KINGSTON LOCAL DEVELOPMENT CORPORATION
The Kingston Local Development Corporation (KLDC) is under Sections 402 and 1411 of the Not-For-Profit Corporation Law. The Corporation is defined in subparagraph (a)(5) of Section 102 of the Not-For-Profit Corporation law and a local development Corporation pursuant to Section 1411 of said law. The Corporation is a Type C Corporation under section 201 of the Not-For-Profit Corporation Law in May, 1994.
The primary purpose of the KLDC is to stimulate investment within the City of Kingston that results in quality of life and economic sustainability for its residents. The KLDC has assisted businesses with "gap" financing through our Revolving Loan Program, approving projects that may not be conventionally financed in whole or part. We promote and assist in the growth and development of business concerns within the City of Kingston. Particularly, the Corporation encourages location expansion of industrial, manufacturing, and commercial capacity and the creation and retention of job opportunities.
The KLDC Executive Director administers the Revolving Loan Program and the Section 108 Loan Guarantee Program for “GAP” financing to businesses within the City. To qualify for "GAP" financing the applicant must have a Traditional Financial Institution (bank) involved as well as as utilization of their own monies. We also currently offer a Micro-Enterprise Lending Program and a Commercial Building Facade Loan Program. The KLDC designed their Micro- Enterprise Loan program to focus on capital assistance for small business entrepreneurs, providing low interest loans up to $7,500. The Facade Loan was designed to aide in the correction of blighting conditions of the facade (part of building facing the main street, most often the principal front) of commercial buildings within the City of Kingston. This is a low interest loan with a maximum amount to be borrowed in the amount of $20,000. **Please note, All loan applications are reviewed by our Finance Committee prior to being brought before the full Board for approval. Applications are due by the last business day of the month by 3:00 p.m., NO EXCEPTIONS.
The KLDC owns and operates the Kingston Business Park located at Corporate Drive, Kingston, NY. The Kingston Business Park is a light industrial park, 107 acres in size and of those acres, approximately 65 acres can be used for the construction of buildings and parking areas. The park currently has two sites with space to accommodate additional sites.
The Board consists of Eleven (11) members, of which the Mayor shall always be a member and the Mayor appoints the remaining Ten (10) members. Board terms are three years, running staggered from July through June. The KLDC Board meetings are held on the third Thursday of each month at 8:00 a.m. in the Mayor's Conference Room. Should a meeting be cancelled, it will be noted on the City's calendar.