The New York State Legislature has approved a bill to allow Monroe County to refinance the debt of three Local Development Corporations.
Monroe County Executive Cheryl Dinolfo says the measure will allow the county to generate over $12 million in savings, as well as take another step toward restoring transparency and accountability to government services.
LDC’s are non-profit entities that were at the center of a corruption case where four people ended up pleading guilty in a bid-rigging scheme.
The legislation to dissolve the three LDC’s will be sent to Governor Cuomo for his signature and then a resolution will be introduced to the county legislature seeking approval for the transfer of all LDC asssets to Monroe County.
