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.
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.
A manufacturing concern may qualify for a tax exempt bond or a 501C-3 organization.
Yes. We are prohibited from participating in transactions which are primarily retail in nature.
Members are Town of Clifton Park residents who are appointed by the Town Board for two year terms.
IDA Board members are volunteers and do not get compensated.
Clients are charged 3/4 of one percent of project building costs.