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Sun., Oct. 4
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Ogdensburg Growth Fund approves 2014 budget


The Ogdensburg Growth Fund Development Corporation has a 2014 budget in place.

Meeting Tuesday, the board of the city’s small business lending agency voted 7-0 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 as the waterfront redevelopment plans progress.

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 Mayor-Chairman William D. Nelson.

City Comptroller Philip A. Cosmo indicated that the new state requirement was probably 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:

—Revenues of $60,000 from loan repayments at $5,000 monthly.

—Revenues of $500 from five $100 application fees.

—$3,000 in expenses for legal services.

—$13,500 in expenses for city staff time.

—$2,000 in expenses for loan application underwriting services by the Development Authority of the North Country.

—$2,000 in expenses for travel, supplies and training.

—$11,000 for insurance.

Voting to approve the budget were Mr. Nelson, City Manager John M. Pinkerton, Sam J. LaMacchia, Lori Smithers, Dallas Sutton Gary Hammond and Scott M. Wright,

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