SCIDA Tools

At SCIDA, we utilize a variety of financing, tax incentive, and job training programs to induce economic growth. Many of our programs can be employed individually to meet a specific need or assembled to form a comprehensive business development package.

Please call between Monday and Friday from 8:30 AM to 5:00 PM EST at 315.539.1725 or email us anytime.

Industrial Revenue Bond (IRB) Financing through SCIDA

The SCIDA has had significant success in helping businesses secure Industrial Revenue Bonds to finance their relocation and expansions in Seneca County. Eligible projects include industrial, manufacturing, agri-business, corporate office and research and development projects. Funds are used to finance fixed assets including real estate and building acquisition, construction or renovation and the acquisition and installation of machinery and equipment.

Tax Exempt Industrial Development Bond
Manufacturing related expansion projects that anticipate fixed asset financing in excess of $1 million can expect substantial advantages through the use of tax-exempt industrial development bonds. Interest from bonds is exempt from federal and state income tax.

Some Features:

• Real Estate/equipment loans - 80% of prime
• 15-20 yr. term on real estate
• Practical minimum of $1.5 MM
• Real property tax abatement
• State and local sales tax abatement
• Mortgage recording tax exemption
• Numerous restrictions on use
• Total issuance cost 3 to 4%
• Application to closing in about 100 days

Taxable Industrial Development Bonds
Manufacturing, industrial and some commercial projects in Seneca County can receive considerable benefits for fixed asset related expansion projects. Interest from bonds is exempt from New York State income tax but is fully subject to federal taxation.

Some Features:

• Real Estate/equipment loans near conventional rates
• 15-20 yr. term on real estate
• Practical minimum of $500,000
• Real property tax abatement
• State and local sales tax abatement
• Mortgage recording tax exemption
• Total issuance cost 1% to 2%
• Application to closing in about 50 days

Contact Us

The SCIDA staff handles all inquiries with confidentiality, timeliness, and careful attention to detail. Contact us today at 315.539.1725 and find out how we can help you.

Straight Lease (Sale-Leaseback) through SCIDA

As an alternative to conventional industrial revenue bond financing, the SCIDA can assist industrial, distribution, research and development, agribusiness and tourist projects utilizing a Sale/Leaseback or Lease/Leaseback transaction. Ideally suited to real estate and facility projects, this program provides many of the tax incentives associated with an industrial revenue bond, but is far less complicated. Attributes of a Sale/Leaseback or Lease/Leaseback agreement include real property tax abatements through a Payment-in-Lieu of Tax (PILOT) agreement and sales tax and mortgage recording tax exemptions.

Some Features:

• IDA accepts nominal title to subject property for up to 15 years
• No practical minimum project value\
• Real property tax abatement
• State and local sales tax abatement
• Mortgage recording tax exemption
• IDA Fees of only 1% of the project value
• Application to closing in about 45-60 days

Contact Us

The SCIDA staff handles all inquiries with confidentiality, timeliness, and careful attention to detail. Contact us today at 315.539.1725 and find out how we can help you.

Tax Incentives

Real Property Tax Incentives
Industrial facilities constructed and/or improved or expanded with the use of Industrial Revenue Bonds or Lease/Leaseback Transactions through the SCIDA are eligible for real property tax exemptions. The Agency holds title to the project and a Payment-in-Lieu of Taxes (PILOT) agreement is negotiated with the Agency. The PILOT abates a portion of the increased real property value. These programs may also exempt the mortgage recording tax.

Sales Tax Exemptions
Projects financed with Industrial Revenue Bonds or Lease/Leaseback transactions through the SCIDA may be eligible for sales tax exemptions on construction materials and equipment and fixtures purchased in conjunction with the project.

New York State 485(b)
Commercial and industrial facilities, constructed or improved at a cost of more than $10,000 may be eligible for a partial exemption from the real property tax levied by counties, cities, towns, villages and/or school districts. The maximum exemption amounts to 50% of any increase in value in the first year following completion and declines by 5% in each of the succeeding 9 years. Application should be made with the local assessor in participating jurisdictions before the project is started. Eligibility for exemption under 485(b) expires if use of the facility for commercial or industrial purposes ceases.

Contact Us

The SCIDA staff handles all inquiries with confidentiality, timeliness, and careful attention to detail. Contact us today at 315.539.1725 and find out how we can help you.

