Airport Industrial Park
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Civic Dev Corp
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Civic Dev Corp
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The Counties of Warren and Washington Industrial Development Agency is a public benefit corporation organized under the laws of the State of New York. The purposes of the Agency are to promote, develop, encourage and assist in the acquiring, constructing, reconstructing, improving, maintaining, equipping and furnishing industrial, manufacturing, warehousing, commercial, research and recreational facilities including industrial pollution control facilities, railroad facilities and horse racing facilities thereby advance the job opportunities, health, general prosperity and economic welfare of the Counties of Warren and Washington and the residents thereof; and to improve their recreational opportunities, prosperity and standard of living.
The Agency accomplishes its purposes through the issuance of its Industrial Development Revenue Bonds, lease/sale agreements, installment sale agreements as well as various tax advantages. The interest earned on qualified IDA bonds issued for manufacturing purposes is not included in the gross income of the bond holder for federal income tax purposes. Interest earned on IDA bonds issued for projects such as office buildings and shopping centers is not exempt for federal income tax purposes. Due to the particular structuring of the financing documents, purchases made for materials and equipment for an Industrial Development Agency project are exempt from sales tax; and the project will be exempt from mortgage tax. Moreover, unlike municipal bonds, Industrial Development Revenue Bonds are available to fund privately owned projects.
Although the private companies benefiting from Agency participation are technically exempt from local city, town, village, school and county property taxes, a Payments in Lieu of Taxes Agreement (PILOT) is entered into between the Agency and any applicant for Industrial Development Agency involvement whereby that applicant contractually agrees to make payments in lieu of the taxes for which it would be liable if it were not an Industrial Development Agency project. These PILOT Agreements are used as an incentive for business to locate in Warren or Washington County. Although the Developer initially pays less taxes than it would if the project were privately owned, there is no decrease in the local tax base due to such projects. In fact, there will normally be a net increase in the amount of tax revenue to the local taxing authorities, as is the case when a vacant or run-down parcel is developed into a productive parcel through Agency funding. Consequently, the only impact on the local community is a positive one, as both temporary and permanent jobs are created, the tax base is maintained or increased, the economic potential of the two counties is further developed, and additional dollars are injected into the local economy.
It is this availability of tax-exempt bonds, beneficial PILOT agreements, sales tax exemption, and mortgage tax treatment usually afforded only to municipalities which make Industrial Development Agency projects attractive to private businesses. Also, IDA Bonds are often more marketable than the notes of a private company.
Bennett Memorial Airport is located on approximately 500
acres 3 miles northeast from downtown Glens Falls, just
off the New York State Route 254 (Quaker Road) in the
Town of Queensbury. Runway 1-119 has a length of 5,000
feet by 150 feet and runway 12-30 is now 4,000 feet by
100 feet. The runways and the five taxiways are
precision instrument runways with HIRL lights (pilot