ORDA marks solid year, despite state cuts

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June 27, 2011

KIM SMITH DEDAM Press-Republican The Press Republican Mon Jun 27, 2011, 06:14 AM EDT

LAKE PLACID — The Olympic Regional Development Authority, meeting in new quarters, heard good news on its assets.

The boardroom was officially put to use in the new Conference Center at Lake Placid on what Board Chairman Pat Barrett called an eventful day.

A financial audit by Frank Venezia, a certified public accountant and director of Marvin and Company, showed ORDA's assets rose from $78 million last year to $82 million for 2011, largely due to the new facility.

Venezia said ORDA had done "a very good job" of controlling expenses while revenue rose.

Board member Edwin Weibrecht noted that the Olympic Authority's increased revenue and decreased expenses created a $7 million swing to the good last year, despite cuts in state revenue.

"We had quite a challenge, but we accomplished it," ORDA CEO and President Ted Blazer said.

"Our message to you is: We did it."

BELLEAYRE REVIEW

Discussion touched briefly on a New York State Spending and Government Efficiency Commission review of moving Belleayre Ski Resort to ORDA's management.

The Catskills ski center is built on state land also held as Forever Wild by the New York State Constitution and is currently managed by the New York State Department of Environmental Conservation.

DEC Commissioner Joe Martens also serves on ORDA's board.

He said DEC has run Belleayre for some 70 years.

"There is no question DEC has limitations as a state agency to run a ski area," Martens said.

Financial information about the Ski Resort has been under review by ORDA administration, he said.

The ongoing discussion is running through the Spending and Government Efficiency Commission, Blazer said, and remains focused on what is a good fit for Belleayre.

Blazer said he and members of his staff did visit the ski area recently.

"Stay tuned," Martens said. "This is still very much under investigation."

The decision is expected to be part of a final report made by the commission, along with a whole contingent of state agency cross-fit recommendations.

WILL WORK TOGETHER

Blazer reported ORDA's 10-year agreement with the Town of North Elba has expired. It garnered $902,000 in funding from the town for ORDA.

The number is based on a percentage of annual assessment increases.

But ORDA and the Town Council are discussing ways to replace $150,000 that North Elba lost from a long-term Senate earmark that ended this year.

"By September, we're going to have to put forth a plan of action for how to do this," Blazer said.

North Elba Councilman Derek Doty spoke to the board, saying they would work together to find a way to make up for the lost funding.

"Because if it affects you, it affects all of us."

LIFTS REHAB

The Olympic Authority is also looking to switch a $5 million line of credit that is being cut to $3.5 million by Citizens Bank as part of the bank's new credit-extension policy.

Blazer said NBT Bank has offered ORDA a $9 million line of credit at 3.25-percent interest, compared to a split rate of 4.23 percent on $3.5 million and 3.98 percent on a separate $1 million line of credit from Citizens Bank.

ORDA is continuing to look at banking options.

"We're open to any banks that want to come in and talk to us," Barrett said.

The credit line is being organized ahead of a $3.6 million Deferred Maintenance Program expenditure at ORDA venues, which recently received an Economic Blueprint Grant from the Office of Parks, Recreation and Historic Preservation.

The money will go toward rehabilitating the lifts on the upper portion of Whiteface Mountain, for refrigeration-system repair at the bobsled run and to make adjustments to snowmaking systems, Blazer said.

"We're an economic-development agency," he said. "We need to take care of these items so we can keep improving. We greatly appreciate it — for the state to be there (to support this.)"

ORDA is also looking for $4.51 million to restore the road surface on Whiteface Memorial Highway, a national historic landmark dedicated to veterans of all U.S. wars.

Email Kim Smith Dedam at: kdedam@pressrepublican.com