Canton creates agency to bond for SUNY dorm

CANTON — The Town Council has created a capital resource corporation to issue bonds for SUNY Canton's residence hall project.

Supervisor David T. Button said the vote was unanimous at Saturday's special meeting. Councilman Ronald A. Houle was absent.

"This corporation will issue bonds up to $29 million for this 304-bed dormitory," Mr. Button said. "This project is supposed to start this summer, so we're going to see dozens of prevailing-wage construction jobs."

He said the corporation also could help projects at other nonprofit institutions, such as hospitals and public schools. The town receives a fee in exchange for issuing the bonds. Mr. Button said the town will receive $100,000 from SUNY Canton to be used for economic development.