A story surfaced last week (in a rival publication) that brought local development corporations (LDCs) back into public view. CGR studied LDCs in 2008, and we were never able to find a “smoking gun” suggesting that an LDC had been used for evil deeds.
But we still wonder. As we recounted in our report (see http://goo.gl/IOKu), there is nothing inherently wrong with LDCs and they can be used for good. But they are expressly designed to circumnavigate the cumbersome rules we’ve established for public bodies, e.g. open meeting requirements, public bidding, etc. The simple fact that we were never able to compile a list of active LDCs should be enough to light a warning beacon.