Tax Credits

New York State offers tax credits for Capital Improvements, R&D, Employment, and Pollution Control.

State Incentives & Programs Investment Tax Credit
A credit against the corporate franchise tax on business corporations is available at 5% of new capital invested in buildings and/or depreciable tangible personal property used primarily in production by manufacturing, processing, assembling and certain other types of activities.

Employment Incentive Credit
An additional credit of 1% to 2% for the same new capital investment may be deductible from the tax payable in each of the next two years succeeding the year of the original investment.

Research & Development Credit
A credit against the corporate franchise/income tax may be available at 9% of the cost or other basis for federal income tax purposes.

Pollution Control Credit
Expenditures for the construction or improvement of industrial waste or air pollution facilities may be eligible for the investment tax credit in the year the expenditures are made or incurred.

Contact Us

For assistance in accessing these and other State Tax Credit Programs, Contact us today at 315.539.1725. We look forward to helping you.

Low Interest Loans

The SCIDA and Seneca County Department of Economic Development and Planning have a variety of loan funds available to assist with the expansion and the attraction of new business to Seneca County. These funds provide "gap" financing for qualified job creating projects. That is, the funds provided by the SCIDA and Seneca County are used to fill the gap between traditional bank financing and company equity. Loan proceeds can be used for working capital and fixed assets and bear a below market interest rate.

SCIDA Revolving Loan Program
Since 1996 the SCIDA has offered business owners a low cost alternative to filling the gap in financing packages.

To qualify for a SCIDA loan, your business must be located in or be relocating to Seneca County, create jobs and able to provide at least 10% of cost of the project. The SCIDA offers a Revolving Loan Fund Program, to a maximum of up to 30% of the total project cost at a fixed 5% interest rate (rates can be adjusted if located in the Empire Zone).

For-Profit firms engaged in manufacturing, research and development business services are eligible.

Seneca County CDBG Revolving Loan Program
This program is offered to any For-Profit commercial enterprise that will create jobs in Seneca County.

To qualify for a CDBG loan your business must be located in or relocating to Seneca County, create jobs and be able to provide at least 10% of the cost of the project. The program will fund a maximum of 30% of the total project cost at a fixed interest rate of 5%.

Micro Enterprise Assistance and Loan Program
This program targets low-to-moderate income entrepreneurs interested in starting and operating their own business. Owners of existing microenterprises (employing 5 or fewer employees) are also eligible if they wish to expand their business and provide employment opportunities for low-to-moderate income individuals. Technical assistance is provided free of charge to program participants including help with incorporation, financing, accounting, marketing and other areas.

To qualify for a Micro Enterprise loan, your business must be located in or be relocating to Seneca County, able to create jobs for low to moderate-income persons and able to provide at least 10% of cost of the project. Seneca County offers a Micro Enterprise Loan Program, for loans of up to $25,000, at a fixed 5% interest rate.

Other Loan Programs
Other local or regional agencies offer a variety of low-interest loans for a term of up to 20 years for facility improvements, equipment and machinery purchases, working capital and real estate acquisitions.

The SCIDA can assist you in preparing your loan package for presentation to other local or regional agencies. Generally, these funds have the same restrictions and criteria as the Seneca County Programs. In some instances these funds can be in addition to the Seneca County IDA participation.

Contact Us

For more information on the Low Interest Loan Programs, contact the Business Loan Coordinator at 315.539.1724 for more information.

Empire Zone (EZ)

Empire Zones (EZ) are designated areas within Seneca County that offer special incentives to encourage economic development, business investment and job creation. Certified businesses located within a designated zone are eligible to receive significant tax credits and benefits. The Seneca County EZ may be a virtually tax-free zone in "best case" situations. To learn more about becoming a certified EZ business, visit the State Empire Zone website. If you become certified, your businesses may be eligible for the following incentives.

Some Features:

• Tax Reduction Credit: Qualified Empire Zone Enterprises (QEZE) are allowed a credit against their tax equal to a percentage of taxes attributable to the zone enterprise. The tax reduction credit is applied against business corporate taxes, personal income taxes, banking corporation, or insurance corporation taxes. The credit is computed by a formula based on the numbers of jobs created, the company's assets in the Zone and in the State, and the income taxes owed by the company. This credit is available for a 15-year period - 10 years at 100%, decreasing 20% each year thereafter. The Tax Reduction Credit may reduce the company's tax liability below the alternative minimum tax to as low as zero, if the business is located entirely within the zone, or as low as the fixed dollar minimum where the business has locations both in and outside of the zone.

