Financial Assistance

The Chemung County Industrial Development Agency (CCIDA) is a public benefit corporation created in 1971 by an act of the New York State Legislature. The agency's primary purpose is to promote and assist private sector industrial development and advance the job opportunities, and economic welfare, of the people of Chemung County.

One of the CCIDA's most important functions is to provide certain real property, sales and mortgage recording tax benefits in lease financing or revenue bond transactions to qualifying industrial and commercial entities in order to encourage industrial development in Chemung County. Retail projects may also qualify for CCIDA assistance if development occurs within the Elmira Economic Development Zone boundaries.

 

Benefits available through the CCIDA include:

Industrial Development Bonds

Real estate/equipment loans

15-20 year term on real estate

Practical minimum of $1.5M

Real property tax abatement

State and local sales tax abatement

Mortgage recording tax exemption

 

Sale/leaseback Transactions

IDA accepts nominal title to subject property-up to 15 years

No practical minimum value

Real property tax abatement

State and local sales tax abatement

Mortgage recording tax exemption (if any)

 

In addition to Industrial Development Bonds and Sale/leaseback Transactions, the CCIDA offers a real property tax abatement, known as PILOT. Projects that create new employment and are sponsored by the CCIDA may qualify for substantial abatements of real property taxes, such as county, town and school taxes, through the PILOT (Payment-in-lieu-of-taxes) schedule.