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Ulster County IDA outlines how incentives, monitoring and clawbacks work as it eyes a revolving loan fund
Summary
Hillary Nichols, executive director of the Ulster County Industrial Development Agency, briefed the committee on IDA powers, the Uniform Tax Exempt Policy review, public-hearing thresholds and monitoring practices; she also described CRC plans for a low-cost revolving bridge loan fund for nonprofits.
Hillary Nichols, executive director of the Ulster County Industrial Development Agency (IDA) and the Ulster County Capital Resource Corporation (CRC), gave a detailed briefing to the Economic Development Committee on the agency’s authorities and oversight role.
Nichols told the committee the IDA can abate sales and use tax on construction, mortgage recording tax and enter into payment-in-lieu-of-taxes (PILOT) agreements for new capital improvements, and that both the IDA and the CRC can issue tax-exempt and taxable bonds. "We do not lend any money," Nichols said. "We are just issuers of bonds. We don't give out money." She added that the IDA cannot abate special district taxes or land taxes and cannot waive…
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