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Third-party analysis: IDA’s report estimates net fiscal benefits from Factory Town project
Summary
Storrs Associates' cost-benefit analysis, presented to the IDA, reported that taxing jurisdictions would receive about $1.57 for every $1 spent and estimated total fiscal benefits of roughly $3.8 million, including an estimated net gain in real property tax revenue of about $3.285 million compared with no project.
IDA staff summarized the independent cost-benefit analysis prepared by Storrs Associates for the Factory Town Apartments LLC project and highlighted several headline figures for board members.
Maggie, presenting the report, summarized: "the benefit to cost ratio for this project is will be, the taxing the community will get 1.57 for every dollar spent, and overall the estimate is $3,795,158." She said the report also estimated a school-district benefit of about 1.72 to $1 and calculated an overall benefit to the school district and the village of about $3,198,521. Staff noted the study cost $2,500 and that the property had been tax-exempt as vacant until January, producing no taxable revenue prior to the sale.
The presenter told the board that the report lays out job creation and sales-tax implications for Albany County that flow to the village. Board members asked no substantive questions after the summary and the IDA moved to ratify the engagement with Storrs Associates.
