Application

Working with COMIDA

Application Submission

You begin by submitting an application to COMIDA on behalf of your company or organization. You must submit both COMIDA’s application form and New York State’s short Environmental Assessment form, as required by the State’s Environmental Quality Review Act (SEQR). Click here for the Application in PDF form.

When you open the PDF application form, you can type directly online and then print the final form and mail to COMIDA or you can print the form and type using a typewriter. Please keep in mind if you choose to type the application online, you will lose all of your information as soon as you close the PDF window. This is to ensure confidentiality.

The Bond Financing Process

1. 1. Once COMIDA’s Board of Directors approves the application, your company must then commit its underwriter to arrange the purchase of the bonds to be issued on the company’s behalf. The underwriter may require that a bank guarantee the repayment of the bonds through a letter of credit.
2. 2. Your company and the underwriter or bank negotiate the terms of the bonds, including the length, interest rate, and additional financial terms.
3. 3. Financing documents are prepared, and bonds are issued in COMIDA’s name and sold to municipal funds and individual investors, who then are the lenders to the project.
4. 4. Your company uses the bond proceeds to purchase real estate, construct, and equip the project.
5. 5. Once the project is completed, COMIDA leases it to your company, normally for the terms of the bonds. The annual lease payments equal the annual principal and interest due on the Agency’s bonds. At the end of the lease, the company has the option to purchase the project for $1.00.

How else may a company benefit from COMIDA Assistance?

First, COMIDA is tax exempt, and because the company is an agent of COMIDA, it is sales tax exempt on equipment and materials purchased during the construction period. The company is also eligible for a 1% mortgage tax exemption and may in addition receive a tax-exempt interest rate if it qualifies for tax exempt financing.

Because COMIDA is a tax-exempt organization, it pays no real estate taxes, and this benefit is passed on in part to the company. The company, however, as agent, must execute a payment in lieu of tax (PILOT) agreement with COMIDA.

The payment amounts in the JobsPlus and Enhanced JobsPlus PILOT agreements are based on increasing percentages. (See JobsPlus and Enhanced JobsPlus for more information on these tax abatement programs.)

How to Apply to COMIDA for Financial Assistance

We’ve provided our Application for Financial Assistance form as an Adobe “Acrobat” PDF file.

Complete the Application for Financial Assistance Form

Each applicant seeking assistance from COMIDA must complete the COMIDA application material. A non-refundable application fee of $350.00 must be included with this application. Make the check payable to COMIDA.

All-Local Labor Requirement - Appendix B

In the absence of a waiver permitting otherwise, every project seeking COMIDA assistance must use all local labor for the construction of new, expanded or renovated facilities. "Local" is defined as residing in Monroe, Genesee, Livingston, Ontario, Orleans, Seneca, Wayne, Wyoming, or Yates counties. Certain JobsPlus and all Enhanced JobsPlus projects have an additional all local suppliers requirement.

After printing the form, please type your answers to all questions. Use "None" or "Not Applicable" where necessary.

Information in the application may be subject to public review under New York State Law, except for information that is considered deniable by the Freedom of Information Law.

Complete New York State's Environmental Assessment Form

In New York State, most projects or activities proposed by a New York State agency or by a unit of local government, or which require discretionary approval from a NYS agency or a unit of local government, are subject to the NYS Environmental Quality Review Act (SEQR). These include projects sponsored by COMIDA.

Specifically, you must complete the short Environmental Assessment Form (EAF). You can get this form as a PDF at the following web site: http://www.dec.state.ny.us/website/dcs/seqr/forms/index.html

Mail Your Application

Mail the completed Application for Financial Assistance form, the short EAF, and a check for $350.00 payable to COMIDA to:

COMIDA
CityPlace
Suite 8100
50 West Main Street
Rochester, New York 14614