Fact Sheet

Published in

 

Lake City LDC, Inc.

 

CORPORATE STRUCTURE

 

·       Lake City LDC Inc. was incorporated in 1996 as  not for profit corporation under General Municipal Law

 

·       It is tax exempt under IRC 501 c3

 

·       The LDC is an independent entity; no elected or appointed city officials are members or directors.

 

·       LDC membership is open to all.  There are no dues. 

 

·       The membership elects the directors of the corporation.

 

·       The LDC has a 5 member board of directors.

 

·       The directors appoint corporate officers.

 

·       The LDC is a local public authority, subject to supervision by the NYS Authority Budget Office. 

 

CORPORATE FINANCES.

 

·       The City is prohibited by law from making grants to not for profit corporations.  However, the City can and does provide administrative support services such as office space, secretarial assistance and bookkeeping services.

 

·       LDC has 15k (income from rental of waterfront building) to pay for administrative costs.

 

·       PlattInfo is a potential source of operating funds as the subscriber base grows.

 

 

 

CORPORATE PURPOSES

 

 

 

By laws: 

 

SECTION                 1.2.         Purpose:

 

 

 

A)              The general purpose of the Corporation is to promote, assist and broaden        community growth and economic development.

B)              To promote the City of Plattsburgh as an economically and socially attractive area in which to locate a business.

 

C)              To actively pursue and attract specific businesses to the City of Plattsburgh.

D)             To establish formal relationships with organizations that are willing and            able to assist the LCLDC as it pursues its stated goals and objectives

E)              To assist with and, where possible, coordinate activities which impact on the economic development of the City of Plattsburgh.

F)              To expand the industrial base of the City by capitalizing on the City's infrastructure investments and competitive municipal rates.

 

G)             To do whatever else is necessary to further the LCLDC's General Purpose.

 

 

 

CORPORATE PROGAMS

1.      Community Planning and Development.  LDC provides public input to the Common Council on planning and development projects.  Recently, LDC prepared and evaluated RFP’s for a city marina at lower Dock Street. 

 2.     PlattInfo.  Established three electronic information kiosks to promote city businesses and points of interest.  Subscriptions sold for $149 per year.  Revenue is used to maintain and expand PlattInfo and for LDC general corporate purposes.

 3.     Economic Development Revolving Loans.  $1million dollar revolving loan fund; city CDBG money.  LDC suggests loan underwriting guidelines, reviews loan applications through an underwriting committee and makes loan recommendations to the City Council. 

 4.     Bridge Street Market Stalls.  Designed simple, no cost program to rent stone enclosed areas on upper bridge street to merchants and artists.

 5.     Property Leasing.  LDC was instrumental in the development of the former D&H rail yard.  It  leased waterfront land from city, received a grant for tour boat building construction, leased building to tour boat operator (and later other tenants).  LDC was authorized to use rental income for its corporate purposes.

 

July, 2013