X

St. Lawrence County IDA dissolving SLC-LDC to reduce naming confusion, end audit duplication

Posted 3/5/16

By JIMMY LAWTON CANTON – In an effort to relieve some duplication and minor costs St. Lawrence County Local Development Corporation is being dissolved. St. Lawrence County Industrial Development …

This item is available in full to subscribers.

Please log in to continue

Log in

St. Lawrence County IDA dissolving SLC-LDC to reduce naming confusion, end audit duplication

Posted

By JIMMY LAWTON

CANTON – In an effort to relieve some duplication and minor costs St. Lawrence County Local Development Corporation is being dissolved.

St. Lawrence County Industrial Development Agency Director Patrick Kelly said the services offered by the SLC-LDC will be provided by the St. Lawrence County Industrial Development Agency Local Development Corporation.

If this is confusing, Kelly said that’s kind of the point of the changeover. He said dissolving the similarly named SLC-LDC, will rid the county of some alphabet soup and simplify the process for record keepers and applicants.

The SLC-LDC operates a $300,000 revolving loan fund. It lends up to $20,000 to businesses with five or less employees. Kelly says the SLC-LDC also acts as an administrator for some grants.

Kelly says the IDA’s LDC will continue to offer that same service as part of its larger scope.

The goal, according to Kelly is to eliminate some duplicated auditing and reduce naming confusion.

The savings isn’t significant on the grand scale, with only a few thousand dollars at stake, but Kelly says it will also streamline the process. He said many people already failed to realize the SLC-LDC and SLCIDA-LDC were separate to begin with.

Kelly was unsure when the process would be complete but said some paperwork needs to be filed with the state taxation department before the dissolution will be final.