F.A.Q.

What is the purpose of an IDA?
The IDA was established under New York State law to promote, develop, and assist in acquiring, constructing, reconstructing, equipping, and furnishing of qualified projects and facilities, thereby increasing the job base of the town.

What are the benefits of doing an IDA transaction?
A project may qualify for tax-exempt financing, taxable bonds or a straight lease transaction. It also may qualify for sales tax exemption, mortgage recording tax exemption and/or real estate tax abatement.

Who qualifies for tax exempt bond financing?
A manufacturing concern may qualify for a tax exempt bond or a 501C-3 organization.

Are transactions or projects prohibited?
Yes. We are prohibited from participating in transactions which are primarily retail in nature.

How are IDA Board members selected?
Members are Town of Clifton Park residents who are appointed by the Town Board for two year terms.

Are IDA Board members paid?
IDA Board members are volunteers and do not get compensated.

What is cost of IDA innvolvement?
Clients are charged 3/4 of one percent of project building costs.