|welcome to cohoes ida|
The Mission of the Cohoes Industrial Development Agency (IDA) is to promote, develop, encourage and assist in acquiring, construction, improving, maintaining or equipping certain facilities thereby advancing the job opportunities, health, public safety, recreational opportunities, general prosperity and economic welfare of the people of the City of Cohoes. This can be accomplished by supporting the goals and plans of the City of Cohoes which include growth of the City through innovative programs and increased tourism and trade.
The agency was formed under the New York State Industrial Development Agency Act of 1969, and is governed by a Board of five people.
|The Cohoes Industrial Development Agency is appointed by the mayor and common council. Seven non-compensated members are chosen to the board. The agency is able to provide
Payments in Lieu of Taxes (PILOTS)
, bonding assistance and sales and use tax exemption for new construction and business.|
The Cohoes IDA helps to provide industrial revenue bonds to larger, financially strong, industrial, manufacturing, agribusiness, corporate offices and research and development projects that are best suited for this form of financing. An alternative to industrial revenue bonds would be a Sale/Lease Back Transaction ideally suited for real estate/facility projects.
Industrial facilities constructed and/or reconstructed with the use of Industrial Revenue Bonds or Sale/Lease Back Transactions through the CIDA are eligible for real property tax exemptions. The agency holds title to the project and a Payments in Lieu of Taxes (PILOTS) is negotiated between the agency and the company that abates a portion of the real property tax.
For more information about either one of these entities please contact their offices at 518.233.2117
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