Links Roundup: LDCs
The Authorities Budget Office (ABO) has completed its limited scope review of the Griffiss Local Development Corporation (GLDC). The report concludes that although GLDC has produced positive results with the successful redevelopment and reuse of the former Griffiss Air Force base, it has allowed a not-for-profit corporation, Mohawk Valley Economic Development Growth Enterprise (EDGE), to use GLDC funds, credit and employees for activities that are not related to GLDC’s core public mission, such as paying the expenses of corporations unrelated to GLDC, providing services to organizations located outside the Base, and for activities that are inconsistent with Not-for-Profit Corporation Law.
This report is one in a series of reviews of local development corporations (LDCs) undertaken by the ABO to better understand the public purposes for which each LDC was formed, and to gain insight into how these corporations function and expend public funds. These reviews are also intended to increase public awareness of the operations of LDCs.
The GLDC report is posted and available to the public on the ABO web site at www.abo.ny.gov.