Other financial programs
Tax-Exempt Bonding
Under New York State Law, an IDA is authorized to issue bonds and notes. Subject to the limitations imposed by the Internal Revenue Code of 1986, as amended, the IDA can issue taxable and tax-exempt bonds, the proceeds of which can be used to fund all or substantially all of the costs of a project. It is important to understand that an IDA provides no credit enhancement and issues bonds on a non-recourse basis. Therefore, the ability to sell the bonds is premised solely on the creditworthiness of the Company. While IDA involvement does not guarantee the bonds in any way, the involvement does convey certain value to the lender, includes (1) lower start up costs based on incentive packet (2) a known, or predictable, phase-in of property taxes and (3) a local commitment to the project.
Requirements: Capital Investment project must approach at least $1 million to be cost effective. Private placements of bonds are also available.
For Tax-Exempt bonding, a company may NOT have had more than $10 million in actual and planned capital investment expenditures (including actual amount of bond issue) within the same municipality going 3 years back and 3 years forward.
Terms: Interest rates are generally 2-3 percent below a taxable loan from commercial lenders. May be structured as a fixed rate, variable rate or low floater bond. Fixed rate and variable bonds can be structured with maturities ranging from 15–30 years.
Excelsior Jobs Program
The Excelsior Jobs Program provides job creation and investment incentives to firms in such targeted industries as biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture, and manufacturing. Firms in these industries that create and maintain new jobs or make significant financial investment are eligible to apply for up to four new tax credits. The Program encourages businesses to expand in and relocate to New York while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments. Program costs are capped at $500 million annually to maintain fiscal affordability and ensure that New Yorkers realize a positive return on their investment.
More Information Here
Conduit to NYS Programs and Federal Funding
The FLEDC acts as a conduit to New York State and thus has access to state and federal funding programs. The FLEDC can help Yates County draw industries and create jobs through a number of programs through the State and Federal governments.
Village of Penn Yan Facade Improvement Program
The Village offers a facade improvement program that allows businesses within Penn Yan to make improvements to store fronts with up to $10,000 in funding per storefront. The business gets half the amount in a grant and the other half at a 4 percent fixed loan to be paid back over the course of five years.
NYSEG
NYSEG provides economic development programs for businesses looking to grow and relocate to Central New York. A list of their programs and incentives can be found here.
Village of Penn Yan Electric Rates
Individuals and businesses located within the Village of Penn Yan have access to some of the lowest power in the country. Penn Yan has electric rates as low as $0.0172 per kwh!
