Industrial Development Agencies (IDAs) promote and assist with business development to advance the economic welfare of the communities they serve. IDAs are public benefit corporations and can provide financial assistance as follows:
Low-Cost Financing Assistance via Industrial or Civic Revenue Bonds
IDAs can purchase land and/or improvements in a project or equipment using the proceeds of bonds sold by the IDA. Under a separate agreement, the business leases the facilities from the IDA and the lease payments are pledged to retire the bond obligations.
Real Property Tax Savings
Real property owned by an IDA is exempt from local property taxes. Payments in lieu of taxes (PILOTs) are negotiated with the businesses and developers to provide full or partial remuneration to one or more of the taxing jurisdictions. Project beneficiaries can take advantage of the five-year declining exemption under Section 485-b of the New York State Real Property Tax Law.
Mortgage Recording Tax
Mortgages on IDA properties are exempt from the New York State Mortgage Recording Tax.
Sales Tax Savings
Purchases of supplies and materials for IDA projects are exempt from New York State and local sales taxes.
IDAs in Albany County
Albany County IDA
Hon. Gary W. Domalewicz, Chairman
112 State Street Rm 740
Albany, New York 12207
City of Albany IDA
Anthony Ferrara, Chairman
21 Lodge Street, Albany, NY 12207
Town of Bethlehem IDA
445 Delaware Avenue, Delmar, NY 12054
(518) 439-4955, ext. 117
City of Cohoes IDA
City Hall, Cohoes, NY 12047
Town of Colonie IDA
347 Old Niskayuna Road, Latham, NY 12110
Village of Green Island IDA
John J. McNulty, Chairman
Green Island, NY 12183
Town of Guilderland IDA
Town Hall, Guilderland, NY 12084