It's been confusing, to say the least, covering the happenings around the former General Electric Co. dewatering site in Fort Edward.
The new owner, the Fort Edward Local Development Corp., is made up of town and village residents, and they're very much looking forward to redeveloping the site and making it an economic driver for the area.
I saw that enthusiasm at their meeting on April 16.
FORT EDWARD — With a fully formed board and tax assessment challenges in the rear view mirror, the Fort Edward Local Property Development Corp…
In my due diligence of finding out more about local development corporations, I contacted the state Authorities Budget Office. Director Jeff Pearlman said it's not unusual for LDCs to have somewhat mysterious beginnings, and he explained that they're economic drivers for municipalities struggling to stay within a tax cap.
What gave him pause, and also raised questions among other leaders at the county level, is an agreement the LPDC entered into with a for-profit company called Fort Edward Development.
FORT EDWARD — State and local officials have concerns about a management agreement between the new and previous owners of the former General E…
If the property is developed, the taxes are paid and the insurance is paid, the for-profit and nonprofit companies will split the leftover revenues.
I've requested a copy of the agreement, so we might learn more about it.
At the April 16 meeting I asked Town Attorney Don Boyajian who made up Fort Edward Development, and he said it was made up of the former owners. The former owners are the limited liability corporation, WCC.
I've been asking for a list of who is on Fort Edward Development specifically, because on the Department of State's incorporation database, there's no registered agent.
The address, however, is the same as D.A. Collins.
So far, no one seems to know who is on Fort Edward Development, or no one is willing to tell me. John Davidson, spokesman for WCC, said it's a private management company.
Davidson also said D.A. Collins is not associated with WCC, and he has been frustrated by people linking them. He said he understands the confusion, because two D.A. Collins employees created WCC, and he himself is an employee of WCC and D.A. Collins.
The companies also share an address.
But advertising literature for D.A. Collins Companies Real Estate Division highlights the former dewatering site as one of "several business-leasing opportunities." Davidson said the advertisement was printed in partnership between WCC and D.A. Collins to save money, but that WCC is still not a real estate holding company of D.A. Collins'.
— Gwendolyn Craig