Lake Placid was founded in the early 19th century to develop an iron ore mining operation. By 1840, the population of "North Elba" (four miles southeast of the present village, near where the road to the Adirondak Loj crosses the Ausable River), was six families. In 1845, the philanthropist Gerrit Smith arrived in North Elba and not only bought a great deal of land around the village but granted large tracts to former slaves. He reformed the land law and demonstrated his support of abolitionism.
Lake Placid was founded in the early 19th century to develop an iron ore mining operation By 1840 the population of "North Elba" (four miles southeast of the present village near where the road to the Adirondak Loj crosses the Ausable River) was six families In 1845 the philanthropist Gerrit Smith arrived in North Elba and not only bought a great deal of land around the village but granted large tracts to former slaves He reformed the land law and demonstrated his support of abolitionism