The Ogdensburg Growth Fund Development Corporation has a 2014 budget in place.
Meeting Tuesday, the board of the citys small business lending agency voted 7-0 in favor of a $61,500 budget that acknowledges its new role in the citys 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 its 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 were 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,