Saratoga County has four IDAs. They are listed below:
- Town of Clifton Park
- Town of Corinth
- Town of Stillwater/City of Mechanicville
- County of Saratoga – (covers remaining Towns, Villages and the City of Saratoga Springs)
To improve economic conditions in their respective areas, IDAs generally attempt to attract, retain and expand businesses within their jurisdictions through the provision of financial incentives to private entities. IDAs are legally empowered to buy, sell or lease property and to provide tax exempt financing for approved projects. Real property owned or controlled by IDAs is exempt from property and mortgage recording taxes, and the value of these exemptions can be passed through to assisted businesses. Moreover, purchases related to IDA projects can be exempt from State and local sales taxes.
While IDA properties are tax exempt, businesses occupying IDA-owned properties typically make payments in-lieu-of-taxes (PILOTs) that are shared with the affected local tax jurisdictions (i.e., local governments).
Each IDA has a Uniform Tax Exempt Policies (UTEP) in place explaining the type of projects they are looking to support. These include manufacturing, warehouse distribution and commercial services projects.
SEDC has marketing relationships with all the IDAs and is responsible for qualifying the companies before taking them through the application process. Inquiries regarding the incentives provided by IDAs in Saratoga County should be addressed to SEDC.