Business Advantages

Loan Programs
The BCIDA has various Revolving loans programs that are available for businesses of varying size, with interest rates at 75% of prime. | More

Broome County Empire Zone
New York State and local development agencies offer special incentives to businesses that locate in Empire Zones. | More

State Incentives & Programs
New York State in partnership with local economic development agencies offers a variety of incentives for businesses. | More


Greater Binghamton News

Winter 2010 Econnomic Development Newsletter
Winter 2010 Newsletter Highlights Activities of Greater Binghamton Economic Development. | Download PDF

Sites Available in the Charles Street Business Park
In the Charles St. Park prospective clients will find the latest services including access to natural gas, municipal water, natural gas, and electric.. | More

In today's marketplace, doing business in the Binghamton area makes more sense than ever.
An article in the New York Real Estate Journal highlights recent developments in the Greater Binghamton economy.. | More

More Binghamton News


BCIDA Incentive Programs

Tax Exempt Industrial Development Bonds

Manufacturing related expansion projects that anticipate fixed asset financing in excess of $1 million can expect substantial advantages through the use of tax-exempt industrial development bonds. (Interest from bonds is exempt from federal and state income tax).

Features:
- Real Estate/equipment loans - 80% of prime
- 15-20 yr. term on real estate
- Practical minimum of $1.5 MM
- Real property tax abatement
- State & local sales tax abatement
- Mortgage recording tax exemption
- Some restrictions on use
- Total issuance cost 3-4%
- 3-4% Application to closing = 90 days

Taxable Industrial Development Bonds

Manufacturing, industrial and some commercial projects in Broome County can receive considerable benefits by using this tool for fixed asset related expansion projects. Many non-retail uses permitted. Interest from bonds in exempt from NYS income tax but is fully subject to federal taxation.

Features:
- Real Estate/equipment loans - At or near conventional rates
- 15-20 yr. term on real estate
- Practical minimum - $500,000
- Real property tax abatement
- State & local sales tax abatement
- Mortgage recording tax exemption
- Total issuance cost 1.5 - 2%
- Application to closing = 60 days

Sale Lease Back Transactions

In instances where the Broome County Industrial Development Agency is not requested to play a role in the issuance of bonds, many of the above incentives can be accessed by eligible firms through the development of a simple sale/lease-back agreement between the project sponsor and the BCIDA.

Features:
- IDA accepts nominal title to subject property - up to 15 yrs.
- No practical minimum value
- Real property tax abatement
- State & local sales tax abatement
- Mortgage recording tax exemption (if any)
- IDA Fees = 1% of value of project cost
- Application to closing = 60 days

For more information on the benefits of doing business in Greater Binghamton, call Dick D'Attilio TODAY at
607-584-9000.