Incentives

Description
Benefits of COMIDA Assistance
Eligible Recipients
All Local Labor Requirement
Other Information
JobsPlus
Enhanced JobsPlus
Shelter Rent Pilot
Green JobsPlus
LeasePlus

Description

The County of Monroe Industrial Development Agency (COMIDA) offers conduit financing for industrial and non-industrial projects through the issuance of tax-exempt industrial revenue bonds (IRBs), taxable IRBs and tax-exempt civic facility bonds. Sale/leaseback transactions, projects financed without the issuance of bonds, can also result in considerable project cost savings. In general, COMIDA can assist projects for the purchase of land, existing facility and new machinery & equipment, the construction of new facilities or the renovation of existing facilities. COMIDA can assist projects located throughout Monroe County, including the City of Rochester. COMIDA benefits can be combined with incentives provided by other sources.

Benefits of COMIDA Assistance

1. Tax-exempt interest rate.
2. Sales tax exemption on construction materials and equipment.
3. Mortgage tax exemption.
4. JobsPlus property tax abatement.
5. Enhanced JobsPlus property tax abatement.
6. Green JobsPlus property tax abatement.

Eligible Recipients

For-profit companies and 501(c)(3) not-for-profit companies that seek to save costs in order to make projects more feasible. Projects are usually owner-occupied, but can be developer-owned where COMIDA benefits are passed onto the project occupant(s). If a project is partially occupied, then partial benefits can be obtained for the occupied portion. Eligible recipients include companies that operate in the field of manufacturing, or perform a producer service (a producer service company performs a technology-based service locally that generates a considerable portion of its income from clients outside of Monroe County). There is no size limit by number of employees or sales volume as an eligibility criteria. Retail projects are not eligible for assistance unless they meet the exception criteria as established by New York State law.

All-Local Labor Requirement

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, Ontario, Livingston, Wayne, Genesee or Orleans Counties. Certain JobsPlus and all Enhanced JobsPlus projects have an additional all local suppliers requirement.

Other Information

For bond projects, the applicant is responsible for securing a commitment from an underwriter to sell the bonds to market investors (Lenders). The sale of COMIDA bonds and the interest rate on the bonds will depend on the following factors:

• The reputation and financial condition of the applicant and project occupants.
• The feasibility and potential of the project.
• Prevailing market conditions.
• Whether or not the bonds are required to be guaranteed by a letter of credit that is usually provided by a bank.
• Bond Counsel opinion establishing compliance with federal tax regulations.

Once COMIDA approves an application and an underwriter or bank is committed to a project, a closing can be accomplished within sixty to ninety days.

In addition to the all-local labor requirement, eligibility requirements and parameters for the JobsPlus tax abatement program are as follows:

• Allowable Project Types (See General Guidelines for Further Detail)
  • Manufacturing uses, or
  • Technology-based producer service uses, or
  • Projects involving rehabilitation of existing commercial buildings, especially those vacant for a long period of time, or
  • In the absence of a waiver permitting otherwise, projects that use all local suppliers in the construction of new, expanded or renovated facilities.
• Job Creation Requirement
  • 10% increase in full-time equivalent employment, measured on the existing impacted employee base.
• Projects may be subject to an on-site compliance monitoring regarding the local labor/supplier commitment, employment requirements, and incentive verification. This will be paid for by COMIDA.
• There is a full-benefit repayment penalty for companies that move out of Monroe County or otherwise abuse the program within the 10-year abatement term, even if they have already met their job creation requirement.
• JobsPlus property tax abatement on added value equals 90% abatement in the first year and decreasing 10% each year to full tax in the tenth year. Abatement does not apply to existing assessment, land and special district charges.

JobsPlus Tax Abatement Schedule

In addition to the all-local labor requirement, eligibility requirements and parameters for the Enhanced JobsPlus property tax abatement program are as follows:

• Allowable Project Types
  • Manufacturing uses, or
  • Technology-based producer service uses, and
• Project Size
  • A minimum $15 Million investment in new plant, machinery and equipment or renovation of existing buildings.
• Job Creation Requirement
  • A minimum of 100 new full-time equivalent jobs
• All Local Supplier Requirement
  • In the absence of a waiver permitting otherwise, projects must use all local suppliers in the construction of new, expanded or renovated facilities.
• Projects will be subject to an on-site compliance monitoring regarding the local labor/supplier commitment, employment requirements, and incentive verification. This will be paid for by COMIDA.
• There is a full-benefit repayment penalty for companies that move out of Monroe County or otherwise abuse the program within the 10-year abatement term, even if they have already met their job creation requirement.
• Enhanced JobsPlus property tax abatement on added value over 10 years is as follows: 100%, 100%, 100%, 90%, 75%, 60%, 45%, 30%, 15% and 0%. Abatement does not apply to existing assessment, land and special district charges.

Enhanced JobsPlus Tax Abatement Schedule

Shelter Rent Pilot

• Allowable Project Types:
  • New Building Construction or Renovation projects for student housing or affordable housing (within guidelines for income established by the U.S. Department of Housing and Urban Development)
• Requirements:
  • Job Creation – Company must meet a minimum of 10% job creation goal over impacted employment within three (3) years
  • Local Labor – Project must use all local labor for the construction of new, expanded or renovated facilities. Local is defined as labor from Monroe, Genesee, Livingston, Ontario, Orleans or Wayne counties.

“Shelter Rent” Payment in Lieu of Tax shall mean the gross rents actually collected for the Facility (for student housing or affordable housing as per guidelines for income established by the U.S. Department of Housing and Urban Development) in a given calendar year minus utilities. The Payment in Lieu of Tax paid by the Company shall be ten percent (10%) of Shelter Rent provided the Facility is solely utilized for student housing or affordable housing.

*Abatement does not apply to land, existing assessment or special district charges.

Green

In addition to the all-local labor requirement, eligibility requirements and parameters for the Green JobsPlus tax abatement program are as follows:

• Allowable Project Types (See General Guidelines for Further Detail)
  • Manufacturing uses, or
  • Technology-based producer service uses.
• Job Creation Requirement
  • 10% increase in full-time equivalent employment, measured on the existing impacted employee base with three (3) years.
• Projects may be subject to an on-site compliance monitoring regarding the local labor/supplier commitment, employment requirements, and incentive verification. This will be paid for by COMIDA.
• There is a full-benefit repayment penalty for companies that move out of Monroe County or otherwise abuse the program within the 14-year abatement term, even if they have already met their job creation requirement.
• Green JobsPlus property tax abatement on added value according to the schedule below. Abatement does not apply to existing assessment, land and special district charges.

Green JobsPlus Tax Abatement Schedule

LeasePlus

In addition to the all-local labor requirement, eligibility requirements and parameters for the LeasePlus tax abatement program are as follows:

• Allowable Project Types: New building construction or renovation projects for:
  • University and/or medical related facilities in which a 501(c)3 entity leases from a for-profit entity
• Job Creation Requirement
  • 10% increase in full-time equivalent employment, measured on the existing impacted employee base with three (3) years.

LeasePlus Tax Abatement Schedule

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LeasePlus Tax Abatement Schedule