The Town of Islip IDA is a public benefit corporation of the State of New York, established in 1974, pursuant to Section 898-b of the New York State General Municipal Law. It is a quasi-governmental, tax-exempt agency whose purpose is to promote, develop, encourage and assist in acquiring, developing and equipping various business facilities, thereby advancing the job opportunities, general prospe
rity and economic welfare of the people of the Town of Islip. The New York State Industrial Development Agency Act defines eligible projects as: manufacturing, warehousing, research, commercial or industrial facilities, or industrial pollution control, recreation, educational, cultural, horse racing, railroad and civic facilities. In addition, certain health care, college dormitory and housing facilities can be assisted. The legislature has placed prohibitions on assistance to commercial retail facilities, allowing exceptions for tourist destination facilities, projects that otherwise will move out of state, or projects in highly distressed areas. They can act as a conduit for industrial revenue bonds (IRB), which are used to finance business location or expansion projects. These bonds can be at rates that are more favorable than conventional financing mechanisms. Secondly, IDA’s can provide projects with tax benefits (property, sales and mortgage recording tax) that are not available to most development projects. If you are interested in finding out whether your business qualifies for IDA assistance, please call 631-224-5512 and speak to the Executive Director, Bill Mannix or email us at [email protected].
