Dutchess County Industrial Development Agency (DCIDA)

Industrial Development Agencies (IDAs) are public benefit corporations created by state law to promote economic development and job creation within their political jurisdiction.  They are empowered to acquire property and issue bonds to finance projects that will increase the local tax and employment base.

As public benefit corporations, IDAs are tax-exempt entities.  Therefore, properties to which they take title are exempt from taxes in the same way that a municipal bond issued to finance the construction of a school or library is tax exempt.  The interest income on bonds issued to finance an eligible project is exempt from federal, state and local taxes.  This triple tax exemption has the effect of lowering the interest rate on the Company’s borrowing.  An IDA may also provide real property tax abatement, exemption from sales tax on newly acquired personal property, and exemption from mortgage recording tax.

In New York State, IDAs are established on a county-wide, city-wide or township-wide basis.  The Dutchess County Industrial Development Agency (DCIDA) was created in 1976 as a public benefit corporation of the State of New York pursuant to Article 18A of the General Municipal Law.  Its mission is to promote economic development and job creation in all of the cities, towns, and villages of Dutchess County.