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Greene Legislature delays vote on development corporation

Oct 19, 2018 12:24 am
Sarah Trafton reports for Columbia-Greene Media that the Greene County Legislature put off for another month a vote on a proposed nonprofit local development corporation at its Oct. 17 meeting. By March 31 the Legislature needs to set up a non-profit to use $850,000 in state Community Development Block Grant funding. “If we don’t use the money or transfer it to the development corporation, it goes back to New York State Community Renewal,” Tourism and Economic Development Planning Director Warren Hart said Oct. 16. “If we don’t create the corporation, we won’t have access to block grants in the future.” But one legislator, Lee Palmateer, a Democrat from Athens, disagreed. “We’re creating an independent corporation with the power to incur debt and own properties and develop those properties into manufacturing plants and lease them,” he said. “The powers we’re creating are vast. It will have a portfolio of real estate and debt. If the corporation dissolves, that debt will be ours.” Read the full story at HudsonValley360.com.