May 9, 2007
When a subsidized business moves to Cortland
A few years ago, the Town of Dryden secured a low-interest (2%) HUD loan for Cayuga Press to buy some new printers. It was part of the Town's economic development policy, though it came under some fire because of the family connection between then Town Supervisor Jim Schug (a Democrat, though his last run was as a Republican) and the company.
This loan brought a lot of new jobs to Dryden for a few years, but now there's a problem.
Cayuga Press for rent.
Cayuga Press has claimed all along that it moved to the Empire Zone in Cortland purely for space reasons, but somehow they forgot about the nature of the low-interest loan they had through the Town of Dryden. Now the town has to figure out what to do about that loan, especially since the money the town collects on that loan can be used to make additional loans for businesses (or possibly home improvement) in Dryden.
Town Board member Mary Ann Sumner has a post exploring these questions on the Dryden Democrats blog.
Posted by simon at May 9, 2007 12:54 PM in Hanshaw Road , economy , politics (local)Note on photos