IDAs can purchase land and/or improvements in a project or equipment using the proceeds of bonds sold by the IDA. Under a separate agreement, the business leases the facilities from the IDA and the lease payments are pledged to retire the bond obligations.

Real property owned by an IDA is exempt from local property taxes. Payments in lieu of taxes (PILOTs) are negotiated with the businesses and developers to provide full or partial remuneration to one or more of the taxing jurisdictions. Project beneficiaries can take advantage of the five-year declining exemption under Section 485-b of the New York State Real Property Tax Law.

Mortgages on IDA properties are exempt from the New York State Mortgage Recording Tax.

Purchases of supplies and materials for IDA projects are exempt from New York State and local sales taxes.

Albany County IDA
Hon. Gary W. Domalewicz, Chair
112 State Street Rm 740
Albany, New York 12207
(518) 466-7952

City of Albany IDA
Anthony Ferrara, Chair
21 Lodge Street, Albany, NY 12207

Town of Bethlehem IDA
Victoria Storrs, Chair
445 Delaware Avenue, Delmar, NY 12054
(518) 439-4955

City of Cohoes IDA
City Hall, Cohoes, NY 12047
(518) 783-2741

Town of Colonie IDA
347 Old Niskayuna Road, Latham, NY 12110
(518) 783-2741

Village of Green Island IDA
John J. McNulty, Chair
Green Island, NY 12183
(518) 273-2201

Town of Guilderland IDA
Town Hall, Guilderland, NY 12084
(518) 356-4445