Industrial Revenue Bonds
In 1969, New York State enacted legislation providing for the creation of Industrial Development Agencies (IDAs) to facilitate economic development in each of the State’s counties, as well as a number of cities, towns and villages, and delineating their powers and status as public benefit corporations. Brockport is located in the western portion of Monroe County and is served by the County of Monroe Industrial Development Agency (COMIDA).
One way IDAs attract, retain and expand businesses within their jurisdictions is through the provision of financial incentives to private entities. This may sometimes include the use of Industrial Revenue Bonds. Industrial Revenue Bonds offer tax exempt financing alternatives for large-scale investments in facilities and equipment. While in general, Industrial Revenue Bonds work much the same way as conventional financing, the interest is exempt from federal income tax, yielding interest rates that can be signifcantly lower than traditional bank financing. Tax exempt Industry Revenue Bonds are available to manufacturing businesses and not-for-profits. While exceptions exist, Industrial Revenue Bonds are most beneficial for projects in excess of $1 million.
To learn more about the County of Monroe Industrial Development Agency and its financial incentive programs for business, visit: http://www.growmonroe.org/.