LAKE PLACID — The town of North Elba will hold a second public hearing for the draft of a new agreement between the town and the state Olympic Regional Development Authority on Thursday, March 6.

The hearing will be at 5:30 p.m. at the North Elba Town Hall at 2693 Main St. It will be open to the public and anyone who wishes to comment on the new agreement will have the opportunity to speak.

The public hearing notice, which also contains a Zoom link that can be used to attend and comment remotely, is on the town of North Elba website at tinyurl.com/v5kyuz87. Comments can be submitted online at clerk@northelba.org.

The new agreement can be viewed at tinyurl.com/bdzev9x2, and a document explaining the role and function of the Community Engagement Commission can be viewed at tinyurl.com/5hcj43s9. Video of the first hearing can be viewed at tinyurl.com/96syfxvs.

The new agreement concerns the three ORDA venues owned by the town — the Olympic Center, the Olympic Jumping Complex and the Olympic speed skating oval (which is co-owned by the Lake Placid Central School District). It has a 20-year term, with the option to renew for another 20 years.

Town Supervisor Derek Doty said the new agreement mainly “cleans up the language” in the old one to make it more relevant to the current situation at the venues, such as getting rid of old inventory lists that are no longer relevant.

Although the amount that the town has paid ORDA has varied over the years, since 2016, the typical annual payment has been $500,000 per year. This amount makes up about 0.5% of ORDA’s annual revenue. In this year’s budget, the authority was projected to receive $13.94 million from the state.

Town Supervisor Derek Doty said the town has negotiated an “affordable rate of compensation” in the new agreement. They will continue paying $500,000 per year, with the payment increasing 2% every five years, starting in 2031. Doty said that, in the town’s view, this is a reasonable price for what ORDA brings to the town.

The first public hearing on the agreement was held on Wednesday, Feb. 19. Eight members of the public commented, but an incorrect Zoom link meant that no one was able to attend remotely. As a result, a second hearing was scheduled.