Colonie Industrial Development Agency
The Town of Colonie Industrial Development Agency (IDA) is a not-for-profit public benefit corporation of the State of New York. The IDA was formed by a separate act of the New York State Legislature and offers a program authorized under the NYS Public Authorities Law.
The Agency is in place to help private businesses improve the job opportunities, health, general prosperity, and overall economic welfare of the Town and its residents over the long term. Our immediate goal is to retain and promote employment by supporting projects that will have a positive impact on the Town’s economy.
The Agency shall offer businesses financial incentives in the form of tax-exempt and taxable bonds to cover the cost of construction, rehabilitation, and equipping for a wide range of commercial and industrial projects.
Projects undertaken by the Agency are exempt from sales and mortgage recording taxes, and real property tax abatement is also available for certain manufacturing projects. These exemptions enable the Agency to lower the costs of undertaking and financing a project.
IDA Mission Statement
The Town of Colonie Industrial Development Agency (the “Agency”) is a public benefit corporation created to promote, develop, encourage and assist in the construction, expansion, and equipping of economically sound industrial and commercial facilities in order to advance job opportunities, general prosperity, and economic welfare of the citizens of the Town of Colonie. The Agency’s primary role is to provide financial assistance and incentives to the business community in order to maximize private capital investment in the economy of the Town of Colonie and to develop opportunities for job creations and job retention within the Town of Colonie through the use of its own assets, public funds, and private investment.
The Agency’s performance and achievement of the Agency’s goals shall be measured by the following:
- 1. Number and quality of new business and employment opportunities created;
- 2. Number and quality of current commercial enterprises retained and expanded;
- 3. Number of job opportunities created and level of pay associated with such job creation;
- 4. Number of job opportunities retained and level of pay associated with such job retention;
- 5. Amount of financial assistance provided in order to achieve the preceding four measurements; and
- 6. Other activities of the Agency that further its mission.
Re-adopted on March 2022.