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| Port of Ogdensburg. |
The city of Ogdensburg is in a period of growth with
expansion projects underway at the Ogdensburg International Airport and the
Port of Ogdensburg. It’s an exciting time with new opportunities for economic development
and job creation.
But to tap into that potential the Ogdensburg Bridge and
Port Authority – which owns and operates many public assets in the city – needs
to modernize its ability to borrow money in order to facilitate and invest in
projects large and small that will attract and enable future growth.
That’s why the New York State Assembly passed a new piece of
legislation that would give the Authority the ability to issue bonds for up to
$100 million to rev up the economic engine of Northern New York.
“My colleagues in the Assembly recognize the potential of
the Ogdensburg Bridge and Port Authority to tap into national and international
markets thanks to its strategic location on the Canadian border,” Assemblywoman
Addie J. Russell, who sponsored the legislation, said. “We need to invest in
our region – the Assembly knows that, and the Ogdensburg Bridge and Port
Authority has a proven track record of responsible economic growth which makes
us confident that they will help lead the region into the future.”
The bill, which hasn’t been picked up by the state Senate,
would pave the way for the successful completion of a runway expansion at the
Ogdensburg International Airport, improved access at the Port of Ogdensburg to
enable increased shipping traffic, as well as general and much needed
maintenance at the bridge, industrial parks, and rail yards run by the
Authority.
"Assemblywoman Russell is a tireless advocate for
job-creating infrastructure projects and the Authority thanks her for the
passage of this legislation,” Ogdensburg Bridge and Port Authority Executive
Director Wade A. Davis said. “This bill, when law, will allow the Authority to
better compete for state and federal grants and bond for fiscally-prudent
future capital projects which directly create and support private-sector
jobs."
State law providing for the operation of the Authority has
not been updated for decades, and its provisions for borrowing have not kept
pace with modern business and lending practices. This bill would provide the
Authority the same borrowing abilities as similar organizations around the
state.
In the state’s 2015-2016 fiscal year budget, the Authority
received $10 million to put towards the expansion of the Port of Ogdensburg’s
dock wall.