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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

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