TCAD Funding Task Force Recommendation Accepted
At its January 29, 2013 meeting, The Tompkins County Legislature unanimously accepted the recommendation from an independent task force charged with reviewing the County’s investment in economic development. With this action the County commits to funding 1/3rd of TCAD’s budget through 2018. This is a well thought out decision by the County Legislature and demonstrates their long-term commitment to TCAD and economic development.
The decision is consistent with TCAD’s goal of a balanced and sustainable revenue model. Another 1/3rd will come from fee-based income, and the final 1/3rd from local employer support.
TCAD delivers a variety of services to the County Legislature including management of the Industrial Development Agency.
TC3 Foundation Bonds
With the assistance of the Tompkins County Development Corporation (TCDC), the TC3 Foundation recently closed on $44 million in low cost financing. The funds will be used to refinance existing debt on the Foundation’s dormitories as well as finance improvements.
The TCDC and the TCIDA, both managed by TCAD for the County Legislature, have issued over $650 million in low cost bonds since 1992. Other customers have included Cornell University, Ithaca College, Cayuga Medical Center and Kendal at Ithaca.
The assistance these programs deliver recognizes the enormous impact these not-for-profit employers have on our economy and quality of life.
|Listen Wednesday morning
On Wednesday February 6, 2013, at 8:45 AM, listen to TCAD’s Real People Real Jobs on 870 WHCU. This month Martha Armstrong and Gary Ferguson of the Downtown Ithaca Alliance discuss the changing face of downtown.
If you miss the show, it will be posted on the TCAD website later in the week.