Working with the FC IDA
The following is the step-by-step procedure the Fulton County Industrial Development Agency (IDA) utilizes when a person, business, corporation or other entity seeks financial incentives from the IDA:
A person, business, corporation, or other entity (APPLICANT) contacts the Executive Director (ED) to discuss a proposed project. The APPLICANT submits to the ED a 1-2 paragraph project description including the projected private investment, number of new jobs to be created, number of existing jobs to be retained and a project schedule.
ED sends the project description to IDA Counsel to review and determine if the proposed project is eligible, under New York State’s General Municipal Law, to receive IDA financial incentives.
ED advises APPLICANT to prepare a draft Project Application and submits it to the ED to review and provide comments. A final Project Application is then prepared and officially submitted to the ED
a) Distributes the Project Application to IDA Board members and IDA Counsel.
b) Calculates the real property tax exemptions requested in Section 7 of the Project Application and sends it to IDA Counsel.
c) Puts the Project Application onto the Agenda for the next IDA Board meeting.
d) Establishes a Project Number based upon the coding system established by the NYS Comptroller.
At the first IDA Board meeting
a) The Project Application is reviewed and discussed.
b) The financial incentives requested are reviewed and discussed.
c) The IDA Board takes an action to commence a Coordinated SEQR Review by:
• Classifying the proposed project.
• Proposing itself to serve as Lead Agency.
• Authorizing the distribution of the Part I Environmental Assessment Form (EAF) to all Involved Agencies asking for their consent to having the IDA serve as Lead Agency.
d) If the Project Application requests financial incentives greater than $100,000, the IDA Board:
• Adopts a resolution scheduling the date and time to conduct a public hearing on the proposed project.
• Schedules the public hearing to be in the municipality where the proposed project would be located.
a) IDA Counsel sends a legal notice to the Leader Herald to publish regarding the public hearing.
b) IDA Counsel sends letters, by certified mail, to each taxing jurisdiction, informing them of the public hearing.
c) ED sends a letter and a copy of the Part I EAF to all Involved Agencies asking for their consent to having the IDA Board serve as SEQR Lead Agency.
ED conducts the public hearing, prepares minutes and sends them to IDA Counsel.
a) Reviews Part II of EAF.
b) Reviews comments from Involved Agencies.
c) Issues Determination of Significance/Part III EAF:
- If Positive Declaration is issued, proceed to DEIS/FEIS.
- If Negative Declaration is issued, SEQR is completed.
d) Adopts a Resolution:
1) Designating a Project Operator/Sponsor.
2) Authorizing granting of financial incentives.
Following the IDA Board meeting
a) IDA Counsel prepares a ST-60 form designating a Project Operator and files the form with the NYS Department of Taxation and Finance and with the ED.
b) If real property tax exemptions were approved, IDA Counsel has a PILOT Agreement executed by both parties and files the PILOT with all affected local taxing jurisdictions.
c) If sales tax exemptions were approved by the IDA Board, IDA Counsel prepares a Sales Tax Exemption letter and an ST-123 form and submits them to the Project Operator. These documents identify the sales tax reporting requirements the Project Operator must comply with.
d) IDA Counsel arranges for all documents to be executed by both parties. All documents are executed.
e) ED distributes Part III EAF in accordance with SEQR Regulations.
f) IDA Counsel conducts closing and obtains:
- IDA Administrative Fee
- IDA Counsel Fee