INDUSTRIAL DEVELOPMENT AGENCIES
In 1969, legislation was enacted providing for the creation of IDAs to facilitate economic development in specific localities, and delineating their powers and status as public benefit corporations. The number of IDAs has fluctuated over time, and presently there are 115 active IDAs, with one in each of the State’s counties, as well as a number of cities, towns and villages.
To improve economic conditions in their respective areas, IDAs generally attempt to attract, retain and expand businesses within their jurisdictions through the provision of financial incentives to private entities. IDAs are legally empowered to buy, sell or lease property and to provide tax exempt financing for approved projects. Real property owned or controlled by IDAs is exempt from property and mortgage recording taxes, and the value of these exemptions can be passed through to assisted businesses. Moreover, purchases related to IDA projects can be exempt from State and local sales taxes.
While IDA properties are tax exempt, businesses occupying IDA-owned properties typically make payments in-lieu-of-taxes (PILOTs) that are shared with the affected local tax jurisdictions (i.e., local governments).
Saratoga County has five IDAs. They are listed below:
- Town of Clifton Park
- Town of Corinth
- Town of Stillwater/City of Mechanicville
- Town of Waterford
- County of Saratoga – (covers remaining Towns, Villages and the City of Saratoga Springs)
SEDC has marketing relationships with all the IDAs and is responsible for qualifying the companies before taking them through the application process. Inquiries regarding the incentives provided by IDAs in Saratoga County should be addressed to SEDC.
Each IDA has a Uniform Tax Exempt Policy (UTEP) in place explaining the type of projects they are looking to support. These include manufacturing, warehouse distribution and commercial services projects.
