The Cayuga County Industrial Development Agency (CCIDA) was formed under Article 18-A of New York State General Municipal Law to actively promote, encourage, attract and develop job opportunities and economically-sound commerce and industry in Cayuga County. CCIDA is empowered to provide financial assistance to private entities through tax incentives in order to promote the economic welfare, prosperity and recreational opportunities for residents of Cayuga County. Any company considering a construction, renovation, or expansion project or other economic development activity within the County, or that is seeking assistance to retain its business interests in the County, should contact CCIDA. CCIDA is empowered to offer the following incentives:
Sales & Use Tax exemption during the construction/renovation phase of the project
Mortgage Recording Tax abatement (exemption of 75% of the mortgage recording tax amount)
Real Property Tax abatement
Tax exempt, below market financing
Application for Financial Assistance - We encourage you to contact our staff if you are interested in applying for any of these incentives.
Explanation of Benefits
Large Projects: For eligible projects with a total project cost above $750,000, CCIDA may approve a payment in leiu of tax (PILOT) program to assist with Real Property taxes where capital investment is likely to trigger a parallel increase in assessment, as well as Sales & Use Tax and Mortgage Recording Tax exemptions. The applicant will be responsible for an administrative fee of .75% of the total project cost, as well as all legal fees incurred by CCIDA.
Small Projects: Eligible projects with a total project cost over $500,000 can take advantage of CCIDA's Small Projects program. In these cases, CCIDA may offer a Sales & Use Tax exemption and a Mortgage Recording Tax exemption. The primary benefit of the Small Projects program is a reduced fee structure. Project applicants pay 10% of the estimated total benefit (with a minimum of $4,500). Further more, the Small Projects program offers predictable legal fees with a flat fee of $2,500 if they are seeking Sales & Use Tax exemption only, or a flat fee of $4,000 if they are seeking both Sales & Use Tax and Mortgage Recording Tax exemptions. Please note, however, that there are occasionally special circumstances that require some extra legal coordination and therefore some additional legal fees may be incurred. These projects are also encouraged to take advantage of the existing state 485-b program, which assists with Real Property Taxes but is not administered by CCIDA.
Application for Financial Assistance
Please feel free to review CCIDA's Application for Financial Assistance to get a feel for what is required of applicants. We encourage you to get in touch with our staff if you are considering applying. Our staff can help you to determine the most beneficial combination of benefits, provide assistance with the application process, and/or direct you to additional business assistance resources.
For additional information or if you are interested in applying, please contact us!