The Auburn Industrial Development Authority (AIDA) was formed under Article 18-A of New York State General Municipal Law to actively promote, encourage, attract and develop job opportunities and economically-sound commerce and industry to the City of Auburn. AIDA is empowered to provide financial assistance to private entities through tax incentives in order to promote the economic welfare, prosperity and recreational opportunities for residents of Auburn. Any company considering a construction/renovation/expansion project or other economic development activity within the City, or seeking assistance to retain its business interests in Auburn, should contact AIDA.
Sales tax abatement
Property tax abatement
Mortgage tax abatement (exemption of 75% of the mortgage recording tax amount)
Tax exempt, below market financing
Large Projects: For eligible projects with a total project cost above $750,000, AIDA may approve a payment in lieu of tax (PILOT) program to assist with Real Property taxes where capital investment is likely to trigger a parallel increase in assessment, as well as Sales & Use Tax and Mortgage Recording Tax exemptions. The applicant will be responsible for an administrative fee of 1% of the total project cost (not to exceed 10% of the estimated benefit), as well as all legal fees incurred by AIDA.
Small Projects: Eligible projects with a total project cost over $500,000 can take advantage of AIDA’s Small Projects program. In these cases, AIDA may offer a Sales & Use Tax exemption and a Mortgage Recording Tax exemption. The primary benefit of the Small Projects program is a reduced and predictable fee structure. Eligible Small Projects seeking a Sales & Use Tax exemption only pay a $500 administrative fee and $2,500 legal fee, while projects seeking both Sales & Use Tax and Mortgage Recording Tax exemption pay a $1000 administrative fee and $4000 legal fee. Please note, however, that there are occasionally special circumstances that require some extra legal coordination and therefore some additional legal fees may be incurred. These projects are also encouraged to take advantage of the existing state 485-b program, which assists with Real Property Taxes but is not administered by AIDA.
Please feel free to review AIDA’s Application for Financial Assistance to get a feel for what is required of applicants. We encourage you to get in touch with our staff if you are considering applying. Our staff can help you to determine the most beneficial combination of benefits, provide assistance with the application process, and/or direct you to additional business assistance resources.
For additional information or if you are interested in applying, please contact us!