Industrial Development Agency
The Wyoming County IDA's mission is to promote, encourage and attract economic development projects in Wyoming County that result in the retention and/or creation of job opportunities that will generate additional tax revenues. A strong county economy enhances the quality of life and general prosperity for all Wyoming County residents.
The Wyoming County IDA (WCIDA) is a public benefit corporation established in 1974 under New York State legislation and regulation. The agency is governed by a five member volunteer Board of Directors who are appointed by the Wyoming County Board of Supervisors. An Executive Director selected by the IDA Board manages daily operations.
Funding for WCIDA activities is provided through fees charged to business participants, interest earned on loans and investments, and occasional government grants.
The WCIDA becomes involved in development projects that will provide substantial economic benefits. Eligible projects include manufacturing, industrial, and research and development activities. The WCIDA will also assist other projects that:
- demonstrate a convincing need for IDA involvement,
- create and/or retain jobs, and
- that will not have significant adverse impacts upon existing businesses and employment.
Total project costs should generally exceed $500,000. Priority will be given to projects that contribute to the revitalization of economically and physically distressed areas.
The WCIDA generally does not assist retail project. Housing or residential development is not an eligible project.
Tax Savings
New York State Law provides the WCIDA with the authority to abate or exempt taxes to qualifying project, thus allowing a company to improve cash flow at a critical time in its growth. These tax incentives include:
- Property tax relief from county, school and town taxes that result from new construction or expansion.
- Exemption of sales tax for non-production equipment, furnishing and construction materials.
- Exemption from mortgage recording taxes, when a mortgage is required to finance a project.
Business Financing Programs
The WCIDA may assist in the financing of business projects through several low interest loan programs, subject to borrower eligibility.
- Business Development Loan Fund
- Micro Enterprise Assistance Program
- Community Partner for SBA 504 Loans
- Participation loans with local banks.
- Industrial Revenue Bonds.
Grant Assistance
The WCIDA is constantly working with a variety of state and federal agencies and monitors new and existing programs that could benefit local companies. The WCIDA has successfully worked with the following agencies to promote business growth in Wyoming County:
- Empire State Development Corp.
- Governor's Office for Small Cities
- NYS Dept. of Environmental Conservation
- Workforce Investment Board
- US Department of Commerce