GOSHEN – Orange County Legislator Jimmy O’Donnell ran the county Industrial Development Agency years ago and actually created the Accelerator program, which was at the heart of what brought down three former IDA officials this week.
O’Donnell started the program as an incubator for business start-ups, but he maintains Vincent Cozzolino and his Galileo Group used it as a cash cow for himself.
“While we provided cheap rent, that’s basically it, he provided the same services, expanded them and started having the IDA pay for it, besides his $62,000 per IDA. So, for me, it is like a Ponzi scheme. Every time he opened up a new Accelerator, it was another $62,000 or $72,000, like the last one, $80,000,” he said. “Then there was the Accelerator Without Walls. Eventually, the IDA would have run out of money if we didn’t stop it.”
The Accelerator has program space for small businesses in New Windsor, City of Newburgh, City of Middletown, and had plans for a new one in Highland Falls, which has yet to come to fruition.
The future of the entire program is now in the hands of the new IDA board.
