Pin It

LDC trio is in its last days 

State Supreme Court Justice Craig Doran signed off on a court order that clears the way for three county-linked local development corporations to dissolve, says County Executive Cheryl Dinolfo.

Each LDC has its own board, which must meet and agree to dissolve the entity and transfer assets and contracts to the county. Dinolfo asked each of the boards — which share most of their members — to do so within 90 days.

The three nonprofit LDC's are Monroe Security and Safety Systems LDC (M3S), which owns and maintains the county's public safety communications infrastructure; Upstate Telecommunications Corporation, which buys computer and office equipment and leases it to the county; and Monroe Newpower, which owns a power plant that provides Monroe Community Hospital and Monroe Community College with electricity and steam.

M3S and UTC were at the center of a public corruption case that concluded last year.

During her 2015 exec campaign, Dinolfo pledged to dissolve all of the LDC's formed by the county over the years. The State Legislature passed laws allowing the county to more or less buy the corporations' assets, debts, and contracts. And the County Legislature authorized borrowing $80.8 million for that purpose back in September.

Dinolfo hasn't started the process of dissolving two other LDC's: one owns the Civic Center Parking Garage and the other borrowed against the county's share of a big tobacco settlement.


Comments are closed.

Browse Listings

Submit an event

Mylan Engel, PhD: My Journey from Hunter to Vegan @ Brighton Town Park Lodge

5:30pm: Vegan Share-a-Dish Dinner 7pm: Program Dinner is a vegan potluck, with...

Bibbidi Bobbidi Cinderella @ Lyric Theatre

"The Wizard of Oz" (1939) @ Dryden Theatre

View all of today's events »

This Week's Issue

Cover Story:
A former paperboy's story of sexual abuse
Rick Bates claims in a lawsuit against Gannett Co. that he was sexually abused as a paperboy in 1983 read more ...

Tweets @RocCityNews

© 2019 City Newspaper.

Website powered by Foundation.