LOCAL DEVELOPMENT CORPORATION. The Albany Pool Communities shall form, organize, and govern a Local Development Corporation pursuant to N.Y. Not-for- Profit Corporation Law § 1411. The Local Development Corporation shall be formed, organized, and operated to qualify as a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code. Each of the Albany Pool Communities will be a member of the Local Development Corporation, and Albany will be represented on the Local Development Corporation’s Board of Directors by the Albany Water Board. The Albany and Rensselaer County Sewer Districts may serve on the Local Development Corporation’s Board in an advisory capacity, subject to the agreement of the members of the Local Development Corporation.
LOCAL DEVELOPMENT CORPORATION. The Albany Pool Communities have separately agreed, under the APC IMA, to form, organize, and govern a Local Development Corporation pursuant to N.Y. Not-for-Profit Corporation Law § 1411. The Local Development Corporation will be formed, organized, and operated to qualify as a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code. Subject to the approval of the members and the Board of Directors of the Corporation, the District agrees to appoint its Chief Executive Officer to serve on the Local Development Corporation’s Board of Directors as an Advisory Director. If the District’s Chief Executive Officer is appointed as an Advisory Director to the Corporation’s Board of Directors, he or she may designate another person to act on his or her behalf on the Board of the Corporation, for any time period that the CEO shall specify.
