Note: Successful Applicants seeking County IDA benefits should expect a minimum 120-day timeline from the date of submission of a completed IDA Application until closing on contracts. Projects requiring expedited review and approval may be subject to additional fees.
The IDA approval process is governed by New York State General Municipal Law 18A and generally, consists of the following steps.
- The organization determines that it meets one or more of the project eligibility criteria outlined in the “Is my business eligible?” section. The Applicant completes the online IDA Project Worksheet.
- Once submitted, the IDA and Office of Economic Development staff will arrange for a conference with the Applicant to discuss the eligibility of the project, types of benefits that can be provided, terms and conditions of a project agreement between the Agency, Planning Board and organization, and amount of legal and agency fees involved in executing the project.
- Following review of the project by IDA staff, if the IDA supports the project the Applicant will be invited to submit a formal application. An application fee of $500 is required when the completed application is submitted. No applications will be accepted without meeting with the IDA or its staff beforehand. Download the IDA application. The IDA will review the estimated benefits Applicant is seeking and advise whether a short-form or full cost-benefit analysis is required for the project.
- Short-form cost-benefit analysis: For projects seeking $2M or less of County and Local IDA benefits (inclusive of PILOTs, sales tax exemptions, and mortgage recording tax exemptions).
- Full cost-benefit analysis: For projects seeking more than $2M of County and Local IDA benefits (inclusive of PILOTs, sales tax exemptions, and mortgage recording tax exemptions) will require an additional application fee of $7,000. It will take approximately 4 weeks to conduct the full cost-benefit analysis.
A supplemental information request will be provided to Applicant in order to complete the required cost-benefit analysis.
- At a first IDA meeting, the completed Application and completed cost-benefit analysis will be formally introduced to the IDA Board for the first time where they will be given an opportunity to ask questions of both IDA staff working on the Project as well as representatives from the Applicant whom are expected to attend this meeting. (Agency board meetings are generally held on the second Thursday of the month). No votes will take place at this meeting.
- At the following IDA meeting the IDA Board will again have an opportunity to ask questions from Applicant’s representatives in attendance as well as IDA staff. Following any question and answers, the IDA via a vote, may formally induce (tentatively approve) the project.
- Once a project is induced, the IDA must publish a public notice advising of the actions and benefits to be provided to the organization. A 30-day notification period must be given to the municipality in which the Project is located. During this period, counsels for both the Agency and project prepare the Project document. Bond projects involve compiling a team necessary to execute the indentures involved in an issuance.
- Following 1) the expiration of the 30-day notice period; 2) holding a public hearing on the Project; and 3) and completion of Project documents, Applicant comes to the IDA Board one final time to present their case for Final Authorization of IDA incentives and answer any outstanding questions. IDA Board to vote on Project Incentives.
- If the IDA Board approves the Project, the project agreements are executed. The Agency issues a Sales Tax Exemption Letter to the project and files an exemption document with New York State.
- During the term of the agreement, Applicant is required to make annual reports to the IDA, detailing the amount of benefits taken, number of jobs retained or created and certify it complies with state and local IDA laws and regulations. Consistent with state law, the organization receiving benefits is also required to file job openings with the County’s workforce development office.