How to resolve AdBlock issue? BALLSTON SPA – In August 2012, the Saratoga County Board of Supervisors passed a resolution to create the formation of the Saratoga County Capital Resource Corporation, or SCCRC, and named Anita Daly the organization’s chair.
Charged with promoting community development and the creation of jobs in both the not-for-profit and for-profit sectors, the local development corporation this week announced it had facilitated more than $200 million in financing since its formation.
That financing benefitted health care, education and affordable housing organizations headquartered or operating in Saratoga County. Projects have included enabling low-interest financing for a segment of a new science building at Skidmore College, the expansion at Saratoga Hospital, updates to the Raymond Watkin apartments and for a St. Peter’s Hospital project.
“In the case of Saratoga Hospital, they expanded their ER and the size of their OR, and (at the Watkin apartments) they did a huge renovation to the facility that enhances the quality of life for residents there,” said Daly, who continues to serve as chairwoman of the not-for-profit SCCRC.
“By being a conduit for tax-exempt financing, it helps not-for-profits maintain low costs in financing or re-financing a project. By keeping the cost down, it allows them to save money for their operation or do an expansion, or whatever their goal may be,” Daly said. “Sometimes it makes the difference whether they go ahead with their goal or not.”
In a new initiative for 2019, the agency is providing grants to small businesses and organizations which may not otherwise have the resources to participate in the newly launched Saratoga County Institute of Management. The program is designed to help local incumbent staff members develop leadership and management skills.
“It was created at the request of different business people in the area who expressed the need to better advance certain skill sets of existing employees and new hires,” Daly said of the partnership forged between SCCRC, the county Chamber of Commerce and Empire State College with the idea of grooming future leaders. “We created a program that was directly the result of requests made by businesses, so that we can help our businesses with their workforce development needs.”
The program is organized into three different three-month tracks: sessions in Operational Management - such as recruitment and retention, and knowledge of HR and legal issues; Self-Awareness - which includes time management and effective listening, and sessions in the Management of Others, which features motivation and conflict resolution techniques.
The cost for businesses to send employees to the management program is $1,500 (Chamber members) to $2,000 (non-members) per employee, per track.
“What the Saratoga County Capital Resource Corporation was able to so with some of its funds is to invest in the project by way of scholarships,” Daly said. “Particularly for some smaller not-for-profits that may not have the funds available in their budget to send some of their employees to this management institute, we underwrite the cost for them to attend.”
The agency – comprised of seven members at full capacity - is self-sufficient and doesn’t rely on any taxpayer or government funding, Daly said. The group’s annual budget calls for contractual CEO and administrative expenses but is comprised of a volunteer board. Fees associated with application charges provide revenue, Daly added. Bond administration fees typically account for $75,000 in annual revenue, according to the agency’s budget.
“The whole purpose of creating Saratoga County Capital Resource Corporation was to give our not-for profits in Saratoga County an opportunity to work with a local development corporation as opposed to having to go through the state Dormitory Authority - a much more cumbersome and expensive route for them,” she said. “We’re very proud of the organization we put together and pleased that we have been were able to offer this avenue for financing and we believe it’s come back to benefit everyone across Saratoga County, and even beyond.”
SCCRC holds public meetings on a quarterly basis at minimum, and with more frequency when working with an application or project that needs further review. For more information, call 518-435-5903, or go to: https://www.saratogacountyny.gov/departments/saratoga-county-capital-resource-corporation/.
