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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 interest rate of 1 percent and is not due for many years; board members asked staff to prepare a formal proposal that would identify amounts, terms and recommended laddering strategies. Members asked staff to prepare a short one-page summary of loan products the LDC offers so businesses know how to apply.
On project operations, staff reported that the Market Center construction is on pace to be substantially complete in April but that exterior paving and weather-dependent work may delay final appearance until later in the spring; the board noted a Department of State pocket-park grant had been extended to the end of April. Members discussed creating small working committees to plan the Market Center’s commercial kitchen, maker-space and wayfinding, and to coordinate operations with the 36 Elm building so the two facilities complement each other. Staff said the commercial kitchen design will include two separate kitchen types: a rentable commercial kitchen for entrepreneurs and a teaching/ demonstration kitchen; the kitchen footprint was described as roughly 1,000 square feet and the maker-space as roughly 3,000–3,500 square feet.
The board discussed timing for a ribbon cutting at the Market Center at the end of April and said the farmers market is expected to resume in May. Members also discussed transitioning the city’s pilot urban farm project into private operation and exploring modest promotional funding to support that transfer.
Ending: The LDC asked staff to draft an investment proposal for USDA relending funds, prepare public-facing summaries of loan options and convene working committees to develop a five-year operating plan for the Market Center and 36 Elm.
