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Economic Development
Economic Development services include coordination of activities and programs to improve the regional economy and quality of life.
STC's designation as the local development district (LDD) for the Appalachian Regional Commission (ARC) and the economic development district (EDD) for the Economic Development Administration (EDA) of the U.S. Department of Commerce provides local access to federal funding to meet priority local economic development needs. As the local administrator of both the ARC and EDA programs, STC works with other local, state, and federal funding sources to support economic development projects.
Assistance is provided for a variety of economic development activities including:
- Improvement of municipal water and wastewater systems
- Strengthening of transportation systems
- Development and rehabilitation of brownfield sites
- Workforce training and entrepreneurial skills development
- Business development and downtown revitalization
- Leadership training and capacity building
- Grant writing and project management
- Activities that promote the unique assets of the region including cultural tourism
Economic Profiles are prepared annually for each county and the overall region. STC also prepares and assists with the implementation of an annual regional Comprehensive Economic Development Strategy (CEDS) that identifies and prioritizes regional issues and opportunities and implements a comprehensive strategy.
Industrial Development Agencies
Chemung County Industrial Development Agency (CCIDA)
The Chemung County IDA, if it so chooses and so long as a project is eligible, may provide a variety of tax incentives, financing, and/or related benefits to a broad range of projects that provide a positive economic impact within Chemung County, as follows:
Industrial Revenue Bonds - The CCIDA may issue debt in the form of bonds or notes. The interest on such debt is exempt from federal and state income taxes. This enables a borrower to access capital at below market rates.
Real Property Tax Abatement - The CCIDA has adopted a Uniform Tax Exemption Policy (attached) which can abate a portion of county, school, and municipal taxes for a specific period of time. This assistance enables a project beneficiary to lower operating costs while expanding or developing a new project facility.
Sales Tax Abatement - An IDA project can be exempt from paying sales tax on tangible property during the construction or renovation of a project facility.
Mortgage Tax Abatement - An IDA project can be exempt from paying New York State mortgage tax or deed transfer taxes.
Low Interest Loans - The CCIDA administers a C.R.E.D.I.T. Fund which can provide below market rate loans to provide "gap" financing or incentive financing to facilitate an economic development project.
http://www.chemungcountyida.com/
Hornell IDA
Nestled in the Canisteo Valley of Upstate New York, Hornell has all the business performance capabilities of a large city, but with the comforts and affordability of a smaller town. We have a skilled work force, a low cost of living and, most importantly, a high quality of life. Explore our site to learn more about what makes Hornell an irresistible place for work, home and play.http://www.hornellny.com/
SCOPED
The mission of the Schuyler County Partnership for Economic Development is to optimize the process of economic development by creating an in-depth partnership with public and private organizations giving focus to expanding income and employment opportunities in Schuyler County.http://www.scoped.biz/
Steuben County Industrial Development Agency (SCIDA)
The Steuben County Industrial Development Agency (SCIDA) has county responsibility for securing new investment in manufacturing and domestic services sectors and for encouraging existing county enterprises in Steuben County to expand their businesses.http://www.steubencountyida.com/