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Links Roundup: NYS IDAs

November 4, 2016

Taxed Off: Millions in breaks for IDAs, but few jobs

Press & Sun-Bulletin

… Rochelle Industrial Development Agency that has them paying a combined … An analysis by the New York State Authorities Budget Office found “little … “Very few projects of any significance are done in New York, completed in …

Mixed-Use Development Supports Downtown New Rochelle

Hudson Valley News Network

Additionally, the New Rochelle Industrial Development Agency provided an exemption from sales tax on … construction loan and a SONYMA-insured permanent loan through the New York State Common Retirement Fund (CRF).

Notable tax-exempt land in New York

The Journal News | LoHud.com

Stegner pointed to New York state law, which provides property-tax … the land over to the New York City Industrial Development Agency, which in turn …

Fulton County pushing tech park

The Daily Gazette

… Executive Director of the FUlton County Industrial Development Agency. … The Tryon Tech Park already has one tenant, Vireo Health of New York, …

NYSEDC hosts Technology-based conference

Corning Leader

… director of the Steuben County Industrial Development Agency (SCIDA). … NYSEDC represents 900 member throughout New York to promote the …

MVCC Foundation names board officers

The Central New York Business Journal

Zogby is also a member of the Oneida County Industrial Development Agency board, president of the board of Central New York Health Home …

After Decades as a New York City Landlord, the Port Authority is Going Back to Its Roots

Commercial Observer

“There were times when they saw themselves as an industrial development agency,” said Barry Hersch, a clinical associate professor at the NYU …

Federal Suit Challenges NY Nuclear Subsidies

RTO Insider

Despite its best efforts to avoid litigation, the New York Public Service … The suit, filed in U.S. District Court for the Southern District of New York in … said Gary Toth, vice chair of the County of Oswego Industrial Development Agency

Senator Schumer announces $17 mil unlocked

WGRZ.com

… loan funds that exist through the Erie County Industrial Development Agency. That money will be used for projected throughout Western New York

The Agency breaks ground on construction of new headquarters, business-development center

The Central New York Business Journal

The Agency is the rebranded name of the Broome County Industrial Development Agency (IDA). Its board of directors oversees both the IDA and the …

Michaelle Solages to represent New York’s 22nd Assembly District

Newsday

In response to outrage over the Hempstead Industrial Development Agency’s tax break for the Green Acres Mall, she wants to hold the IDA more …

Expansion, 160 new jobs coming to Coast Professional in Geneseo

The Livingston County News

Bill Bacon, director of the Livingston County Industrial Development Agency, confirmed news of the expansion and estimated new job figures Monday …

Bartlett Dairy deal to develop site near JFK

Queens Chronicle

A 24-page cost/benefit analysis prepared by the New York City Industrial Development Agency said Bartlett would receive just over $15 million in city …

Utica council: Hire local

Utica Observer Dispatch

The city of Utica Common Council recently approved a resolution urging the city’s Industrial Development Agency to consider a policy where project …

MVCC Foundation names board officers

The Central New York Business Journal

Zogby is also a member of the Oneida County Industrial Development Agency board, president of the board of Central New York Health Home …

NYSEDC hosts Technology-based conference

Corning Leader

… director of the Steuben County Industrial Development Agency (SCIDA). … NYSEDC represents 900 member throughout New York to promote the …

After Decades as a New York City Landlord, the Port Authority is Going Back to Its Roots

Commercial Observer

“There were times when they saw themselves as an industrial development agency,” said Barry Hersch, a clinical associate professor at the NYU …

Federal Suit Challenges NY Nuclear Subsidies

RTO Insider

Despite its best efforts to avoid litigation, the New York Public Service … The suit, filed in U.S. District Court for the Southern District of New York in … said Gary Toth, vice chair of the County of Oswego Industrial Development Agency

 

Public Authorities

November 4, 2016

Public authorities ‘must consider trade-offs’ before setting Internet of Things regulation

PublicTechnology.net

The government must proceed with caution when considering regulation of the Internet of Things and realize a one-size-fits-all approach may not be …

Digital Economy Bill lacks clarity on data sharing, experts say

ComputerWeekly.com

The changes to be introduced cover a number of aspects of data management, including plans to allow public authorities to share personal data with …

Privatizing, partnerships future of public transit

Toronto Sun

In 1951, public authorities took control of Montreal’s transit system by municipalizing the private company that was until then offering transit services

Digital Republic Bill Uses Crowdsourcing To Promote Data Protection, Net Neutrality And …

Techdirt

… policy to include public and private entities, public service concession holders or entities whose activities are subsidized by the public authorities.

