JAMESTOWN – The Jamestown Local Development Corporation board of directors will hold its first meeting of 2018 Tuesday at City Hall.
At 5 p.m. the JLDC board will hold an organizational meeting to welcome new members to the board, as well as appoint the 2018 officers. According to JLDC bylaws, the mayor of Jamestown – Sam Teresi – is required to serve as president of the board, while the city council president – Marie Carrubba – is required to serve as vice president.
In addition to organizational matters for the New Year, the board will also discuss how to allocate $600,000 in state funding for Downtown programming. The money comes from a portion of the $10 million Downtown Revitalization Initiative grant that the city received in 2016, and can be applied toward downtown entertainment projects and the JLDC has been assigned the agency responsible for allocating that pool of funding.
The JLDC is also the agency that would assume ownership of the Jamestown Wastewater Treatment Plant, under the proposed Capital Infrastructure and Equipment Replacement Program by the mayor to sell the facility in order to raise much-needed capital for the city. Tuesday’s meeting agenda does not include any action items by the board involving that proposal.
The JLDC is a not-for-profit corporation created by the Jamestown City Council in April 1981 which serves as the lending agency of the City of Jamestown’s Department of Development. JLDC loan maximums range from $35,000 to $350,000 based upon various loan programs and varying percentage participation levels. In addition, loans over $100,000 must be ratified by the Jamestown City Council. No taxpayer dollars are used as loan money.
Tuesday’s JLDC meeting begins at 5 p.m. in the Mayor’s Conference Room of City hall and is open to the public.