The Hudson Development Corporation is a local development corporation that is autonomous, private, and charitable non-profit organization (501 c3.)
The Hudson Development Corporation is a private non-profit established in 1976 as a Local Development Corporation for the purposes of sustaining, promoting, and enabling business investment and employment opportunities, as well as strengthening the City of Hudson’s tax base to help secure its future as a desirable place to live, work, and invest.
To accomplish its mission the HDC shall:
- Engage with existing businesses in the areas of business retention, expansion, and job creation.
- Seek out and advocate for new businesses that add market diversity and job skills to our local economy.
- Collaborate with local government to strengthen Hudson’s tax base and to plan for the future.
Local Development Corporations and Local Authority Agencies are commonly confused. Both types of organizations are subject to guidance and oversight from the NY State Authorities Budget Office (ABO) and must follow Open Meeting Laws. But they are not the same thing.
Local Development Corporations can be PRIVATE, and HDC’s articles of incorporation state that the organization was established as such. https://www.abo.ny.gov/publicauthoritydata/PublicAuthorityDataDirectoryofAuthorities.html
In the City of Hudson, The Hudson Community Development and Planning Agency is designated as a local authority. The Hudson Development Corporation is a local development corporation.
The NY State Office of the Comptroller briefly described LDCs:
New York’s counties, cities, towns, and villages frequently utilize local development corporations (LDCs) and other private entities for economic development and other activities. These LDCs and similar private entities are exempt from many of the constitutional and statutory provisions that guide the operations and financial transactions conducted by local governments. For example, LDCs and similar entities are not subject to public procurement laws that require certain contracts to be bid competitively, and the debt that these entities issue, even if for the benefit of a local government, is not subject to the limits on debt established for most municipalities in the New York State Constitution.
The non-profit law establishing LDCs like HDC is the best resource for understanding the purpose and powers that make this organization different than a local authority. https://www.abo.ny.gov/publicauthoritydata/PublicAuthorityDataDirectoryofAuthorities.html