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IDA updates Arbor MOU, reports $149,277.55 LBI disbursement
Summary
The board authorized an update to the memorandum of understanding with Arbor to extend contract dates into 2029 and was told the agency received a second LBI disbursement of $149,277.55.
The Chemung County Industrial Development Agency approved updating its memorandum of understanding with Arbor to extend the contract period (transcript references updating dates through 2029) and received an update on recent LBI program disbursements.
Staff said the MOU amendment requires only date changes to align the contract period to 2029 and noted the agency will likely need a legislative resolution at the county level for the update. Staff also described program recordkeeping and compliance requirements: applicants must provide annual verification that homes remain primary residences, records must be retained for 15 years and for five years after that (a total of 20 years was discussed), and the program is reimbursement‑based — the agency obligates funds and then is reimbursed.
Staff reported a second LBI disbursement last month in the amount of $149,277.55. The board discussed timing for returning to regular staff presentations when the full team is available.
The board instructed staff to prepare the resolution to update the Arbor MOU dates and to follow up on any county legislative steps necessary to finalize the contract extension.
