MISSION STATEMENT

The Wyoming County IDA’s mission is to increase private investment in Wyoming County that creates new job opportunities, retains and stabilizes the existing employment base, and generates added tax revenues through increased economic activity. The IDA identifies these development opportunities by working with the County Chamber of Commerce to contact existing businesses and by attracting prospective new investors through appropriate marketing efforts. The IDA facilitates economic development investments by offering businesses incentives that help meet their needs for space, trained workers and adequate financing. A strong county economy enhances the quality of life and general prosperity for all Wyoming County residents.

IDA ACTIVITIES

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

¨ 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 projects. Housing or residential development is not an eligible project.

BUSINESS ASSISTANCE

INDUSTRIAL DEVELOPMENT BONDS AND LEASES

Project financing can be provided through the issuance of tax exempt and taxable industrial development bonds. Bond proceeds can be used to fund the purchase of land and buildings, building construction and renovation, and purchase of machinery and equipment. The WCIDA can also provide substantial tax savings to a qualified project through a straight lease agreement.

TAX INCENTIVES

The WCIDA can provide property tax abatements through a payment-in-lieu-of-taxes (PILOT) agreement. A qualified project can also be exempt from sales taxes for a limited period, and mortgage recording taxes.

IDA LOW INTEREST LOANS

The WCIDA also has a direct low-interest loan program that provides partial financing for eligible projects that will create substantial jobs. Short and long-term loans can be used for the purchase, renovation and construction of business property, the purchase of machinery and equipment, and for working capital. Most loans are made with conventional lenders on a joint basis.

UNIFORM TAX EXEMPTION POLICY

Project Eligibility Policy

The Wyoming County Industrial Development Agency (IDA) is authorized and empowered by Title 1 of Article 18-A of the General Municipal Law of the State of New York, and Chapter 343 of the Laws of 1974 of the State to promote, develop, encourage and assist in the acquiring, constructing, reconstructing, improving, maintaining, equipping and furnishing of industrial, manufacturing, warehousing, pollution control, commercial, research, civic and recreation facilities for the purpose of promoting, attracting and developing economically sound commerce and industry to advance the job opportunities, health, general prosperity and economic welfare of the people of the State of New York, to improve their prosperity and standard of living, and to prevent unemployment and economic deterioration.

IDA projects must also not result solely in the relocation of a commercial, industrial or manufacturing plant or facility, or equipment from one area of New York State to another area of the State. The only exceptions are to discourage a business from removing their plant, facility, or equipment to a location outside the State or to preserve the competitive position of the project occupant. The Wyoming County IDA will generally not become involved in projects that result solely in the relocation of an existing county business unless the business could relocate outside the County, and the host community has been notified.

The Wyoming County IDA believes that the economic development of Wyoming County is best served by considering and approving applications for projects which will provide substantial economic benefits. Eligible projects include manufacturing, industrial, research and development activities, and other selected projects which represent sound economic development that meet the following criteria.

‚ The applicant must demonstrate a convincing need for IDA involvement.

‚ The applicant must demonstrate that significant new jobs will be created and/or retained, and that their project will not have a significant adverse impact upon existing businesses and employment. Priority will be given to applicants who make a strong commitment to hire Wyoming County residents.

‚ Total project costs should generally exceed $500,000 to justify the use of IDA tax incentives.

‚ Priority will be given to projects that contribute to the revitalization of economically and physically distressed areas.

The IDA may also consider other factors as appropriate in fulfilling its purposes under the NYS Industrial Development Agency Act. Retail, residential development, and non-owner occupied office buildings will generally not be approved.

UNIFORM TAX EXEMPTION POLICY

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For projects reviewed and approved by the IDA’s Board of Directors the following tax exemptions will apply.

¨ Full exemption from sales and use taxes on all materials to be incorporated into and made an integral part of the Facility, and the following activities as they relate to any construction, erection and completion of any buildings, whether or not any materials, or supplies described below are incorporated into or become an integral part of such buildings: (I) all purchases, leases, rental and other uses of tools, machinery and equipment in connection with construction and equipping, (ii) all purchases, rentals, uses or consumption of supplies, materials and services of every kind and description used in connection with construction and equipping, and (iii) all purchases, leases, rentals and uses of equipment, machinery and other tangible personal property (including installation costs), installed or placed in, upon or under such building or Facility, including all repairs and replacement of such property.

¨ Full exemption from mortgage recording tax.

¨ Payment-In-Lieu-Of-Tax (PILOT) Policy.

Any real property owned or controlled by an IDA is not subject to ad valorem real property taxes. An IDA project is subject to special assessments and user fees. By law, IDA’s have the authority to negotiate any PILOT agreement necessary to secure a project.

In an effort to be competitive with other areas for business investments that create/retain jobs and provide tax revenues, the Wyoming County IDA has adopted the following PILOT schedule.

	Real Property
Years	Tax Exemption
1-5	Up to 100%
6	up to 80%
7	up to 60%
8	up to 40%
9	up to 20%
10	0%	full taxes paid

Should the IDA need to deviate from the above policy it will provide 30 days written notice to impacted taxing jurisdictions before final approval.