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Ogdensburg Growth Fund approves 2014 budget

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OGDENSBURG — The Ogdensburg Growth Fund Development Corp. has a 2014 budget in place.

The board of the city’s small business agency voted 7-0 on Tuesday in favor of a $61,500 budget that acknowledges its new role in the city’s ongoing waterfront redevelopment plans.

The budget calls for $10,000 to be paid to Neil W. Pariser, senior development consultant for the Vita Nuova consulting firm that is advising the city on creating residential and commercial development along a 330-acre section of St. Lawrence River shoreline over a 15-year period.

The Growth Fund is set to function as a local development corporation agency that would acquire surplus city property and make it available for developers’ financed proposals.

The budget is a first in that it meets a new state requirement for agencies like the Growth Fund to file budgets separate from their municipalities’ spending plans.

“I think it’s a good first budget,” said Chairman William D. Nelson, who is also the city’s mayor.

City Comptroller Philip A. Cosmo said the new state requirement probably was enacted with bigger, costlier agencies in mind.

“I got to believe that we’re a small fish in a big pond,” he said.

Other projected budget items include:

■ $60,000 in loan repayments at $5,000 monthly.

■ $500 from five $100 application fees.

■ $3,000 for legal services.

■ $13,500 for city staff time.

■ $2,000 for application underwriting services by the Development Authority of the North Country.

■ $2,000 for travel, supplies and training.

■ $11,000 for insurance.

■ $3,000 for legal services.

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