Our Organization The Glen Cove Local Economic Assistance Corporation, (the “corporation”) is a local development corporation of the State of New York formed under Section 1411 of the New York Not-for-Profit Corporation Law. Formation of the Corporation was authorized by resolution of the City Council of the City of Glen Cove, New York.
Mission Statement (Adopted September 30, 2014)
The mission and public purpose of the Corporation is to support and promote economic development efforts in the City of Glen Cove, New York (the “City”) and for the public purpose and charitable purpose of benefiting and furthering the activities of the City of Glen Cove, New York, by serving as a conduit financing entity issuing taxable and tax-exempt revenue debt and providing other financial assistance to support the growth, expansion, on-going operations and continued viability of the non-profit sector in the City. The Corporation supports and promotes economic development in the City by efforts to attract new non-profits to the City and by assisting existing non-profits in their efforts to reduce costs.
The Corporation can best achieve its mission and public purpose by (i) the judicious use of its authority to offer “financial assistance” (as such quoted term is defined in Article 18-A of the General Municipal Law with respect to industrial development agencies) to qualified applicants, and (ii) offering the expertise of the Corporation’s staff and officers in economic development matters to (a) assist non-profits in relocating to the City or expanding their operations in the City, and (b) assist other governmental authorities in identifying, creating and expanding economic development opportunities within the City, particularly those related to the non-profit sector.
The philosophy and guiding principles of the Corporation are to conduct its operations in the public interest with transparency and openness for all persons and entities coming before the Corporation, including, without limitation, prospective applicants, community members, government representatives and members of affected communities.
List of Performance Goals:
1. Provide assistance for eligible “projects” in the City of Glen Cove for purposes of sustaining and promoting existing and new not-for-profit organizations in the City of Glen Cove.
2. Educate not-for-profit sponsors and other community leaders regarding the existence and purposes of the Corporation and the resources the Corporation has available for new and existing business in the City of Glen Cove.
3. Maintain full compliance with all State disclosure and reporting requirements and meet with outside consultants and auditors as required to ensure such compliance.
4. Ensure transparency of all Corporation activities and operations.
5. Achieve complete adherence by management to all internal controls.