How much should we know about Jayalalithaa’s health?

Daily News & Analysis

… are of sound mental and physical health, isn’t it in the ‘interest of the public’ to ask the same of public authorities whose decisions impact the nation?

Links Roundup: NYS LDCs

November 4, 2016

SEC Fines Firm for ‘Fraudulent’ Audits of Ramapo, Ballpark

Patch.com

The SEC announced fraud charges back in April against Ramapo, its local development corporation, and four town officials, alleging that they cooked…

SEC Brings Two Proceedings Naming Auditors

JD Supra (press release)

The firm served as the outside auditors for the Town of Ramapo, New York and the Ramapo Local Development Corporation, established to engage in…

SEC settles with auditor in NYC suburb’s bond fraud case

Reuters

By Jonathan Stempel | NEW YORK … the town of Ramapo, New York, and its local development corporation, which were charged with fraud in April…

BRIEF-GE, Baker Hughes deal has $1.3 billion breakup fee-exec

Reuters

… issued fraudulent audit reports in connection with municipal bond offerings by the town of Ramapo, New York, and its local development corporation …

Broome funding more temporary Willow Point staff

Press & Sun-Bulletin

EIC is a New York State nonprofit local development corporation funded in part by the New York State Energy Research and Development Authority …

RE: Draft Environmental Impact Statement for the Redevelopment of the “East Parcel”

River Journal Staff

This statement is submitted pursuant to the provisions of the New York State … SEQRA, New York’s Environmental Impact Assessment legislation, … that the Sleepy Hollow Local Development Corporation (“LDC”) and Village Board …

CWC awards stormwater funds

Oneonta Daily Star

The CWC is a non-profit, local development corporation responsible for … economic development and education programs in the New York City …

The Agency breaks ground on construction of new headquarters, business-development center

The Central New York Business Journal

… the IDA and the Broome County Local Development Corporation (LDC). … National Development Council and the New York Business Development …

Ceresney Warning: Expect Continued SEC Enforcement Activity Regarding Municipal Securities

The National Law Review

On April 14, 2016, the SEC brought civil fraud charges against Ramapo, New York, its local development corporation and four town officials, alleging …

Broome funding more temporary Willow Point staff

Press & Sun-Bulletin

EIC is a New York State nonprofit local development corporation funded in part by the New York State Energy Research and Development Authority …

County Exec Mahoney’s scathing response to Syracuse mayor: Good riddance

Syracuse.com

In today’s letter, Mahoney accused Miner of reneging on an agreement not to form a local development corporation to compete with the Onondaga … the $500 million that Central New York won in the Upstate Revitalization Initiative.

Links Roundup: NYS Public Authorities

March 10, 2015

New Yorkers Foot The Bill For Billions In Public Authority Spending

News Written by Kate Gurnett

Spending by New York’s largest public authorities jumped $3.5 billion since last reported in 2013, with  state and local authorities reporting nearly $60 billion in spending in their latest annual filings, according to a report released today by State Comptroller Thomas P. DiNapoli. Meanwhile, the combined debt of state and local authorities topped a quarter of a trillion dollars.

“Public authorities borrow and spend billions of dollars outside the state budget,” DiNapoli said. “And from Buffalo to Brookhaven, New Yorkers foot the bill. These shadow governments are responsible for the bulk of our hefty debt burden and are used to provide hundreds of millions of dollars annually in non-recurring resources to support the state budget. Recent authority actions suggest that authorities must do more to open their doors to public accountability.”

Of the nearly $60 billion spent, DiNapoli found that state public authorities spent $38 billion in their last reported fiscal year, while local authorities reported spending $21.5 billion. Of the 1,180 public authorities in New York, 325 are state authorities, 847 are local authorities and eight are interstate or international authorities, according to DiNapoli’s report.

DiNapoli’s report found that New York now relies on public authorities to undertake most of its borrowing -dubbed “backdoor borrowing” because it circumvents a state constitutional provision restricting the issuance of general obligation debt without voter approval. In addition, the state uses authorities to provide hundreds of millions of dollars annually to support the state budget, which disguises state spending levels and weakens transparency and accountability. The last two enacted state budgets combined anticipated more than $650 million in budget relief from the Metropolitan Transportation Authority, the New York Power Authority and others, essentially shifting costs from the general tax base to those who use authority services.

