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Dinolfo Announces Important Step In Dissolution Of Local Development Corporations

Dinolfo Announces Important Step In Dissolution Of Local Development Corporations

Monroe County Executive Cheryl Dinolfo today announced that an important step in the dissolution of three Local Development Corporations (LDCs) has been completed. Today, Supreme Court Justice Craig Doran has signed an Order directing the dissolution of each of these local development corporations. Dinolfo has been working since her first day in office to put an end to the County’s use of UTC, M3S and Monroe Newpower LDCs. After working with the Attorney’s General Office to submit a petition to the Supreme Court, Dinolfo can now dissolve the LDCs and return all operations to the County.

“I made a promise to every resident in Monroe County – to operate as an ethical steward of taxpayer dollars and I am proud to say that we have upheld our commitment to shut down three LDCs,” said Dinolfo. “We could not have accomplished this alone; it took partners at all levels of government and together we were able to deliver great cost savings to taxpayers. The dissolution of these three LDCs will save the County $3.4 million this year alone. Now that Supreme Court has issued its Order it is time for all three LDC Boards to meet to take the last steps required to give control of their operations to Monroe County. This important step in the process delivers on my promise to taxpayers that county government will run with transparency and efficiency.”

Significant steps in Dinolfo’s efforts to eliminate LDCs:

·    In January, Monroe County worked with the Attorney General and the Courts to obtain restitution from individuals prosecuted in the LDC cases.
·    In February, the Monroe County Legislature passed Home-Rule legislation submitted by Dinolfo authorizing the New York State Senate and Assembly to dissolve LDCs.
·    In May, Dinolfo worked with the New York State Senate and Assembly to allow the dissolution of LDCs.
·    In June, the home-rule bill passed in New York State’s Senate and Assembly with bipartisan support. 
·    In August, Governor Andrew Cuomo signed the legislation paving the way for Dinolfo to introduce to the Monroe County Legislature authorization for the assumption of the operations and refinancing the LDCs.
·    In September, the Monroe County Legislature authorized bonding and approved the transfer of the three LDCs’ assets to the county.
·    Since September, the County has been working with the Attorney General’s Office to petition the Supreme Court to allow the dissolution of the LDCs. The Supreme Court approved the petition today.
·    Today, Dinolfo requested the three LDC Boards meet to return operations to County governance within the next 90 days. The refinancing of the LDC debt is estimated to save County residents more than $12,000,000 in future interest payments.

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