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Links roundup—IDA edition

August 29, 2011

  • The Crowne Plaza hotel in downtown Albany will receive $14.3 million in tax breaks over the next 30 years under an agreement it made last week with the city’s IDA. The hotel will use the savings to make improvements to its aging facilities, and it will still pay more than $20 million in property taxes between now and 2042. [Times Union]
  • The Niagara County IDA approved a 10 year commercial PILOT agreement as well as sales tax and mortgage recording tax abatements for a $6.2 million hotel that plans to break ground in the City of Niagara Falls in September. The developers estimate that they’ll create 30 construction jobs and 18 new fulltime jobs. [WGRZ]
  • The County of Monroe IDA approved tax breaks for several companies that requested assistance for renovations and expansions, equipment upgrades, and property acquisitions. [Rochester Business Journal]
  • A developer is asking the Yonkers IDA for a financial incentive package to help renovate Cromwell Towers, one of the city’s most crime-ridden private apartment buildings. The project is estimated to cost $25 million but the developer is seeking $62 million in bonds, $1.7 million in sales tax exemptions, a mortgage tax exemption valued at about $700,000, and an undetermined amount of additional tax breaks to keep rents in the project affordable. Am I missing part of the math here? [LoHud]
  • The NYC Economic Development Corporation is looking for a developer for the Broadway Plaza site in the Bronx. [Bronx BP]
  • Good Jobs New York appreciates the increased transparency measures being phased in at the New York City IDA. [GJNY]
  • Not a bad job perk: the president of the Rensselaer County IDA got to be a judge at the 2011 Miss Asia Pageant North America. [MissAsiaNA]
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