The Chemung County Industrial Development Agency (CCIDA) is a Public Benefit Corporation of the State of New York. Industrial Development Agencies were formed by a "Special Act" of the New York State Legislature in 1972, and are governed by the New York State Industrial Development Act to provide financial incentives to projects that have a positive economic impact on a community. The Chemung County IDA was created in 1975 by this special act at the request of the Chemung County legislature.
The Chemung County IDA consists of a seven-member Board of Directors, each of whom are appointed by the Chemung County Executive and ratified by the Chemung County Legislature. Southern Tier Economic Growth, Inc., contracts with the County of Chemung to provide staff support to the CCIDA.
The Chemung County IDA, if it so chooses and so long as a project is eligible, may provide a variety of tax incentives, financing, and/or related benefits to a broad range of projects that provide a positive economic impact within Chemung County, as follows:
Industrial Revenue Bonds - The CCIDA may issue debt in the form of bonds or notes. The interest on such debt is exempt from federal and state income taxes. This enables a borrower to access capital at below market rates.
Real Property Tax Abatement - The CCIDA has adopted a Uniform Tax Exemption Policy (attached) which can abate a portion of county, school, and municipal taxes for a specific period of time. This assistance enables a project beneficiary to lower operating costs while expanding or developing a new project facility.
Sales Tax Abatement - An IDA project can be exempt from paying sales tax on tangible property during the construction or renovation of a project facility.
Mortgage Tax Abatement - An IDA project can be exempt from paying New York State mortgage tax or deed transfer taxes.
Low Interest Loans - The CCIDA administers a C.R.E.D.I.T. Fund which can provide below market rate loans to provide "gap" financing or incentive financing to facilitate an economic development project.
The Chemung County IDA utilizes the proceeds from fees charged to project applicants to purchase land and buildings in order to facilitate future economic development, such as the development of the Airport Corporate Park and the redevelopment of the long vacant Lagonegro School in to the Academic & Workforce Development Center. Funds are also used to construct industrial infrastructure such as roads, rail lines, water and sewer extensions/facilities.
American Recovery and Reinvestment Act - The American Recovery and Reinvestment Act of 2009 (ARRA) is an economic stimulus package enacted by the 111th United States Congress and signed into law by President Barack Obama on Februry 17, 2009.
The American Recovery and Reinvestment Act has made it clear that every taxpayer dollar spent on our economic recovery must be subject to unprecedented levels of transparency and accountability. The following projects in Chemung County I are eligible for funding under the American Recovery and Reinvestment Act
“CVS Distribution Center-Chemung NY” - The scope of work for the proposed ARRA investment includes assistance to cover the cost of upgrading White Wagon Road owned by Chemung County, enhancing the water system to be jointly owned by the CCIDA in New York and Aqua Pennsylvania in Pennsylvania, and improve the sewer system which will be jointly owned by the CCIDA in New York and the Athens Township Authority in Pennsylvania. All work will aid in the operations of a $96 million, 751,000 sq. ft. distribution center being constructed for a Fortune 100 company creating up to 600 jobs in the region.
Click here to view the certification letter.