Port Chester officials will establish a local development corporation to provide economic assistance to nonprofit organizations in the village, LoHud.com’s Leah Rae reports today.
The board recently approved the plan and is in the process of establishing the entity. It will be managed by the same board members that oversee the village Industrial Development Agency.
Local Development Corporations, or LDCs, are similar to IDAs in that their goal is to boost economic activity in a municipality by offering incentives to companies and nonprofits to create jobs and broaden the tax base. That is accomplished by providing companies and nonprofits with low-interest loans and property and sales tax exemptions.
IDAs, however, unlike LDCs can not assist nonprofit organizations. Once the LDC is formed, one of its first projects may be an idea the village has to build a parking structure on Irving Avenue and Poningo Street, and possibly consolidating police and municipal offices there.
To read Rae’s full report, click here.