The GGFLDC will improve the economic conditions of the Glens Falls area by attracting new business and industry. One of the ways the LDC does this is
through the administration of the Economic Development Revolving Loan Program.
The primary objectives of the revolving Loan Program are to create and retain employment opportunities for persons of low-to-moderate income through the
expansion or creation of new businesses in the City of Glens Falls; to retain existing employment opportunities; to increase municipal sales and property tax revenues;
to provide assistance to projects that present growth potential; to provide assistance to maintain, establish or expand small business – especially in the Central
Business District; to leverage the greatest level of private funds possible; and to manage the loan fund in a manner that results in an increasing loan pool.
The applicant for loan funds must be current on real property taxes, all mortgage obligations, federal and state tax obligations, and all other debts.
Revolving loans (i.e. credit cards) must be a manageable size and be receiving sufficient payments. The borrower must be free of any unsatisfied judgments or other claims
which interfere in the lender’s rights in the collateral. Project feasibility includes, but is not limited to:
Evidence that costs, both capital and operating, are reasonable. A reasonable, well thought out business plan.
Appropriate management and financial accounting capabilities are in place.
A market for the proposed products/services exists, and that a reasonable marketing plan is in place.
Revenue estimates that are reasonable and that all sources of project funds, other than that from the Revolving Loan Fund, are firmly committed or can reasonably be expected
to be committed prior to the loan closing.
The GGFLDC will look at personal financial statements; project capital cost estimates; equipment quotes; working capital needs; projection of income operating
expenses; cash flow and net profit before depreciation and taxes; job projections; evidence of equity and other firm financial commitments.
It is the policy of the program that all loans be secured whenever possible. The security will be in equipment, land and buildings, assets of the business and/or
assets of the business owner(s) or corporate officers. Realistically, the loans may have to take a subordinate position to other private lenders, which is acceptable if conditions
and circumstances so warrant.
An application fee of $250.00 must accompany each application for a loan. Legal and accounting fees that the GGFLDC will incur make up the bulk of the costs
involved. In addition, the applicant will be responsible for any disbursement regarding its project made by the GGFLDC’s legal counsel, or accountant, or by the GGFLDC
itself. All these fees should be considered in planning the financing. These costs may be reimbursed to the applicant through loan proceeds, and should be estimated and included
in the applicant’s loan proposal.
You can download an Application here. Return the completed form to the Office of Economic Development at City Hall.
As of Monday, October 3rd, 2016 the Greater Glens Falls Local Development Corporation office is now located at 333 Glen Street (Travelerís Building) on the first floor room 101. Phone number remains the same 518-761-3833. You can enter the office from the Washington Street side.
GOVERNOR CUOMO ANNOUNCES $70 MILLION IN FUNDING FOR 68 BICYCLE AND PEDESTRIAN PROJECTS
Glens Falls Economic Community Development Director Ed Bartholomew stated that today's announcement represents an important collaboration by the City of Glens Falls with Glens Falls School District, YMCA and the Adirondack Glens Falls Transportation Council which has resulted in a substantial and important safety project going forward..
This project recommended by the recently concluded "City's Community Challenge HUD Grant" will greatly enhance safety for bicyclists, pedestrians who walk, and ride in the Kensington School, Crandall Park YMCA/Fire Road area.
Improvements has been long sought after through the years but with little success. The support received from Mayor Diamond and the Common Council, organizations and residents, Federal Highway Administration, state officials Senator Betty Little, Assemblyman Dan Stec and from the Governor's Office was most helpful in securing this funding.
Plans include: construct new sidewalks, multi- use path and raised crosswalk along Kensington Road, Jerome Avenue and Fire Road in the City of Glens Falls, thus formally connecting several major and important pedestrian generators including an elementary school (K-4), YMCA and significant public park facilities with separate accommodations for pedestrians and bicyclist of all ages;
Construct approximately new concrete sidewalks to ADA standards in front of the Kensington Road Elementary School;
Construct approximately multi -use path from the Kensington School north driveway along Jerome Avenue and Fire Road to the Glens Falls YMCA entrance;
Construct a raised, high visibility cross walk at the Fire Road entrance to the Glens Falls YMCA;
Construct approximately sidewalk between the YMCA driveway entrance at Fire Road to connect to existing sidewalks at Glen Street (State touring Route 9); and
The estimated Project cost is $$575,000 to $600,000 with funding ratio of 80 per cent (state share) -20 per cent(local share) - Project timetable --commence design in 2015 –construction 2016 and with closeout 2017—local share will be budgeted over 3 year period and will be supplemented by other non city funds
Report by EDC of Warren County & Adirondack Gateway Council and Infrastructure Priorities was presented at the Region's Infrastructure Forum –Tech Valley and Beyond - October 30 & 31, 2013. Click here for a copy of the report.
Final comments are due Tuesday, June 18, 2013 at 4 pm
By email: firstname.lastname@example.org
By fax: 518 798 5029
By mail: Community Challenge-Office of Community Development City Hall 42
Ridge Street, 2nd Floor, Glens Falls NY 12801
CITY OF GLENS FALLS
PRUYNS ISLAND MASTER PLAN - REDEVELOPMENT & CONNECTION PLAN click on image to download pdf of plan
DOWNTOWN VISION AND DEVELOPMENT STRATEGY COMMUNITY CHALLENGE GRANT PROJECT SUMMARY OF INFORMATION AND DATA TO DATE
Vision & Development
Strategy Schematics Download Glens Falls Downtown Vision &
Development Strategy Description Download Glens Falls Goals & Objectives Download Downtown
Vision & Development
Strategy Brochure Download plan and images
COMMUNITY CHALLENGE DOWNTOWN VISION AND STRATEGY PLAN
The City's public engagement process continues.
Following a series of public information meetings, focus groups, steering committee meetings and open house, the draft action plan is now available for review on line above.
Copy of the Draft Action Plan is available at Crandall Library and at the City Clerk's Office, City Hall.
Designs, concepts, renderings are also available for review at City Hall, first floor.
Comments on the Draft Plan will be received from the public through January 25, 2013 and may be mailed or dropped off at City of Glens Falls, Community Challenge, Community Development Office 2nd Floor, 42 Ridge Street, Glens Falls NY 12801 or by email email@example.com or by fax 518 798 5029
LEGISLATIVE SESSION REPORT Source: looktvonline.com
Kenneth Adams, head of the Empire State Development Corporation, discussed Governor Andrew Cuomo’s 2011-2012 session accomplishments with local leaders and residents. VIEW VIDEO
STATE WILL FEATURE FAGE, NANOTECH, IN ADS Source: timesunion.com
Gov. Andrew Cuomo just unveiled a new set of advertisements designed to attract and retain businesses in the state. VIEW ADS
BEST MID SIZED CITIES FOR JOBS LIST BY FORBES MAGAZINE -- GLENS FALLS IS 12TH
Glens Falls Mayor Jack Diamond has responded favorably to positive job growth report and national ranking from Forbes magazine for the city and the region. Mayor stated that the Glens Falls Economic Development Group has already forwarded this information to NY Empire Development Officials, Governor's Office and legislative leaders in Albany and Washington as well to several interested parties. READ MORE
The Greater Glens Falls Local Development Corporation (GGFLDC) is a not-for-profit corporation organized under the laws of
New York State as a Local Development Corporation (LDC). Its members serve without pay and contribute freely of their time and experience to enhance the economic development
of the Glens Falls Area.