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A List
2/20/06
SLCIDA DONATES $104,250 TO ST. LAWRENCE UNIVERSITY
CANTON - St. Lawrence County students at St. Lawrence University will benefit both
from bonds borrowed to build a state-of-the-art science center and from a scholarship
fund that will be strengthened as a result of the generosity of the agency that helped
the University borrow the funds.
The St. Lawrence County Industrial Development Agency (SLCIDA) at its February 9
meeting presented a $104,250 check to St. Lawrence Vice President for Finance and
Treasurer Kathryn Mullaney, to be added to the University's Walter Basmajian/St. Lawrence
County Industrial Development Agency Scholarship Fund. St. Lawrence University and SLCIDA
recently finalized a $20,850,000 Civic Facility Bond transaction for the construction
of the Sarah Johnson Redlich '82 Hall of Science.
SLCIDA established the scholarship fund in 1993 to honor Basmajian, a former chairman
and a charter member of the Board.
SLCIDA Chairman Brian Staples explained that the Agency historically donates back to
the borrower one-half of the 1% Civic Facility Bond fee it receives to issue tax-exempt
bonds. The Civic Facility Bond program allows non-profit organizations to pay a lower
interest rate on the borrowed money than would be available otherwise. Those who invest
in the bonds earn interest that is exempt from New York State income taxes.
He added, "St. Lawrence University has a distinguished history of providing outstanding
educational opportunities to St. Lawrence County residents. SLCIDA has
traditionally invested in bricks and mortar to advance the economic well-being of the
citizens of this county. We recognized long ago that workforce preparation is an increasingly
important part of keeping St. Lawrence County and America competitive in world
manufacturing, and this scholarship is one of the ways we can help invest in our
future workforce."
The Civic Facility Bonds, which will be paid back over 30 years, combined with gifts
to the project from several major donors including a significant gift from University
Trustee Sarah Johnson Redlich '82, will pay for the construction of the Hall of Science
named in her honor. This project, the largest in St. Lawrence University history,
will shape science education at the University for decades. Mullaney said, "The Civic
Facility Bonds are an efficient and low-cost method of borrowing funds on a tax-exempt
basis and the SLCIDA is easy to work with. The University is also grateful for their
generosity in adding to this scholarship."
The St. Lawrence County Industrial Development Agency is a public benefit corporation
created by New York State legislation to promote, encourage, attract and develop job
opportunities and economically sound commerce and industry in St. Lawrence County.
As a full-service development agency, SLCIDA works to ensure that citizens maximize
the services available to help start, expand and maintain business in St. Lawrence
County.
For further information contact Raymond Fountain, Administrative Director;
St. Lawrence County Industrial Development Agency; 80 State Highway 310, Suite 6;
Canton, NY 13617-1496; 315-379-9806; ww.slcida.com.
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