LOUISVILLE – The St. Lawrence River Valley Redevelopment Agency approved a $700,000 loan to the St. Lawrence County Industrial Development Agency Monday.
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 Industrial Development Agency at a site between the St. Lawrence 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, Industrial Agency CEO 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 currently 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 River Agency was granted $16 million in 2010 for economic development. According to the proposed budget, the River Agency will set aside $556,330 for community development projects in 2013.
River Agency board members are expected to pass the budget at the next board meeting in October, River Agency Chair Robert O. McNeil said.