For IMMEDIATE Release: April 8, 2010
Contact: Michael A. Ellison (845) 486-2103
ROLISON, FLESLAND COMMEND JOB CREATING LDC LEGISLATION
Dutchess County Legislature to enact
“common-sense” economic development initiative
Chairman Robert Rolison (R-Poughkeepsie) and Assistant Majority Leader Angela Flesland (R-Poughkeepsie) today commended their fellow Legislators for advancing a “common-sense” economic development initiative that will help bring business and jobs to Dutchess County at no cost to the taxpayer.
“New York State put every county across the state in a difficult predicament when they allowed a law to sunset which ended local Industrial Development Agency (IDA) authority to lend money to not-for-profits in 2008. This act prevented Dutchess County from issuing tax exempt bonds to not-for-profits that are enormously beneficial to private investors as well as the organizations doing the borrowing,” explained Rolison.
Resolution 2010094 creates a Local Development Corporation (LDC) in accordance with New York State law for the specific purpose of issuing tax exempt bonds to not-for-profit 501c3 organizations. Certain prominent not-for-profit foundations, like Saint Francis and Vassar hospitals, Marist and Bard colleges, Trinity Pawling School, and Anderson School, will once again be able to enjoy the bond benefits they received with the IDA two years ago encouraging them to continue to invest in our communities.
“These not-for-profits are essential to the stability of Dutchess County’s economy, especially during these tough times. The LDC will be able to help our local not-for-profits promote capital and facility investments that will create many new construction as well as permanent jobs. While our counterparts on the other side of the political aisle talk about creating jobs by holding a ‘Job Summit’, my Caucus and I are enacting measures that will actually bring business and jobs to Dutchess County. This is a common-sense economic development initiative that can only make our county a better place,” said Flesland who also serves on the Dutchess County IDA Board.
Resolution 2010094 was adopted by the Budget, Finance & Personnel Committee on Thursday, April 8 and will be acted on by the full Legislature on Monday, April 12.
