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Glens Falls LDC eyes short-term investments of USDA relending funds; lays out Market Center operations plan
Summary
At its Jan. 9 session the Glens Falls Local Development Corporation discussed investing portions of USDA relending funds for short terms, formation of subcommittees for the Market Center and 36 Elm projects, and timelines for the Market Center’s spring opening and an end-of-April ribbon cutting.
The Glens Falls Local Development Corporation on Jan. 9 reviewed its financial reports, discussed using a portion of USDA relending funds for short-term investments and outlined operations planning for the Market Center and the 36 Elm facility.
Board members described an available USDA relending balance and discussed placing a portion of those funds into short-term certificates of deposit or similar instruments to earn interest while preserving liquidity for relending. During the conversation staff said the USDA relending loan on the books carries an…
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