INDUSTRIAL DEVELOPMENT AGENCY (IDA) TRANSACTIONS
In New York State, depending on the nature of the acquisition and development of certain commercial properties, local Industrial Development Agencies (IDA), may provide financial assistance to a purchaser and/or developer. The purpose of an IDA is to promote, develop, encourage and assist in the acquisition, construction and improvement of industrial, manufacturing and commercial facilities in order to improve job opportunities and the economic welfare of people in the State of New York.
IDAs provide financial assistance to purchasers and developers of commercial property by way of mortgage recording tax exemption, real property tax abatement, sales tax exemption and tax exempt bond issuance.
Cohen & Perfetto LLP has extensive experience with IDA transactions that help companies expand, develop, renovate and/or purchase facilities. This enables businesses to remain in their current location or relocate to a new location by obtaining the benefits they need to keep their businesses viable.