Industrial Development Agency

Benefits & Finance

ATTORNEYS AT LAW

Often-times project developers, businesses and not-for profits are unaware there are public benefit corporations throughout municipalities in New York that may confer substantial economic incentives to companies looking to locate, expand or stay in New York. For developers and businesses theses incentives are available from Industrial Development Agencies (IDAs) and  may include sales tax exemption on construction materials and equipment;  mortgage recording tax exemption; and property tax agreements.(PILOT) Depending on the nature of a project, tax exempt bonds may be available. For not-for-profit entities, economic development corporations (EDCs) provide a mechanism for tax exempt bond financing. Our partner Eric Dranoff has served on the Rockland County Industrial Development Agency for almost twenty years and currently is its chairperson. While Chairperson the IDA closed an $850,000,000.00 data center – the largest project in the history of the Rockland County IDA. He also serves on the Rockland County Economic Development Corporation and is currently its chairperson. SKD can guide clients through, and facilitate, the process, to  maximize benefits.