Espanola council has agreed to establish the Espanola Economic Development Corporation, but not before reviewing the final documents.
Council had an in-depth discussion about how to handle the establishment of the new entity wanting to ensure they have control of the corporation.
Town CAO, Cynthia Townsend pointed out the town would be the only shareholder, so oversight would be maintained.
The documentation will be sent to a lawyer to be put together as a legal agreement and will be presented to council before it is given final approval.
It is expected to come back to council within the next few weeks.