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County of Otsego Industrial Development Agency (COIDA) 
 

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Incentives & Programs :: COIDA

County of Otsego Industrial Development Agency


Sale/Leaseback Agreements: By taking a nominal interest in manufacturers' real property, the Industrial Development Agency can provide the following benefits:

  • Payment in-Lieu-of Taxes (PILOT): Property taxes are frozen at their current level for five years. In addition, the following abatement schedule applies for improvements (e.g. a building) to the property:

    Manufacturing Project Commerical Project
    Years Percentage
    of
    Abatement
    1 - 5 75%
    6 - 10 50%
    11 - 15 25%
    Years Percentage
    of
    Abatement
    1 - 5 75%
    6 - 10 50%
    11 - 15 25%

  • Sales Tax on Construction Materials and Equipment: None during the project phase (usually 6-12 months).
  • Mortgage Recording Tax: None
  • Industrial Revenue Bonds: For larger projects in excess of $1-$1.5 million. The issuance of tax-exempt industrial revenue bonds can save a company a substantial amount of money - interest savings of approximately 2% begin to significantly offset bond closing costs.

Click here for program guidelines and loan application.