The Town of Huntington Local Development Corp. closed on a $20 million bond issue on behalf of a local human services agency, which plans to use the funds to refinance existing debt and for construction and renovation projects in Huntington and Smithtown.
The town closed on the revenue bonds on behalf of Developmental Disabilities Institute in Smithtown. The institute will be responsible for the repayment. Of the $20 million issued, $19.6 million is tax-exempt.
"This bond issue falls squarely into why we formed the LDC: to help deserving not-for-profit organizations with their financial needs while providing a stimulus for the local economy," Huntington Supervisor Frank P. Petrone, who is president and chairman of the LDC board, said in a news release.
"The Town of Huntington should feel very good about what was accomplished," David Bartash, chair of DDI's board of directors, said in the release. "Not only is the Town's LDC fulfilling its objective to help stimulate the local economy and job growth, but DDI is being helped to fulfill its mission of supporting children and adults with disabilities and their families, many of whom are residents of Huntington."
DDI is a multisite agency serving more than 1,500 children and adults with autism and related disorders. The Town of Huntington LDC was formed in February 2010 to promote job growth and employment, increase job opportunities, promote community and economic development, and create jobs. The financing is made possible without any cost to taxpayers. Not-for-profit organizations interested in accessing the LDC's funding opportunities should contact its executive director, Joan Cergol, at 631-351-2847.