Tuesday, June 2, 2015

Assemblywoman Russell passes bill to spur Ogdensburg Bridge and Port Authority growth


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.