|
 |
 Industrial
Development Agency (IDA)
Forchelli, Curto, Deegan, Schwartz, Mineo & Terrana, LLP is a leader in representing private-sector businesses
and developers in their applications to IDAs across Long
Island. The Firm’s experience has allowed it to assist
businesses and developers in identifying and maximizing
potential benefits and it has handled many high profile
clients and projects, including several corporate headquarters
relocations, with very successful results.
Industrial Development
Agencies (IDA) can offer substantial benefits to commercial
real estate projects, benefits that are often overlooked
by the real estate and business communities. These benefits
can often make or break a deal and IDAs are looking to “make” deals
that might otherwise not happen. IDAs incentivize businesses
to locate, expand and/or remain in New York State, thereby
creating and retaining tax base and jobs and resulting
in a beneficial economic “Multiplier
Effect”. Commercial buildings and businesses (including
retail in some cases) can qualify.
The potential benefits
include: a sales tax exemption on construction materials
and eligible equipment; a mortgage recording tax exemption;
and, often the most valuable, a beneficial PILOT agreement
with significant savings on real property taxes. A project
may also qualify for “Tax
Exempt” and/or “Taxable” bonds, providing
lower interest rates and allowing a project to tap credit
markets not otherwise available.
The Firm actively coordinates
the transactional elements of a real estate project to
maximize benefits while expediting the process to ensure
timely closing of the lease or purchase transaction. It
is very important to approach the IDA as early as possible,
before a contract, when the deal is being put together.
Attorneys practicing in this field:
• Daniel P. Deegan
• Frank Davis
|
|
|
