With loan funds underutilized, the Watertown Local Development Corporation is regionalizing and plans to solicit loan applications from outside the city.
This is a new policy and will allow the trust to be another of the alphabet agencies part of JCIDA projects and that's something the county agency has sought for years.
Other's have argued the "Trust" should be focused on urban redevelopment and not water down its impact over a large area.
The loan fund originated with a repaid Urban Development Action Grant related to NYAB's building of a foundry decades ago.
The WLDC is staffed with two people and is top heavy on administrative costs, with the rationale that it can promote and market in-city development, particularly downtown where the size of the $10M portfolio could have impact.
If it becomes just another component in the IDA tool box, that identity will fade and so will it's status as its own agency. One suspects as current staff retires, structure will change.