CRG moves to end EDC
JOHNSTOWN – The Fulton County Center for Regional Growth recently voted to have its attorney make motions in state Supreme Court to dissolve the Fulton County Economic Development Corp.
The EDC was the original economic development agency marketing the county starting in the 1980s, but both it and its sister agency – the Crossroads Incubator Corp. – are headed toward dissolution.
Both agencies are currently under the umbrella of parent company CRG, but the CRG is starting with the formal dissolution of the EDC.
The CRG Board of Directors on Thursday at the Johnstown Professional Office Complex approved action taken recently by the EDC to dissolve itself.
Board Chairman Dustin Swanger noted the agencies’ attorney – Charles J. Tallent of Canajoharie – was allowed by the EDC to make filings in state Supreme Court to allow the dissolution process to begin.
The CRG’s action Thursday approves that and moves the process of EDC dissolution forward.
“Essentially, it would be [dissolved], if and when the state Supreme Court approves that,” Swanger said.
When that process is approved, the CRG will take up servicing of the EDC’s loan funds, CRG President and Chief Executive Officer Michael Reese said. He said the EDC will be meeting soon to review pending loans.
The CRG and Fulton County government in October announced future plans for the agency, which include dissolving both the EDC and CIC. At that time, it was reported it is in the CRG’s financial interest to dissolve those corporations, and have just one entity, the CRG, working to represent the county’s economic development interests.
Even though the EDC and CIC are being dissolved, there are still several pieces of pending litigation involving all three agencies.
One of them involves the city of Gloversville, which in October filed a lawsuit against the EDC to regain control of 13 loans and a cash balance of $940,000 from the EDC, CIC and CRG.