As previously reported here on FAA News, just last month, the Lakewood Development Corporation approved their FY '25 annual budget of a whopping $723,236.
The budget included a $164,800 salary for Executive Director David Klein, plus benefits (i.e. health insurance) for Klein in the amount of $76,184.32, and a $2,000 car allowance.
The LDC has now decided to increase this car allowance to $750 monthly ($9,000 annually).
The LDC explained the reason for the considerable increase after just one month is because they "desire to maintain continuity in, and proper administration of, the Lakewood Urban Enterprise Zone and the Lakewood Foreign Trade Zone #235, and this requires the Executive Director to travel through-out both the UEZ and FTZ coverage areas," and they have "determined that their Executive Director should be compensated for personal vehicle costs and travel expenses incurred."
This increase comes just when the LDC is due to receive a funding cut because retail purchasing in Lakewood is down $2.2 million.
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