The general policy of the Industrial Development Agency is to
grant applicants real property tax
abatements equal to that provided pursuant to §485-b of the N.Y.
Real Property Tax Law as well
as full exemption from sales and mortgage recording taxes. The
Agency considers the following
factors in making the determination whether to grant the
exemption, no single one of which is
determinative:
1. The nature of the business of the proposed project (e.g.,
manufacturing, office, retail).
2. The nature of the property before the project begins (e.g.,
vacant land, vacant buildings).
3. The economic condition of the area at the time of the
application.
4. The impact of the proposed project on existing and proposed
businesses and economic devel-
opment projects in the vicinity.
5. The extent to which a project will create or retain
permanent, private sector jobs.
a. Number of permanent jobs to be created
b. Anticipated job growth
c. Part-time jobs created
d. Seasonal jobs created
6. The impact on services and the extent to which the proposed
project will require the provision
of additional services including, but not limited to, additional
educational, transportation,
police, emergency, medical or fire services.
7. The effect of the proposed project upon the environment.
8. The amount of private sector investment generated or likely
to be generated by the proposed
project.
9. The likelihood of accomplishing the proposed project in a
timely fashion.
10. The percent of exemptions provided and the period of
exemption.
a. Real property taxes (real property tax abatements apply to
the increased value of the
project only)
b. Sales tax
c. Mortgage tax
11. The impact of the project and the proposed tax exemptions on
affected tax jurisdictions.
12. The extent to which the proposed project will provide
additional sources of revenue for mu-
nicipalities and school districts in which the project is
located.
13. The extent to which the proposed project will provide a
benefit (economic or otherwise) not
otherwise available within the municipality in which the project
is located.
14. The demonstrated public support for the proposed
project.
15. Amount of recapture of real property tax abatements through
PILOT agreements.
16. Recapture of lost revenues if goals are not met will be
addressed through PILOT agreements.
When there is a deviation from the uniform tax exemption policy,
the agency shall set forth,
in writing, the reasons for the deviation and shall notify the
affected local taxing jurisdictions
or the proposed deviation and the reasons thereof.
Criteria for Considering Enhanced Real Property Tax Abatements
For IDA
Applications
The Dutchess County Industrial Development Agency may deviate
from the
above policy and grant enhanced real property tax abatement for
specific projects
satisfying the above criteria and, in addition, will consider
the size of the project,
number of employees, type of operation and the prospects to
generate income and
revenue through payroll and sales tax to the extent that it will
offset any loss in
real property taxes.
The enhanced abatement will be provided on the increased
assessed value attribut-
able to the improvements resulting from the proposed project.
However, current
property tax levels already in place will continue to be paid on
an existing build-
ing.
The proposed enhanced abatement would consist of a ten-year
abatement on the
increase in assessed value with 100 percent abatement on the
improvements the
first year and decreasing 10 percent each year over the ten-year
period (90%
abatement in the second year, 80% abatement in year three, 70%
abatement in the
fourth year, etc.).
The IDA will consider providing the enhanced abatement based
upon the guide-
lines above (1 – 15) and below (1 – 3). The guidelines are not
necessarily in prior-
ity order. Each project will be reviewed on a case by case basis
in determining
whether such a project is eligible for the added incentive.
1. The enhanced abatement may be limited to specific types of
projects such as
manufacturing, back office operations, research and development,
corporate/
administrative headquarters. Warehousing facilities may be
eligible depend-
ing on the amount of employment involved.
2. Jobs; for example, number and type of jobs created and/or
retained by the
project.
3. Uniqueness – For example, the project is located in a
distressed area; project
provides amenities for the public; project is supported by the
community; has
a unique economic benefit to the economy; etc.
Dutchess County Industrial Development Agency
3 Neptune Road, Poughkeepsie, NY 12601-5545
Phone: (845) 463-5400
Fax: (845) 463-5401
Richard LiCastr i | Associate Broker | Proper ty / Asse t
Management | Commercial Investment
River Realty Services, Inc.
297 Mill Street, Suite 203
Poughkeepsie, NY 12601
Direct 845.706.4006
Office 845.486.1100 x105
Fax 845.546.0700
E-mail: [email protected]
Web: www.riverrealty.com
This is a confidential memorandum intended solely for personal
limited use in considering whether to pursue negotiations to
purchase or lease the real property or business de-
scribed herein and is not intended to be an offer or any part of
a contract to sell the property. The property is being listed in an
“AS-IS, WHERE-IS” condition and both Seller
and Agents make no representations or warranties as to the
accuracy of the information within. This confidential memorandum
which contains brief selected information pertain-
ing to the business and affairs of the Property has been
prepared by River Realty Services, Inc. This memorandum does not
purport to be all-inclusive or to contain all the infor-
mation, which a prospective purchaser may desire. Neither Owner
nor River Realty Services, Inc., nor any of their officers,
employees or agents make any representation or war-
ranty, expressed or implied, as to the accuracy or completeness
of this memorandum or any of its contents and no legal liability is
assumed or shall be implied with respect there-
to. The information provided in this brochure has been gathered
from sources that are deemed reliable, but neither Owner nor River
Realty Services, Inc. warrants or represents
that the information is true or correct. Prospective buyers are
advised to verify information independently. The Owner reserves the
right to change the price, or any information
in this brochure or withdraw the property from the market at any
time without notice. By acknowledgement of your receipt of this
confidential memorandum, you agree that the
memorandum and its contents are confidential, that you will hold
and treat it in the strictest of confidence, that you will not,
directly or indirectly, disclosed or permit anyone
else to disclose this memorandum or its contents to any other
person, firm or entity without prior written authorization of
Owner, and that you will not use or permit to be used
this memorandum or its contents in any fashion or manner
detrimental to the interest of the Owner. Photocopying or other
duplication is prohibited as well. The terms and condi-
tions set forth above apply to this offering memorandum in its
entirety.
WWW.RIVERREALTY.COM
River Realty Services Commercial – (RRS Commercial) is a leader
in commercial real estate services. Defined by a commitment to
client service, our integrated approach to
property marketing considers the entire marketing cycle:
targeting the right audience, positioning the property, developing
comprehensive marketing materials and properly
timing the sale or lease.
Westchester County 210 Mart ine Ave, Su ite 2G White P la ins,
NY 10601 914-474-8146 ph 845.564.0700 fax
Dutchess County 297 Mi l l St reet , Suite 300 Poughkeepsie , NY
12601 845.486.1100 ph 845.564.0700 fax
Dutchess County 297 Mi l l St reet , Suite 300 Poughkeepsie , NY
12601 845.486.1100 ph 845.564.0700 fax
Orange County | Headquarters 117 Execut ive Drive, Suite 100 New
Windsor , NY 12553 845.564.2800 ph
