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Learn more about the St. Lawrence County IDA Local Development Corporation

Overview

The St. Lawrence County Industrial Development Agency Local Development Corporation was established in 1986 by the St. Lawrence County IDA to administer a revolving loan fund and to stimulate the growth of private sector employment in St. Lawrence County, New York.

The loan fund can assist businesses by making low-interest, subordinated loans for real estate acquisition, building construction and rehabilitation, or machinery and equipment acquisition and rehabilitation.

Mission

The mission of the St. Lawrence County IDA Local Development Corporation is to stimulate the growth of private sector employment in St. Lawrence County by providing financial assistance to new and expanding industries, and to certain retail/market-driven facilities.

The purpose of the Corporation shall be to relieve and reduce unemployment; promote and provide for additional and maximum employment; better and maintain job opportunities; instruct or train individuals to improve or develop their capabilities for jobs; carry on scientific research for the purpose of aiding the community of St. Lawrence County by attracting industry to the community and by encouraging the development of, or retention of, an industry in the community; lessen the burdens of government and act in the public interest.

Enabling Legislation:
Certificate of Incorporation

Microenterprise Program

The St. Lawrence County Microenterprise Loan Program provides financing assistance to low-moderate income persons in St. Lawrence County to start or expand their microenterprise businesses (i.e. businesses with five or fewer employees, one of whom is the owner).

Program Guidelines

St. Lawrence County Industrial Development Agency – Local Development Corporation Microenterprise Fund

Area of Eligibility:
Microenterprise businesses located in St. Lawrence County.

Eligible Businesses:

Firms with 5 or fewer employees, at least one of whom is the owner. All business types are eligible with the exception of restaurants, bars, taverns or similar establishments.

Loan Amount:
Between $1,000 and $20,000.

Use of Funds:
Machinery, equipment, property improvements and rehabilitation and some working capital.

Rates & Terms:
Interest rate fixed at one point below prime, or at 4%, whichever is greater. Terms will generally be three years for working capital, five years for machinery and equipment, and ten years for property improvements.

Equity Participation:
Equity requirements are determined on a project-by-project basis. Loans over $8,000 require a 50% contribution from the applicant in the form of equity, loans, third party investments, or other sources.

Bank Participation:
The LDC encourages participation from other lenders including conventional lending institutions. When other lenders do participate, the LDC loan may be subordinated to the interests of other lenders.

Application Considerations:
The purpose of this loan fund is to provide loans to low-moderate income persons in St. Lawrence County to start or expand microenterprise businesses. As such, the primary goal of the program is to stimulate the inception and growth of private sector businesses owned and operated by low-moderate income persons, or that create new jobs for such persons.

Fees:
There is no application fee, but the applicant is responsible to pay closing costs.

Review Process:
The review process should take no longer than 8 weeks after the submission of the completed application.

Greater Massena EDF

The Greater Massena Economic Development Fund was created by the New York Power Authority to induce business enterprises to establish, maintain or expand plants, facilities or operations in the Town of Massena and St. Lawrence County.

The GMEDF will make low-interest loans up to the lesser of 30% of the project’s cost, or $200,000.  The applicant must provide at least a 10% equity contribution to the project.  In-kind labor, materials and/or services may satisfy this contribution. The loan fund is administered by the St. Lawrence County IDA Local Development Corporation.

The 5-member GMEDF Board includes a representative from each of the following: St. Lawrence County Industrial Development Agency, New York Power Authority, New York State Empire State Development Corporation, New York Job Development Authority and Town of Massena.

Area of Eligibility:

Businesses located in St. Lawrence County.

Eligible Businesses:

Industrial, manufacturing, research and development, high technology, agricultural, or non-retail service businesses. (No loans will be made for lodging, restaurants, alcohol sales, legal, medical or nursing services, retail firms, casinos and other gambling establishments).

Loan Amount:

Lesser of 30% of the projects cost or $200,000.

Use of Funds:

Machinery or equipment.

Rates & Terms:

Interest rate is typically fixed at one-half of the prime rate plus one percent.  Terms will generally be ten years for real estate and five to seven years for machinery and equipment.

Equity Participation:

Minimum equity investment of 10%.

Bank Participation:

Normally, a private lender must provide at least 30% of the project financing.

Application Considerations:

The purpose of this loan fund is to offer low-cost financing as an inducement to established firms to expand their operations. As such, it is limited to healthy firms with collateral sufficient to secure the loan. The applicant’s hiring plan must demonstrate they will create or retain at least on job for every $15,000 of funding.

