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What is the County of Sullivan IDA? BY JENNIFER FLAD EXECUTIVE DIRECTOR COUNTY OF SULLIVAN INDUSTRIAL DEVELOPMENT AGENCY
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n 1969 New York State passed legislation providing for the creation of industrial development agencies (IDAs) to facilitate economic development in specific localities throughout the State. Today there is an IDA in every county in New York State, and many towns, cities and villages also have IDAs. The County of Sullivan IDA was proposed by Sullivan County in 1970 and authorized into existence by the State of New York later that same year. Like all industrial development agencies, the
This aerial photo of the Kartrite Hotel & Indoor Waterpark in Monticello was taken by Chris Hummel, property manager of the 1700 acres owned by EPR. County of Sullivan IDA works to promote, encourage, attract, and develop job and recreational opportunities and economically sound commerce and industry. We do this by providing financial incentives to eligible companies seeking to locate and expand here in Sullivan County. The County of Sullivan IDA’s Uniform Tax Exempt Policy describes the requirements a company must meet in order to be eligible for IDA assistance. We have an array of programs targeting various industries including tourism, agriculture, manufacturing, and others. A business seeking assistance must submit an application and cost-benefit analysis, which are reviewed by the IDA’s Board of Directors before
approval. The IDA can provide three types of tax incentives to approved projects.
• We can offer property tax relief from county, school, and town or village taxes resulting from an increase in assessed value due to new construction or expansion.
• We can also offer a sales tax exemption on purchases, leases, and rentals of materials, furniture, fixtures, equipment, and supplies to be used for the company’s construction or expansion project.
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Partnership roundtable
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Jeffersonville redux
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Glick Celebrates 50th
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SCVA preps for Chinese 14E
• Finally, we can exempt mortgage recording taxes in instances where a mortgage is required to finance the company’s project.
Please see IDA, page 3E
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Leadership Sullivan
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