The St. Lawrence County Industrial Development Agency (“SLCIDA”) is a public benefit corporation created under New York State General Municipal Law, Title 2, Section 914. Its mission is to promote, encourage, attract and develop job opportunities and economically sound commerce and industry in St. Lawrence County. To accomplish its mission, SLCIDA constructs and owns industrial sites and buildings, administers loan packaging and industrial revenue bond financing and provides a variety of tax-reduction incentives. SLCIDA has been involved in a number of projects over the past 30 years. The projects vary by type:
Bond Financing: SLCIDA is authorized to issue both tax-exempt and taxable industrial bonds for the acquisition, construction, and equipping of manufacturing, commercial and civic facilities. The purpose of the bonding program is to promote economic prosperity and job opportunities in the County.
Sale/Leaseback: SLCIDA is authorized to enter into sale/leaseback financing arrangements with the private companies. This type of financing enables companies to take advantage of certain IDA tax reduction incentive programs.Loans: SLCIDA established a revolving loan fund (SLCIDA Local Development Corporation) to stimulate the growth of private sector employment in St. Lawrence County. The fund will make low-interest, subordinated loans for real estate acquisition, building construction and rehabilitation, or machinery and equipment acquisition and rehabilitation.