LOUISVILLE The St. Lawrence River Valley Redevelopment Agency approved Monday a $700,000 loan to the St. Lawrence County Industrial Development Agency.
The loan would help finance the construction and marketing of a 15,000-square-foot industrial building that is being developed by the St. Lawrence County IDA at a site between the county jail and Triple A Building Center, Canton.
The industrial park will become the new home of the IDA, vacating office space the agency now uses at the countys Human Services Building, Route 310, Canton.
For the past several months we have talked about the different ways the River Valley department can participate in the project, IDA Chief Executive Officer Patrick J. Kelly said Tuesday. The loan would allow the IDA to keep the cash flow costs low, which would enable us to market the building as competitively as possible.
The mixed-use building is on track to be completed by the end of the year and is being marketed to a variety of tenants, Mr. Kelly said.
River Agency board members also voted to begin discussions on the tentative 2013 budget. The agency was granted $16 million in 2010 for economic development. According to the proposed budget, it will set aside $556,330 for community development projects in 2013.
River Agency board members are expected to pass the budget at their next board meeting in October, said Chairman Robert O. McNeil.