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Michael J. Muller |
A local development corporation has recently been created
for the Village of South Glens Falls in an effort to create a “business
friendly environment” and to promote public and private sector cooperation
for business improvement. The new Village of South Glens Falls Local
Development Corporation (LDC) will promote economic improvements to Main
Street, village tourism, traffic and transportation. The LDC as a special
quasi-governmental organization will work with village officials, government
and private lenders and the Main Street Merchant’s Association searching for
grant and low interest business funding which will implement business
development goals and recommendations within the village.
This LDC has specific purposes and powers to promote and
encourage new businesses to locate within the Village of South Glens Falls.
Additionally, the LDC can offer grant and loan programs which will afford
enhancement and expansion of existing village businesses anywhere within the
municipality.
The LDC was duly incorporated with the New York State
Secretary of State’s Office as a qualified and tax-exempt not-for-profit
corporation. As such, the LDC may undertake an ambitious program of inducing
business loans, grants and other creative forms of financial assistance for
the purposes of creating new jobs and maintaining existing jobs for village
businesses. Typically an LDC can provide initial “start up” funding and
initiatives for business improvements, new business plans and to qualified
business borrowers. Repayment of low interest LDC loans are “recycled” by
the LDC into additional loans and grant programs from a revolving fund.
Mayor Phinney has noted, “This is an exciting new program
that will keep our village business friendly. We hope to encourage existing
and new businesses to investigate and participate in a positive business
environment that South Glens Falls is prepared to foster and promote.”
The “Village at Cooper’s Cave” means business. The new
LDC is a very first and big positive step in that direction.
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