PORT CHESTER LOCAL DEVELOPMENT CORPORATION (PCLDC)
The Village of Port Chester Local Development Corporation (PCLDC) fosters the creation, retention, and expansion of jobs and economic opportunities for the benefit of the Village of Port Chester and New York State. It was established by the Board of Trustees of the Village of Port Chester on September 4, 2012. The PCLDC is a not-for-profit local development corporation organized under Section 1411 of the Not-For-Profit Corporation Law of the State of New York.
The Certificate of Incorporation for the PCLDC was filed with the New York Secretary of State on September 6, 2012. Local development corporations in New York can serve as a conduit financing vehicle for local not-for-profit institutions seeking access the tax-exempt bond market to finance new capital improvements or to refinance existing debt. The LDC can apply for and make grants and loans, it can acquire real or personal property and it can sell, lease, mortgage or otherwise dispose of such property.