CARTHAGE After reviewing the report from its LDC Research Committee, the Carthage Industrial Development Corp. has decided stay its course.
The committee determined that if the agency ceases to be a Local Development Corp., it would have to give up ownership of the West End Dam hydroelectric facility. According to board member John F. McHugh, the CIDC originally had been created in part to oversee the operation of the facility. He said it was not prudent to eliminate the source of funding for the corporation.
The question of restructuring the CIDC arose because of a ruling by the state comptrollers office that blocked pension benefits for local development corporation employees and forced a reorganization of several LDCs.
By remaining an LDC, the CIDC will be required to file annual Public Authorities Reporting Information System documents.
We felt it was prudent to remain in the current status as a LDC, board member James W. Wright said. It gives the CIDC the power to be the recipient of public-owned property.
He cited the hydro facility as a historic example of such ownership.
With approval of the board, the Braman Property Redevelopment Committee is moving ahead with development. It is continuing to prepare to subdivide the property and complete the infrastructure design for construction of homes by the Thousand Islands Area Habitat for Humanity.
The board also discussed the possible purchase of the neighboring Moore property to expand the lots available for development.
The CIDC agreed to lend the 4 River Valleys Historical Society $30,000 to complete roof work and install a heating unit at the Hubbard homestead before winter.
The historical society is expecting to be reimbursed by the state for a Parks, Recreation and Historic Preservation grant it had received. The short-term loan is at no interest for six months, renewable for six months upon request with reason.
The Rural Area Revitalization Projects grant for the properties at 253-255 State St. is moving forward. The board approved $1,000 to be used for the environmental review of the Kehoe and TLC Real Estate buildings.
Robert E. Gormley was reappointed to the board for a three-year term starting Jan. 1.