Development Corporation

The Town of Amherst Development Corporation (ADC) mission is to promote economic diversity and to broaden the tax base, including capital development by not-for-profit entities, for the Town of Amherst and Village of Williamsville in order to maintain and enhance a high quality living environment.

The ADC exists as a conduit for issuance of tax-exempt financing for not-for-profit borrowers, such as colleges and universities and civic groups, such as the YMCA. The ADC can also act as a administrator of grant monies on behalf of a myriad of projects.

The AIDA Board of Directors are also the Board of Directors by the ADC per the by-laws. ADC policies aand procedures are consistent with those of AIDA. On an annual basis the ADC Board of Directors review and affirm that the policies and procedures are current and accurate.

The ADC conducts Board Meetings only when tax exempt bond projects require approval or annual ADC business is required such as approving the annual audit. These meeting generally occur on the third Friday of each month and are often precluded by a public hearing on a bond issuance. Meetings start at 8:30 a.m. and take place in the large conference room at the AIDA offices.

These meetings are open to the public. The public has the opportunity to address the Board of Directors during scheduled public hearings and also during the course of the Board Meeting on business related to the ADC.


 

 

 

 

Development Corporation

The Town of Amherst Development Corporation (ADC) mission is to promote economic diversity and to broaden the tax base, including capital development by not-for-profit entities, for the Town of Amherst and Village of Williamsville in order to maintain and enhance a high quality living environment.

The ADC exists as a conduit for issuance of tax-exempt financing for not-for-profit borrowers, such as colleges and universities and civic groups, such as the YMCA. The ADC can also act as a administrator of grant monies on behalf of a myriad of projects.

The AIDA Board of Directors are also the Board of Directors by the ADC per the by-laws. ADC policies aand procedures are consistent with those of AIDA. On an annual basis the ADC Board of Directors review and affirm that the policies and procedures are current and accurate.

The ADC conducts Board Meetings only when tax exempt bond projects require approval or annual ADC business is required such as approving the annual audit. These meeting generally occur on the third Friday of each month and are often precluded by a public hearing on a bond issuance. Meetings start at 8:30 a.m. and take place in the large conference room at the AIDA offices.

These meetings are open to the public. The public has the opportunity to address the Board of Directors during scheduled public hearings and also during the course of the Board Meeting on business related to the ADC.