Luther Forest group to delay annual loan payment
SARATOGA COUNTY The Saratoga County Industrial Development Agency is giving Luther Forest Technology Campus more time to make its annual $50,000 loan payment.
More than a decade ago, the IDA loaned the park $650,000 to get started. On Monday, it agreed to wait on the annual payment, said Luther Forest Technology Campus Economic Development Corp. President Michael Relyea.
He said he hopes to use the extra time to work with the IDA to restructure the loan. Relyea said they will continue to make interest payments on the loan, which are just under $10,000 a year.
Due to a lack of property sales in the park, the LFTC Economic Development Corp. was left cash-strapped and forced to consider bankruptcy last year. There was also a proposal to shift a portion of the land to the control of the IDA to settle the loan.
In response to the tough times, Relyea said they made a lot of cutbacks and restructured. He contended the group just finished a transitional phase, with its role changing from construction company to land owner. It previously was concerned with preparing the land for development, but now, he said, its focus is on finding companies that can create the most high-paying jobs possible.
There are eight development areas left in the park, whose first tenant was GlobalFoundries.
Relyea is still optimistic about the park’s future.