The Economic Development Corporation (EDC) was initially created  in 2010 as a subsidiary of the Industrial Development Agency (IDA) to be the County’s sub-recipient of Community Development Block Grant loan repayments for economic development purposes.  While loan  repayments were received from economic development loans, the EDC never functioned as a re-loan entity.  Instead, it ceded this function to the Rensselaer County Job Development Program (JDP), which already functions as such.  In 2015, the IDA was informed by the New York State Authority Budget Office of the State Comptroller’s Formal Opinion No.2014-F1 which stated  that Industrial Development Agency’s did not have the legal authority to create subsidiaries for purposes outside of those specifically authorized in their enabling legislation and that IDA’s are not authorized, ” to make grants or loans of its money to any type of entity.”  In response to that ruling, the IDA has transferred all remaining funds under control of the EDC to the JDP and has adopted resolutions to dissolve the EDC.  The dissolution plan is currently before the State Attorney General.