Frequently Asked Questions
What is an LDC?
LDCs are Type C not-for-profit corporations that may only be formed for a lawful business purpose “to achieve a lawful public or quasi-public objective” in a geographically circumscribed area. In carrying out its purposes and in exercising its powers, an LDC performs essential functions for the purpose of:
- Instructing or training individuals to improve or develop their capabilities to start or run businesses.
- Carrying on research for the purpose of aiding the community
- By attracting new businesses to the community or area or
- By encouraging the development or retention of a business in the community;
and thus, improving and maintaining job opportunities; - To sponsor and promote local events while working cooperatively with
Federal, State and Local Agencies/Organizations;
- To utilize tourism opportunities as an economic strategy to promote businesses.
- To work cooperatively with government and act in the public interest.
What can the LDC do?
In addition to the normal powers held by all not-for-profit corporations, LDCs have the power:
- To assist financially in such construction, acquisition, rehabilitation and improvement of local businesses;
- To disseminate information and furnish advice, technical assistance and act as a liaison with federal, state and local authorities;
- To acquire real or personal property or interests therein;
- To borrow money and to issue negotiable bonds, notes and other obligations therefore,
- To sell, lease, mortgage or otherwise dispose of or encumber any business or any of its real or personal property or any interest therein upon terms deemed necessary;
- In connection with loans from the New York Job Development Authority (“NYJDA”), to enter into covenants and agreements and to comply with all the terms, conditions
and provisions thereof; - To carry out its corporate purposes; and
- To foster and encourage the location or expansion of businesses in the City of Tonawanda in which LDCs operations are principally to be conducted.
How can I get involved?
As a not-for-profit, volunteer ogranization, we are always looking for new volunteers. With a Board of Directors and three Implementation Committees, including Historic Preservation, Economic Revitalization, and Marketing, there are lots of opportunities to get involved.