The Town of Colonie Industrial Development Agency (IDA) is a not-for-profit public benefit corporation of the State of New York. The IDA was formed by separate act of the New York State Legislature and offers program authorized under the NYS Public Authorities Law.
The Agency is in place to help private businesses improve the job opportunities, health, general prosperity, and overall economic welfare of the Town and its residents over the long term. Our immediate goal is to retain and promote employment by supporting projects that will have a positive impact on the Town's economy
The Agency shall offer businesses financial incentives inthe form of tax-exempt and taxable bonds to cover the cost of construction, rehabilitation, and equipping for a wide range of commercial and industrial projects.
Projects undertaken by the Agency are exempt from sales and mortgage recording taxes, and real property tax abatement is also available for certain manufacturing projects. These exemptions enable the Agency to lower the costs of undertaking and financing a project.