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Supervisor briefed committee on CRC role in roughly $100 million BOCES consolidation project in Wilton
Summary
A supervisor briefed the Saratoga County Economic Development Committee that the county's Central County Capital Resource Corporation approved financing for a large BOCES consolidation project in the Town of Wilton and will forward the matter to the county board and Law and Finance.
A supervisor and chair of the Central County Capital Resource Corporation (CRC) briefed the Saratoga County Economic Development Committee on July 2 about the CRC's role in providing tax-exempt financing for nonprofit and public projects, and reported that the CRC has approved a BOCES consolidation project that the county board will consider next week.
The supervisor said the CRC was created by the county in February 2012 after a state statute expired that had previously allowed the IDA to provide certain nonprofit financing. The CRC has previously financed or refinanced projects including work at Saratoga Hospital, the Skidmore College science center and Hudson Headwaters, the supervisor told the committee.
The supervisor described the BOCES project as a large capital construction and consolidation effort in the Town of Wilton, with a construction cost described in the meeting as about $100 million. The CRC board has approved sending the project to the county board of supervisors and it is expected to appear before Law and Finance for consideration; the supervisor asked for the committee's support when it advances for county approval.
The item was presented as an informational update; no committee motion or formal vote on the CRC/BOCES project was recorded at this meeting.
