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| State Comptroller Issues Annual Report on IDA Activities and Benefits 03/28/17 10:30am |
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yearly report on Industrial Development Agencies (IDA) activities and benefits. A release from his office states that over nearly 50 years, IDAs have been an integral part of efforts to spur economic development and promote job creation and retention in New York State. In pursuit of economic development goals, IDAs typically offer financial assistance in the form of tax exemptions and the proceeds of IDA bond financing to development projects that meet their eligibility criteria. In 2015, the State’s 109 active IDAs reported projects valued at $88.7 billion, with nearly $700 million in net annual tax exemptions and $11.4 billion in total debt outstanding, including conduit and other debt. They supported 4,484 projects that had created 224,734 jobs from their inception through 2015. Given the large amount of financial assistance that IDAs grant, taxpayers must be given sufficient information to understand the costs and benefits of their activities, including the role that payment in lieu of taxes (PILOT) agreements play in the property tax cap process. While the complexities of economic development can make it difficult to gauge the success or failure of projects, there are steps that IDAs can take to make this determination easier and more transparent. The County of Lewis Industrial Development Agency (LCIDA) is included in the North Country Region, along with agencies from Clinton, Essex, Franklin, Jefferson and St. Lawrence counties. Of the ten economic regions in the State, the North Country region as a whole was the only region with a negative job creation in 2015, with a net loss of 619 jobs in the region. The ten projects handled by the LCIDA in 2015 showed an estimated net job gain of 21 jobs. When factoring in LCIDA expenses, each created job cost an estimated $26,410 and an additional $11,546 per job in tax exemptions to the project owners. The average of all 4,484 projects from each of the 109 IDAs in the State shows an estimated net job gain of 224,734, with each job gained costing an estimated $333 in expenses and $3,083 in exemptions. The charts below show the New York State summary, as well as the LCIDA summary. The glossary defines criteria for each category.
You can view the Comptroller's full report here. |
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