I. IDA FEES:
A. APPLICATION FEE:
Application Fee : $1,000
Application Fee shall be paid to IDA upon submission of Project Application.
Application Fee is Non-Refundable.
B. ADMINISTRATIVE FEE:
1. Straight Lease Projects:
Administrative Fee : .75% of total Project cost
Administrative Fee shall be paid to IDA prior to execution of lease documents.
2. Bond Projects:
Administrative Fee : 1% up to 1st $5,000,000
: .75% over $5,000,001
Administrative Fee shall be paid to IDA prior to or at the bond closing.
C. PAYMENT IN LIEU OF TAX AGREEMENT (PILOT) FEE:
Administrative Fee : $400/year.
This Administrative Fee shall be invoiced by the IDA on or around January 1 of each year and shall be paid to the Agency by January 31st of each year a PILOT is in effect.
D. SUBLEASE FEE:
Annual Compliance Fee for all subleases and sublessees is $500.
Annual Compliance Fee is payable by January 15th of each year of sublease.
E. EARLY LEASE TERMINATION FEE:
If a Project Sponsor or Applicant requests an early termination of a Lease or PILOT Agreement, the Project Sponsor or Applicant shall be responsible for issuing a payment to the Agency of $1,000/year for each year the Lease or PILOT Agreement were in effect, as well as the Agency’s legal and other costs.
II. IDA COUNSEL FEES:
A. STRAIGHT LEASE PROJECTS:
Applicant shall pay for all costs incurred by IDA Counsel in preparing Lease documents.
IDA Counsel shall submit invoice to IDA who shall submit invoice to Applicant
Applicant shall issue payment to IDA prior to closing.
B. BOND PROJECTS:
1. IDA Counsel Fee:
1% up to $600,000.00 with minimum of $4,500.00
1/2 of 1% for the amount between $600,000.00 to $1,500,000.00
1/4 of 1% for the amount between $1,500,000.00 to $3,000,000
1/8 of 1% for all in excess of $3,000,000.00
2. In the event a transaction does not close, the Applicant shall pay all IDA’s Counsel Fees for the time and disbursements expended and on the project.
3. Applicant shall receive invoice directly from IDA Counsel and submit within thirty (30) days of receipt of an invoice a payment directly to the IDA Counsel. The Applicant shall at the same time it issues a payment, forward a copy of the check issued and invoice to the Fulton County IDA.
III. IDA BOND COUNSEL FEE FOR BOND PROJECTS:
A. Applicant is responsible for payment of fees and disbursements of Bond Counsel. Bond Counsel shall be selected by the IDA.
B. IDA shall submit invoice to Applicant for Bond Counsel Fee.
C. Applicant shall submit to the IDA, prior to closing, a payment for Bond Counsel’s cost.
IV. IDA LOT SALE FEES:
If a Project Sponsor or Applicant desires to purchase land from the IDA, the following lot sale fees shall apply:
Crossroads Industrial Park : $20,000/acre
Crossroads Business Park : $25,000/acre for all land not bordering S. Kingsboro Ave. Ext.
Crossroads Business Park : $40,000/acre for all land bordering S. Kingsboro Ave. Ext.
Johnstown Industrial Park : $20,000/acre
Tryon Technology Park : $20,000/acre
B. Applicant shall be responsible for payment of all IDA Counsel costs. IDA shall submit invoices to Applicant for IDA Counsel costs. Applicant shall submit payment to IDA prior to closing on the lot sale.
V. NEW YORK STATE BOND ISSUANCE FEE:
Part X of Chapter 85 of the 2002 Laws of the State of New York established IDA bond issuance fees as follows:
|Principal Amount of Bonds||Percentage Fee|
|$1,000,000 or less||.14%|
|$1,000,000 – $5,000,000||.28%|
|$5,000,001 – 10,000,000||.42%|
|$10,000,001 – 20,000,000||.56%|
|More than $20,000,000||.70%|