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Board signals possible withdrawal of JBF Stainless assignment after missing documentation; letter to be sent
Summary
Board members said the applicant for the JBF Stainless assignment has not provided required application materials and directed staff to send a letter giving a short deadline before the agency begins steps to restore the property to the tax rolls.
Herkimer County IDA staff told the board that JBF Stainless (project/assignment) has not provided required application materials or a fee by the agency’s requested deadline.
Project staff said they had repeatedly requested a complete application and a fee before advancing the assignment. Because the statutory taxable status date approaches, staff recommended the board notify the applicant that failure to provide the documentation within a short window will result in steps to cancel the assignment and restore the property to the tax rolls.
Why it matters: assignment transfers and pilot agreements affect local property tax arrangements; if an assignment is deemed withdrawn, the property could revert to regular taxation and the applicant would need to reapply as a new project.
Board members agreed staff should prepare a letter that sets a firm reply window (discussed intervals ranged from 3 to 10 business days) and said the letter would state the agency’s intention to begin the restoration process if the applicant does not respond. One board member urged giving notice that the assignment would be deemed withdrawn if no response is received.
Ending: staff said they will draft the notice and return it to the chairman for final wording; the board did not receive the pending application materials during the meeting.
