The diversity of industrial development agencies (IDAs)

It is unfortunate that industrial development agencies (IDAs) were never renamed "economic development agencies." Their name suggests that only manufacturing projects are eligible for assistance. This is far from the truth. Over the last 40 years, federal and state laws have been expanded to allow IDAs to provide financial assistance to a wide range of private for profit and not-for-profit projects. Manufacturing projects still are a priority for local IDAs because of the multiplier impact they have in communities where they are located. However, IDAs are often utilized to help retain jobs for employers through the financing of productivity-enhancing production equipment. And, IDAs are used to finance "quality of life" projects that provide services to residents of communities served by IDAs. The project summaries below provide a brief overview of the flexibility that IDAs have to assist several types of projects. Industrial projects Pactiv Corp.: Last March, Pactiv announced plans to invest $73 million to expand its manufacturing plant in Canandaigua, and to add at least 220 new jobs. The package of incentives included sales tax abatement from the Ontario County IDA for equipment purchases. General Motors: Last June, General Motors announced plans to invest $100 million to upgrade its facility in Tonawanda. The Erie County IDA customized a PILOT to provide real property tax abatements to encourage the expansion. General Electric: Last June, GE announced plans to invest $39 million at its Schenectady Wind Turbine facility. GE will add 500 new jobs. Incentives included real property tax abatements from the Schenectady County IDA. Barilla Pasta Corp.: Barilla has invested $87.7 million in a new manufacturing facility in Livingston County for markets in the eastern U.S. and Canada. Jacobson Warehouse Co. will invest another $8.5 million more in a new 300,000 s/f facility on 49 acres in Avon. The Livingston County IDA provided real property, sales, and mortgage recording tax abatements. Righteous Babe Records: A Buffalo landmark, the former Asbury United Methodist Church, has been converted to a performance venue and headquarters for Righteous Babe Records. A custom tax increment PILOT was developed to use part of the city's PILOT payments to pay the city's bank renovation loan for exterior repairs. Not-for-profit projects Group Homes: Last December, Nassau and Suffolk County IDAs teamed-up on $33 million tax-exempt composite bond financing for the Long Island Alliance. The two bond issues financed 41 projects for 12 not-for-profit human service agencies on Long Island. The projects will provide permanent and temporary housing, education, rehabilitation, and other services for persons with developmental disabilities. American Cancer Society: In 2006, the NYC IDA approved some $46.5 million in tax-exempt bonds for the American Cancer Society, Eastern Division Inc. Those bonds helped finance the acquisition, renovation and equipping of a 77,000 s/f condo unit on West 32nd St. in Manhattan that will serve as a 60-room Hope Lodge facility. YMCA: The N.Y.C. IDA also authorized $39 million in tax-exempt bond financing to the YMCA of Greater New York. Those bonds will allow the YMCA to refinance outstanding IDA bonds from 1997 and 2002, generating savings that will let this YMCA continue serving 38,000 N.Y.C. youth. Auditory/Oral School of New York: And, the N.Y.C. IDA approved financing assistance for two Brooklyn-based not-for-profit groups: the Auditory/Oral School of New York and the Center for Nursing and Rehabilitation. The projects will retain and create more than 520 jobs. The school will use up to $9 million in tax-exempt bond financing to acquire, renovate, and equip a 31,000 s/f, five-story facility on Ave. M in Brooklyn. Syracuse Research Corp.: The Onondaga County IDA (OCIDA) closed on a $17.835 million tax-exempt bond issue for the Syracuse Research Corp. The project included the construction of 120,000 s/f to an existing 77,000 s/f building. Total project costs were $250,000 for land acquisition, $14 million for building construction, $1.5 million for machinery and equipment, $1.5 million for engineering, and $720,000 in legal and financial charges. St. Lawrence University: The St. Lawrence County IDA authorized issuance of civic-facility bonds in the amount of $21 million to St. Lawrence University for construction of the Sarah Redlich Hall of Science. These are only a few examples of how IDAs can assist a variety of types of projects. Other types of projects include affordable housing, tourism destination, proprietary schools, warehouse and distribution, call center, and food processing. The flexibility of IDAs is one of their greatest attributes, and why IDAs are helping to build a diverse, sustainable economy in regions throughout NYS. Brian McMahon is president of the NYS Economic Development Council, Albany, N.Y.