city director requested more clarity on the TDC’s staffing and mission. "We would move unanimously that we get back in good stead with the Troy Development Council and that the payments be authorized, to be made," Seavitt said, urging the committee to forward the emergency request so missed payments can be processed.

The committee’s move follows the naming of Michael Bridal as interim TDC CEO and reports that Bridal has been meeting with council and participating in economic development coordination meetings. A presenter identified only as Charlotte told the committee the CEO search is ongoing and said officials hope to announce a permanent CEO by May if the process continues to go well.

Charlotte described the TDC as the city’s economic development partner that helps recruit and retain businesses, supports local employers and coordinates initiatives the city cannot carry out directly. She told members the organization typically uses the quarterly payments to cover salaries and local initiatives; she did not identify any specific project that needs immediate funding.

Councilman Phillips urged continued support for the organization, calling the TDC an important nongovernmental partner that keeps "a thumb on the pulse of industry." He also praised interim CEO Bridal’s work with the board and stakeholders.

A committee member noted the annual funding amount is $140,000, with $17,500 each coming from the water and sewer funds and the remainder from the general fund. The chair characterized the committee’s recommendation as unanimous; the transcript does not record a roll-call vote on the motion.

The committee adjourned after forwarding the recommendation. The recommendation will need to be acted on through the city’s legislative process before funds are released.