Learn more about the Bolton LDC’s legislative mandate and the policies that govern its operation.
Through an act of local legislation, the BLDC was created in 2004. At the time, the primary purpose of the BLDC was to assume ownership and operation of the Norowal Marina located off Sagamore Road in the hamlet of Bolton Landing. Currently, the BLDC is the sole stockholder of Norowal and the marina is operated as a for-profit corporation. The BLDC receives its limited operating revenue through operation of the Norowal Marina. (For more information on Norowal Marina, visit the following website: norowalmarina.com). The BLDC is available to assist with other business development opportunities within the Town.
In November 2004 under Resolution #258 The Bolton Town Board developed a Bolton Local Development Corporation.
NYS enacted the Public Authorities Accountability Act (PAAA) of 2005, which was signed into law in January 2006. This ground-breaking law established guidelines for the governance of public authorities as well as disclosure requirements relating to the structure, activities and finances of the authorities.
Bolton LDC has been defined by the NYS Authorities Budget Office as a local authority, a not-for-profit corporation affiliated with, sponsored by, or created by a county, city and town or village government. In order to comply with the primary purpose of the law that ensures greater efficiency, openness and accountability of New York State’s authorities, comprehensive reporting, auditing, governance and property disposition requirements have been established.
Bolton LDC strives to comply with all relevant rules and regulations related to the PAAA of 2005 and all subsequent updates to the law.