Fees:

$100 non-refundable application fee and closing costs, if applicable.

Review Process:

The entire process should take from 4 to 8 weeks provided all necessary documentation, including other financing commitments, are in place.

RVRDA

The St. Lawrence River Valley Redevelopment Agency (RVRDA) accepts applications for its Community Development and Environmental Improvement Program (“CDEIP”), via an announcement by the RVRDA Board. Eligible applicants include communities and not-for-profit organizations in St. Lawrence County that are planning to undertake a project that will provide a clear and demonstrable economic, community or environmental benefit.

Applications, details and deadlines are provided when new funding rounds are announced by the RVRDA Board. Visit our Announcements page for notices related to the CDEIP program.

Notice of the next meeting of the St. Lawrence River Valley Redevelopment Agency (accompanied by a PDF of the previous meeting packet) can be found on our Announcements page. CLICK HERE for most recent meeting packet.

RESOLUTIONS

2020 Resolutions

2019 Resolutions

2018 Resolutions

MINUTES

2020 Meeting Minutes

2019 Meeting Minutes

Committee Information

The Audit/Finance Committee will meet on Tuesday, February 18, 2020 at 10:00 A.M. at the IDA offices, 19 Commerce Lane, Canton.

The Governance Committee will meet on Thursday, June 25, 2020 at 12:00 P.M. via teleconference and will be live streamed.  For link to live stream information, go to the SLCIDA tab and select “Meeting Livestreams and Recordings” from the drop down list.  Click Here for meeting agenda.

Committee Assignments (effective January 25, 2018) for St. Lawrence County IDA Local Development Corporation:
Governance: Blevins, LaBaff, Hall
Audit/Finance: Hall, McMahon, Staples

Meetings
2019-0326 Audit and Finance Committee
2019-0322 Governance Committee
2019-0221 Audit and Finance Committee
2018-1015 Governance Committee
2018-0316 Governance Committee
2018-0125 Audit and Finance Committee
2017-0825 Governance Committee
2017-0328 Audit and Finance Committee
2017-0307 Governance Committee
2017-0123 Audit and Finance Committee

Audit-Finance Charter
Governance Charter

Our Team

Board Members

Officers & Staff

Thomas A. Plastino

Deputy CEO

Tom Plastino has been in the economic development “business” since about 1978. He was appointed Deputy Chief Executive Director/Chief Financial Officer of the St. Lawrence County Industrial Development Agency in April 2012. Tom previously worked for two years as a Business
Advisor with CITEC, Inc. since April 2010 and prior to that was CITEC’s Executive Director, a position he held since 1992. For 12 of those years, Tom was President of the North Country Alliance. He currently serves as a member of the NCA’s Loan Review Committee and is Treasurer of the Adirondack Economic Development Corporation.

In his spare time, Tom serves as the Treasurer of the St. Lawrence County Housing
Council and as Vice President of the St. Lawrence County Arts Council. He has served
as an adjunct instructor at Clarkson University for two years, instructing 5 to 6 students
each semester as they did real-world consulting projects for area businesses and other
organizations.
Before joining CITEC, Tom served for over ten years as the Assistant Administrative
Director of the St. Lawrence County IDA, and as the Facilities Manager for the St.
Lawrence County Office of Economic Development.
At various other times since 1969 he has also worked in a malleable iron foundry and in construction, as well as managed a solid waste authority, a housing agency, a technology transfer organization, and a construction company. He has also taught college history and high school English at one time or another for short stints. He happens to be an electrician by trade. He holds a collection of degrees from the
University of Notre Dame, and has also taken courses at two other universities.