Just five years after the last major legislative public authority reform, DiNapoli’s report identified troublesome issues at several public authorities. They include:

  • The investigation of the Port Authority of N.Y and N.J. by the U.S. Attorney’s Office, the Manhattan District Attorney, the U.S. Securities and Exchange Commission and others, related to matters including the 2013 George Washington Bridge access lane closures;
  • The Thruway Authority’s indication in late 2013 that a toll and finance task force would be created to identify new resources to help pay for the new Tappan Zee Bridge. To date, however, the Authority has not established such a task force, and the financing plan and toll impact of the new bridge are unclear. Moody’s Investors Service and Standard & Poor’s Rating Services lowered their credit ratings for the Authority, citing factors that included uncertainty about funding of the new bridge and adequacy of overall Thruway toll revenues in coming years;
  • Findings by the Authorities Budget Office that the Environmental Facilities Corporation board made inappropriate use of executive session, dismissed concerns raised by the federal Environmental Protection Agency without proper consideration, and engaged in only limited discussion and participation in meetings regarding its approval of a $511 million loan to the Thruway Authority for projects associated with the Tappan Zee Bridge replacement; and
  • The Long Island Power Authority’s reduction of oversight for its service provider. Audits and reports on LIPA in recent years have identified areas requiring improvement, including adequacy of regulatory oversight, rate relief, financial management and debt, customer service, and storm preparation and response.

In total, public authorities employed 153,578 people at a cost of nearly $10 billion a year in total compensation, with more than 19,000 employees (nearly 13 percent) receiving total compensation of $100,000 or more. By comparison, less than 8.7 percent of state employees and 14.7 percent of New York residents earned as much.

Public authorities’ spending and activities — including purchases, personnel expenditures, contracts and other transactions — are not subject to the same independent review, oversight and reporting requirements as state agencies. The Comptroller’s audits of public authorities’ have revealed numerous examples of deficient contracting practices, improper expenditures and inadequate oversight. While the Public Authorities Accountability Act of 2005 and the Public Authorities Reform Act of 2009 established accountability mechanisms, authorities remain largely exempt from many day-to-day controls that apply to other government agencies.

The report is based on self-reported data by public authorities to the Office of the State Comptroller. The data, which is not independently verified by the Comptroller’s audits, represents the authorities’ most recently reported fiscal years, and does not reflect a common fiscal year or the state’s fiscal year.

Links Roundup: NYS LDCs

March 10, 2015

Businesses Push On With Plans To Grow Medical Marijuana

WAMC

Under New York’s medical marijuana law, up to five businesses may be … to meet with the Washington County Local Development Corporation.

Hyde: State wants to ‘put more handcuffs on IDAs’

The Daily News Online

Hyde was referring to the economic development slogan Cuomo’s adopted, “New York is Open for Business.” … is $10,000 for the EDC and $25,000 for the agency’s financial arm, Genesee Gateway Local Development Corporation.

Ex-New York State Senator Malcolm Convicted of Bribery

National Legal and Policy Center

The first story, in the New York Post of January 31, 2010, focused on a nonprofit called New Direction Local Development Corporation, which …

Kaiser Appointed Senior Vice President of Arrow Financial Corporation

PR Newswire (press release)

… Warren County Local Development Corporation Loan Review Committee, … Falls, New York, serving the financial needs of northeastern New York.

Mangano Announces Free Business Seminar To Assist In The Hiring Of Developmentally Disabled

LongIsland.com

The Nassau County Local Economic Assistance Corporation (NCLEAC) is a local development corporation, created by the Nassau County Legislature …

Lucky Blue Smith And Kristina Bazan Get Schooled

Look To The Stars

According to the New York City Department of Education, for the Class of 2013 … Hills Local Development Corporation, and Make the Road New York.

Energize NY Offers Funding for Businesses

ithaca.com

Joe Del Sindaco of Energy Improvement Corporation, the local development corporation that offers Energize New York, explained some of the …

Batavia Town Board approves agreement with developer

Buffalo News

… Industrial Development Agency, New York Green Inc., and Genesee Gateway Local Development Corporation. … not covered by a $175,000 grant issued by the New York State Energy Research and Development Authority.

Links Roundup: NYS IDAs

March 10, 2015

Commentary/Joe Nacca: The sales tax shell game

MPNnow.com

… environs of Canandaigua (and other western New York communities). … The Industrial Development Agency and a developer hatch a deal that will …

City task force to study developer tax break programs

Real Estate Weekly

… has launched a task force to study the efficacy of New York’s tax breaks. … as well as the New York City Industrial Development Agency (NYCIDA).

