By ADAM ATKINSON

CANTON — The town has at least one individual interested in serving on the board of the Canton Capital Resource Corporation.

John Gray of Gray and Gray accounting firm of Canton has expressed interest in serving on the body.

The Canton Capital Resource Corporation is run by a board of five members. All but one has recently resigned. The Canton town board and supervisor are charged with appointing the board members to the CCRC.

The CCRC was formed in 2010 as a pass-through organization to issue bonds for the construction of a $30 million dormitory for SUNY Canton. The corporation has a sole member in the town of Canton itself, with the town board’s only involvement in the management of the CCRC being to appoint its board.

As it turns out, such corporations focused on local development are no longer allowed by the state. However, if one already exists, it can continue to operate, and in the case of the CCRC, be utilized to issue bonds for other capital construction projects in the community.

The town board recently raised concerns about the corporation and if it saddled the town with any liability. Last month, the town met with attorney Roger Linden to get an overview of the CCRC. Linden helped set up the corporation. Linden assured the town that they were insulated from any potential liabilities connected to the corporation and that the organization was a legal financial construct under state law.

The Town of Canton has received about $150,000 in income from the CCRC since its formation, revenue generated from the corporation’s bond issuing activities. The CCRC itself retains some revenue from such activities to pay for a yearly audit. Calling for the audit, reviewing it and approving its findings is the main activity of the CCRC board.

During the town board meeting Wednesday, Feb. 14, Gray expressed interest in becoming a CCRC board member. His firm, a long-time fixture of the Canton business community, contracts with the town to handle its accounting.

The town board discussed the CCRC further at their meeting, where Gray was in attendance, and appointed members to fill out the corporate board.

“That entity is capable of doing a lot more,” said town board member Tim Danehy.

“There is a lot of potential for economic development if you get the right project to run it through there,” said Gray.

Town councilman Bob Washo said he would like to have a joint discussion with the village Board of Trustees regarding the CCRC, which is connected to the town only. Washo said perhaps the bylaws of the CCRC could be changed to include the village as a member of the corporation as well, considering the amount of potential economic development projects in the village which could benefit from the corporation’s bond issuing abilities.

“Maybe have it be a broader mission,” said Washo.

Town councilman Phil LaMarshe suggested the town have a joint meeting with the village in March to discuss it further.

Former town councilman Paul Backus, who is the sole remaining CCRC board member, said he didn't think the town board needed to wait to bring the village into the corporation or partake in discussion of who to appoint to its corporate board.

The corporation, with the town as the sole member, can cover village projects. Similarly, the town board or supervisor could appoint representatives from the village government to serve as CCRC board members.