The Windsor-Essex Economic Development Corporation says the $2.3-million in untouched funds has been accumulating for the past five years to be used for unexpected or unplanned projects.
Board Chair Marty Komsa says each year the board has disclosed the amount in the internally restricted development fund in it audited financial statements.
He says business efficiencies, leveraging partnerships and other government grants have led to the savings. However, these savings could not have been leveraged to bring new businesses here because the corporation does not have the ability to offer incentives.
"It's the cost associated, and the lack of incentives. What Michigan is doing, what New York is doing, what Ohio is doing, what Carolina (is) doing. If I'm running a business I want incentives and low costs," says Komsa.
The board decided to keep $600,000 in the fund for emergencies and return the remaining money to the city and the county based on per capita funding.