Meetings, Bylaws, & Policies

2020
LDC-19-02-01 Authorizing a Loan of up to $100,000 to Parker Maple Farm, Inc. LDC-19-02-02 Amending a Loan of up to $400,000 to Potsdam Speciality Paper, Inc. LDC-19-02-03 Amending a Loan of up to 100,000 to LC Drives Corporation LDC-19-02-04 Amending a Loan of up to $200,000 to AmTech Yarns, Inc. LDC-19-02-05 Authorizing a Loan of up to $30,000 to Russell’s Groom and Board, LLC LDC-19-03-06 Annual Review: Compensation, Reimbursement and Attendance Policy LDC-19-03-07 Annual Review: Whistleblower Policy LDC-19-03-08 Annual Review: Defense and Indemnification Policy LDC-19-03-09 Annual Review: Code of Ethics LDC-19-03-10 Disposition of Real Property Policy and 2018 Report of Property LDC-19-03-11 Authorizing Modifications to FY2019 Budget LDC-19-03-12 Accepting FY2018 Audit LDC-19-05-13 Authorizing a Conversion of a Note of up to $150,000 to LC Drives LDC-19-05-14 Modifying a Loan of up to $30,000 to Russell’s Groom and Board, LLC LDC-19-05-15 Authorizing a Loan of up to $90,000 to ProSport Trailer Manufacturing, LLC LDC-19-06-16 Authorizing a Lease Agreement for ProSport Trailer Manufacturing, LLC LDC-19-06-17 Authorizing Funds through the RVRDA’s Community Development and Environmental Improvement Program LDC-19-06-18 Authorizing Funds through the RVRDA to Extend an Agreement with Massena Electric Department LDC-19-07-19: Authorizing a Loan of up to $100,000 to Johnson Newspaper Corporation LDC-19-09-20: Accepting FY2020 Tentative Budget LDC-19-09-21: Accepting Modifications to the Town of Brasher Microloan Fund LDC-19-10-22: Adopting FY2020 Final Budget LDC-19-10-23: Annual Review of Conflicts of Interest Policy LDC-19-10-24: Annual Review of Procurement Policy LDC-19-10-25: Annual Review of Sexual Harassment Policy LDC-19-10-26: Authorizing a Loan of up to $200,000 to Pepsi-Cola Ogdensburg Bottlers, Inc. LDC-19-12-27: Authorizing Modifications to the Investment Policy and Authorization of Depositories
LDC-18-03-01: Annual Review of Compensation, Reimbursement and Attendance Policy LDC-18-03-02: Annual Review of Whistleblower Policy and Procedures LDC-18-03-03: Annual Review of Defense and Indemnification Policy LDC-18-03-04: Annual Review of Code of Ethics LDC-18-03-05: 2018 Annual Review of Disposition of Real Property Guidelines and 2017 Report of Property LDC-18-03-06: Accepting FY2017 Audit LDC-18-03-07: Authorizing Modifications to the FY2017 Budget LDC-18-03-08: Authorizing Revisions to the Travel and Miscellaneous Expense Policy LDC-18-03-09: Authorizing a Loan of up to $55,000 to LKR Enterprises LDC-18-05-10: Authorizing a Bridge Loan of up to $100,000 to LC Drives LDC-18-05-11: Authorizing a Loan of up to $44,600 to Sandy Maine, LLC LDC-18-06-12: Authorizing Funds through the RVRDA Community Development & Environmental Improvement Program LDC-18-06-13: Authorizing a Loan of up to $30,000 to Bregg Winery LDC-18-06-14: Authorizing a Loan of up to $75,000 to Kingston Pharma LDC-18-07-16: Authorizing a Loan of up to $96,000 to Kingston Pharma LDC-18-07-17: Modifying a Loan of up to $97,000 to Thew Associations, PE-LS, PLLC LDC-18-08-18: Authorizing Loan Funding to Sharrow’s Home Repair LDC-18-08-19: Authorizing a Loan of up to $400,000 to North American Forest Group LDC-18-09-20: Authorizing a Lease Purchase with AmTech Yarns LDC-18-09-21: Accepting FY2019 Fiscal Budget LDC-18-10-22: Approving and Adopting FY2019 Budget and Authorizing the CEO to Make Line Item Changes LDC-18-10-23: Annual Review of Conflicts of Interest Policy LDC-18-10-24: Authorizing Amendments to the Procurement Policy LDC-18-10-25: Adopting Sexual Harassment Policy LDC-18-10-26: Adopting a Cellular Phone Usage Policy LDC-18-10-27: Agreeing to Provide Administrative Services to the Town of Brasher Microenterprise Loan Fund LDC-18-10-28: Authorizing a Loan of up to $100,000 to North American Forest Group LDC-18-12-29: Authorizing a Loan of up to $800,000 to North Country Dairy, LLC LDC-18-12-30: Authorizing a Loan of up to $200,000 to North Country Dairy, LLC LDC-18-12-31: Declaration of Uncollectible Debt LDC-18-12-32: Annual Review of Investment Policy
2020

Lynn Blevins

Secretary | Blevins Brothers, Inc.

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