SCIDA was created in 1971 as a public benefit corporation organized under the New York State General Municipal Law. It provides financial assistance to qualified applicants in the form of mortgage recording tax exemption, sales and use tax exemptions, real property tax abatement and low interest rates for debt incurred as part of the project.
The Schuyler County Industrial Development Agency was created to promote the prosperity of its residents through the creation of jobs (new or retained), increased private investment, additional housing, competitive educational resources, notable recreational, and other economic opportunities in Schuyler County. The Agency will achieve these goals through the use of various tax incentives provided by the Agency, which shall be proportional to jobs, economic activity projected, or opportunities provided to the citizens of Schuyler County.
The Agency will access the achievement of its goals as expressed in the Mission Statement by:
- Monthly review of the Agency financials by the Board.
- The Audit Committee is responsible for annual review of the financials with an independent Auditing Agency and report to the Agency Board.
- Review of all businesses which have received tax incentives from the Agency to determine if they are compliant with agreed upon business projections. This will require a yearly report from each business which has received a tax incentive from the Agency.
- Yearly report to the NYS Authorities Budget Office and posting of the Mission Statement and Authorities Budget Office report on the Agency web page.
- The Agency will conduct an annual internal review of the Agency’s goals, the effectiveness of the Agency in meeting those goals and discuss the strengths and weakness of the operation of the Board.