City celebrates major property sale revitalizing long-vacant sites

In a recent meeting of the Greater Glens Falls Local Development Corporation (LDC), members approved an updated budget that will guide operations through 2029. The budget reflects a reduction in expenses, notably due to a change in the auditing firm, which is expected to yield savings moving forward. The proposed budget was unanimously passed after a brief discussion, with no objections raised.

Additionally, the meeting highlighted the successful sale of two properties, 36 Elm and 45 South Street, to Glens Falls Ventures 1, a subsidiary of the Bonaccio Company, generating $395,000 in proceeds. This sale marks a significant milestone for the LDC, which has worked diligently to revitalize these long-vacant sites, some of which have been dormant for over 30 years. The board expressed gratitude for the community's support and acknowledged the challenges faced in the current economic climate.

Looking ahead, the LDC anticipates its next meeting will coincide with the annual meeting in March, with no further sessions scheduled until then. The meeting concluded with a motion to adjourn, reflecting a sense of accomplishment regarding the recent developments in the city’s economic landscape.