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Frequently Asked Questions
What is the purpose of an IDA?
The IDA was established under New York State law to promote, develop, and assist in acquiring, constructing, reconstructing, equipping and furnishing of qualified projects and facilities, thereby increasing the job base of the Town.
What are the benefits of doing an IDA transaction?
A project may qualify for tax-exempt financing, taxable bonds or a straight lease transaction. If also may qualify for sales tax exemption, mortgage recording tax exemption and/or real estate tax abatement.
How small can a transaction be?
A transaction may be as small as $800,000 to practically qualify under our "Special Straight Lease Program."
What is a Special Straight Lease Program?
This transaction is one in which standard documents are utilized thereby substantially reducing legal fees.
Who qualifies for tax exempt bond financing?
A manufacturing concern may qualify for a tax exempt bond or a 501C-3 organization.
Are transactions or projects prohibited?
Yes. We are prohibited from participating in transactions which are primarily retail in nature.