• Real Property Tax Credit: Qualified Empire Zone Enterprises (QEZE) are allowed a refundable credit against their business tax equal to a percentage of real property taxes paid based upon increased employment in the zone. The Real Property Tax Credit is applied against business corporate taxes, personal income taxes, banking corporation, or insurance corporation taxes. The credit is computed by a formula based on the number of jobs credit is available for a 15-year period - 10 years at 100%, decreasing 20% each year thereafter. The Real Property Tax Credit may reduce the company's tax liability to the alternative minimum tax or the fixed dollar minimum. Unused credits may be obtained as a cash refund in the year in which they earned.

• Sales Tax Exemption: A QEZE may be eligible for an exemption from the 4% New York State sales and use taxes on tangible personal property and services (including utility services and owned vehicles). A New York State Sales Tax Exemption may be issued annually to eligible businesses.

• Wage Tax Credit: A New York State tax credit of $1,500 or $3,000 for five consecutive years for each newly created fulltime job.

• EZ Investment Tax and Employment Incentives Credit (ITC-EIC): Businesses that create new jobs and make new investments in production, property and equipment may qualify for tax credits of up to 19% of the company's eligible investment.

• New Business Refund: Businesses new to New York State are entitled to a 50% cash refund of unused EZ-WTC and ITC amounts. Other businesses may carry forward unused credits indefinitely.

• Reduced Utility Rates: Special reduced electric and gas rates may be available through investor-owned utilities in New York State. Businesses that locate or expand their operations in an EZ may receive significantly reduced rates.

• Low Interest Loans: Loans for a term of up to 20 years for facility improvements, equipment and machinery purchases, and real estate acquisitions at 5% interest.

Contact Us

For more information on the Seneca County Empire Development Zone program, contact the Empire Zone Program Coordinator at 315.539.1727.

For more information on the Low Interest Loan Programs, contact the Business Loan Coordinator at 315.539.1724 for more information.

Site Location

Seneca County offers a full spectrum of real estate options, from commercial to industrial use. Our inventory includes existing free-standing and multi-tenant manufacturing or warehouse facilities. High-end business parks are available as well as other finished and new industrial land sites.

Industrial sites range in size from one to 300 acres and most are located in or near incorporated towns with infrastructure in place. Several parks offer parcels which are finished and ready to develop and many sites are served by rail. Seneca County is ideal for transporting goods with an extensive highway and rail system. Telecommunications services for voice, data, wireless and Internet communications as well as reliable and cost-efficient utilities are easily accessible.

Industrial Land

Large parcels of industrial land are available for development throughout the County. Many parcels are served with the infrastructure necessary to support industrial operations. Finished lots are also available at select locations. Please contact the Seneca County IDA for details.

Buildings

• Office/Flex: Seneca County has a variety of buildings to choose from. From state-of-the-art medical to the quaint main street office to attractive flex buildings, existing space is available. Typical space ranges from $4.50 to $9.50 a square foot while office rates vary from $7 to $16 a square foot, triple net.
• Industrial/Warehouse: Existing industrial buildings are scattered in prime locations throughout the County. Rental rates vary with location; typical rents are $2 to $7 a square foot, triple net.

To inquire about industrial land or an existing building to meet your needs, contact us today.

The SCIDA staff handles all inquiries with confidentiality, timeliness, and careful attention to detail. Contact us today at 315.539.1725 and find out how we can help you.

Infrastructure Development

The SCIDA provides professional, financial and technical expertise for site, transportation logistics and infrastructure development.

Some of the tools and services we offer include:

• Development of incubators with low cost space
• Brownfields development expertise
• Industrial park development
• Management of large industrial sites
• Project financing and management of rail and transportation logisitics projects.

For more information on how the SCIDA can assist in the development of crucial infrastructure in support of your project, Contact us today at 315.539.1725.