Renowned sculptor’s studio could become downtown apartments

Albany Business Review

This building at 1 Columbia Place in downtown Albany, New York partially … if he receives tax breaks from the city Industrial Development Agency.

Niagara Global Tourism advisory panel named

Buffalo Business First (blog)

… Arrowhead Springs Winery president; Sam Ferraro, Niagara County Industrial Development Agency executive director; Mark Thomas, New York …

Fine Fare supermarket being constructed

Bronx Times

… E. Gun Hill Road will be the new location of a Fine Fare supermarket, according to a New York City Industrial Development Agency spokesperson.

Thor Equities scoops up bottom floors at 470 Broome

New York Post

The city’s Industrial Development Agency also approved an incentive … leaping from 304 Hudson St. to the New York Times Building to take the full …

Agency appeals to keep local OK for tax breaks

Glens Falls Post-Star

GLENS FALLS — Glens Falls Industrial Development Agency will highlight two local development projects in an appeal to the state Legislature to … He said the issue is one over which New York City and upstate interests can unite.

Nassau County IDA Business Development Director Nicholas Terzulli wins 40 under 40 award

The Indian Panorama

Development Counselors International (DCI), a New York-based firm that specializes in economic development marketing, manages the awards …

Property of the Month: BBS Architects, Stalco Construction, SCC, and PW Grosser complete $14.1

New York Real Estate Journal Online

RCS is the only K-8 charter school in New York State’s Suffolk County. … CMA enlisted Riverhead Industrial Development Agency to issue bonds on …

Industrial Development Office Flourishes 2014 Business

Genesee Sun

The Industrial Development Agency, (IDA) which operates under the … a total of 9 grants from New York State over 2014 to expand and extend local …

Moinian, Brookfield Get Hudson Yards Tax Abatements Totaling $180M

Commercial Observer

The Moinian Group and Brookfield Properties today got approval from the New York City Industrial Development Agency, or NYCIDA, to receive tax …

Fried Frank Guides $180M Tax Deals For NYC Towers

Law360 (subscription)

In two unanimous votes, the New York City Industrial Development agency approved $115.1 million in tax exemptions for Brookfield’s planned $2.1 …

Mangano Announces Free Business Seminar To Assist In The Hiring Of Developmentally Disabled

LongIsland.com

… supplied by the Nassau County Industrial Development Agency. New York State regulations that allowed IDAs to fund such projects expired in 2008.

Fine Fare supermarket being constructed

Bronx Times

… E. Gun Hill Road will be the new location of a Fine Fare supermarket, according to a New York City Industrial Development Agency spokesperson

Niagara Global Tourism advisory panel named

Buffalo Business First (blog)

… Arrowhead Springs Winery president; Sam Ferraro, Niagara County Industrial Development Agency executive director; Mark Thomas, New York …

Two pharmaceutical companies, InvaGen Pharmaceuticals and Alphamed Realty, will construct

Area Development Online

… they will purchase for $3.5 million in Central Islip, Long Island, New York. … substantial financial benefits from Islip’s Industrial Development Agency, … to the Town of Islip Industrial Development Agency for the assistance provided.

Batavia Town Board approves agreement with developer

Buffalo News

… Genesee County, Genesee County Industrial Development Agency, New York Green Inc., and Genesee Gateway Local Development Corporation.

Mangano Announces Founders Of Global 3D Printing Network To Speak To Nassau Inventors And

LongIsland.com

The club, sponsored by the Nassau County Industrial Development Agency, will meet at 7:00 p.m. on February 23rd in the Ceremonial Chamber of the …

Flexjet moving operations to Westchester County Airport

Westfair Online

“Westchester’s Industrial Development Agency understood our need for expanded facilities in the New York metropolitan area,” Mashburn said. “The financing made available through the IDA complements our investment of capital …

Chemung County IDA, ABO Report

March 10, 2015

The Authorities Budget Office has completed its operational review of the Chemung County Industrial Development Agency (IDA).  The report concludes that the IDA board routinely approves all applications for financial assistance and appears to provide little to no oversight or guidance regarding project selection, review and pre-approval.  Additionally, more than half of the IDA’s board appears to have conflicts of interest by also serving on the board of the organization contracted to administer the IDA. The report identifies over $163,000 in revenues lost to local municipalities and districts due to poor oversight of projects and PILOT payments, and that over $327,000 in fees owed by project applicants was not received by the IDA.  The report also found that the IDA’s projects generally failed to meet employment goals and that significant project data reported to the State by the IDA was inaccurate. This report is posted on the ABO website at: www.abo.ny.gov