ALBANY, NY — New York’s Industrial Development Agencies reported $784 million in net tax exemptions in 2018, up 4.4 percent from 2017, according to an annual report that summarizes the performance of IDAs issued today by New York State Comptroller Thomas P. DiNapoli.
“Projects that come from Industrial Development Agencies continue to produce jobs across the state, but in the past couple of years the pace has slowed,” said DiNapoli. “As our local economies build back from the shock of the pandemic, IDAs may have a critical role in helping businesses and communities get back on their feet, with careful review of the tax breaks they offer and the impact on local government budgets.”
The Office of the State Comptroller IDA Report collected data on the performance of Industrial Development Agencies in New York State including an Appendix with statistics by specific IDA including the New Rochelle IDA.
Performance of Industrial Development Agencies in New York State
Appendix A: IDA Data by Region
Appendix B: Statistics by Specific IDA
City of New Rochelle IDA
- Project Count 25
- Total Project Values $1,094,141,111
- Total Tax Exemptions $20,822,522
- Total PILOTs $1,177,102
- Net Tax Exemptions $19,645,420
- Net Exemptions Per Project $785,817
- Estimated Jobs to Be Created 336
- Estimated Jobs to Be Retained 566
- Full-Time Equivalents before IDA 653
- Current Full-Time Equivalents 779
- Net Jobs Gained 126
- Net Exemptions Per Job Gained $156,537
- IDA Expenses $627,435
- Expenses Per Job Gained $4,999
- Expenses Per Project $25,097
The extent of the developer pain during and post covid will curtail many projects as previously planned. Public spaces, elevators, shared air systems and the biggest of them all Commercial Realty need will never be the same. We are witnessing fleeing from the Manhattan Hi-Rise and they are not going to NR Hi-Rise anytime soon. This is not a blip on the radar this is a massive change on how we live and work in the future.