Workforce Development

The Seneca County Department of Workforce Development is involved in various activities designed to increase the productivity of local businesses and upgrade the skills of the workforce to meet the needs of the businesses in our community. It seeks to increase the involvement of the business community in planning, development and implementation of employment and training programs designed to create new employment opportunities in the private sector. In addition, the Seneca County Department of Workforce Development provides one-to-one counseling and training to start-up and existing businesses on a wide range of advisory, training and research services; including the preparation of business plans, marketing programs and financing strategies.

Some of the services the SCDWD offers include:

• Job posting
• Customized training, from creation to implementation
• Recruiting, screening, testing and referral of potential employees
• Long-term solutions to reduce turnover
• Identification of instructors and classroom space for in-house or external training
• Financial assistance to upgrade the skills of current employees
• Skills enhancement and job re-training
• Basic remedial assistance to employees
• Human resource services to reduce your personnel costs
• Loan programs targeted at minority, women, and/or start-up businesses
• Business start-up training programs and technical assistance
• Brokered Human Resources training
• Tax credits

For more information about the Workforce Development Program, contact a Business Services Representative at 315.539.1905 or review the Finger Lakes Workforce Investment Board website.

Micro Enterprise Program

Those interested in starting or expanding a Seneca County for-profit micro enterprise are eligible to receive technical assistance provided free of charge. Areas of business assistance include planning, financing, pricing, marketing, record keeping, and employment. Extensive assistance is provided in developing a funding proposal for businesses seeking to borrow from commercial lenders or from the direct loan funds administered by the county and other local and regional agencies.

For more information about the Micro Enterprise Program, contact the Micro Enterprise Program Coordinator at 315.539.1907

Wage Tax Credits

• Work Opportunity Tax Credit: This program provides Federal tax credits to employers who hire members of targeted groups. The WOTC can reduce employers federal tax liability by as much as $2,400 per "new" hire for hiring target groups. The Seneca County Department of Workforce Development will determine eligibility.

• Wage Tax Credit: An Empire Zone Tax Credit of $1,500 or $3,000 (targeted populations) for five consecutive years for each newly created job. The New York State Department of Labor will certify.

For more information about Wage Tax Credits, contact a Business Services Representative at 315.539.1905

Job Training Programs

• On-the-Job-Training: Administered by the local Workforce Investment Board, this program is designed to assist in the training of new and existing employees. Employers meeting the eligibility requirements may be reimbursed for the cost of classroom and/or job site training up to 50% of the employees' wages during the training period. Programs can be tailored to meet the job skill requirements of the employer.

For more information about Job Training Programs, contact a Business Services Representative at 315.539.1905

Brownfield Development

Brownfield cleanup and reuse can be a costly proposition. The complicated process and legal hurdles can be expensive in terms of expenses and fees, and costly in terms of time delays. Site evaluation processes, testing, possible legal liabilities, and other factors often deter private-sector efforts to bring old industrial sites back to productive use.

The SCIDA and public sector can do much to help level the playing field between greenfield and brownfield sites. Some existing federal economic development programs, while not targeted specifically to brownfield needs, are well suited to support site characterization and reuse projects. In the environmental arena, existing strategies aimed at transportation planning, traffic congestion mitigation, air quality improvement, and preservation of open space can supplement EPA's Superfund and brownfields programs in facilitating the reuse of industrial sites. Many of these strategies can be linked creatively to help tilt the balance toward brownfields redevelopment.

The SCIDA understands that no single "best" public-sector approach fits since brownfield projects vary by type, developer, level and class of contamination, and financial position and desired return of the site owner or developer. Yet the SCIDA has available a variety of incentives that if used separately or in combination should be able to reduce the lender's risk, reduce the borrower's cost of financing, and ease the developer's or site user's financial situation.

The SCIDA in cooperation with area businesses and lenders, and local and regional officials are developing strategies and forming partnerships that will help return brownfields to productive use. The SCIDA's creatively crafted and carefully targeted incentives and assistance can help advance cleanup and reuse activities and achieve significant economic, social, and aesthetic benefits.

Contact Us

If you have a site that you are interested in redeveloping, Contact us today at 315.539.1725 and find out how we can help you. The SCIDA staff handles all inquiries with confidentiality, timeliness, and careful attention to detail.

Customized Demographic and Labor Market Information

Data is available to assist you with your marketing analysis. We can provide you with current census data, the existing business mix, labor force statistics and tax information, all customized to your needs. You can request this information by emailing us or calling us at 315.539.1725.

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