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Wheatfield looks at creating an LDC

by jmaloni
Thu, Nov 7th 2013 03:50 pm

by Susan Mikula Campbell

Wheatfield's Business Development Focus Group is suggesting the creation of a Local Development Corporation to help attract new business to the town.

Members Rich Torcasio and Bill Wagner presented their plan to the Town Board for review on Monday.

LDCs are private, not-for-profit corporations created for the benefit of local governments for economic development or other public purposes. They can assist with specific types of loans or grants, play a non-profit role in public-private partnerships as well as structure arrangements to purchase and develop real estate. LDCs do not have tax exemption authority like an IDA, but can work together with an IDA to develop a comprehensive package that would be attractive to a business.

"It gives us the ability to offer a true incentive package with no cost or liability to the town," Wagner said.

"We're trying to get those businesses to where we want them - in Wheatfield," Torcasio said.

In other matters:

•An executive session was held after Monday's meeting for Town Attorney Robert O'Toole to update the board on the pending disciplinary hearing involving the Recreation Department.

•The next regular Wheatfield Town Board meeting will be at 7:30 p.m. Monday, Nov. 18.

•The board held a public hearing on the town's 2014 budget on Wednesday evening (after the Tribune went to press).

Prior to the hearing, Councilman Gil Doucet asked Edward Mongold, budget director, for comparison figures on taxes for the $12.45 million preliminary 2014 budget compared to the previous three years. Mongold responded that the 2014 budget includes a 4.83 percent tax reduction, 2013 had a 7.55 percent reduction, 2012 had a 5.45 percent reduction, and 2011 had a 1.09 percent reduction, for a grand total reduction of 18.92 percent in real property taxes for the four years.

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