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 bonds. Lease/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.
- Tax-exempt interest rate.
- Sales tax exemption on construction materials and equipment.
- Mortgage tax exemption.
- Property tax abatement.
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. 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.
Uniform Tax Exemption Policy - Real Property Tax Exemption Programs
Pursuant to the authority vested in it by Article 18-A of the General Municipal Law of the State of New York, the County of Monroe Industrial Development Agency (COMIDA) may provide financial assistance to qualified applicants for qualified “project” or “facilities” as defined by General Municipal in the Law in the form of issuance of its tax-exempt or taxable bonds or by participation in straight lease transactions. The Agency has adopted this Uniform Tax Exemption Policy to provide guidelines for the claiming of real property, sales and use tax and mortgages recording tax abatements.