Tuesday, April 28, 2015

Contact Information

Town of Montgomery  Industrial Development Agency

F. Edward Devitt, Chairman

Edwin Williams, First Vice Chairman

Stephen Rainaldi, Second Vice Chairman

Donna Jennings, Treasurer

Richard Lomazzo, Secretary

Michael Hayes, CEO

Audit Committee:  Donna Jennings, Chairwoman, Edwin Williams, Member, Stephen Rainaldi, Member

Finance Committee: Richard Lomazzo, Chairman, Donna Jennings, Member, F. Edward Devitt, Member

Governance Committee:  Michael Hayes, Chairman, F. Edward Devitt, Member, Richard Lomazzo, Member

P: (845) 457-2600 F: (845) 457-2603

2015 Meeting Schedule

Held at Town Gov. Center @ 5:30pm 
2nd floor in meeting or worksession room 
2nd Mon. every other month except Tuesday Sept 15  
Jan 12, Mar 09, May 11, July 13, Sept 15, Nov 9

Special Mtg. Thursday, Feb 19, Monday, March 16, Wednesday, April 22

Upcoming Events

Industrial Development Agency

The Town of Montgomery Industrial Development Agency is a public benefit corporation of the State of New York. A public benefit corporation is designed to promote, develop, encourage and assist in the acquiring, constructing, reconstructing, improving, maintaining, equipping and furnishing of civic facilities, among others, for the purpose of promoting, attracting and developing economically sound commerce and industry to advance the job opportunities, health, general prosperity and economic welfare of the people of the State of New York, to improve their prosperity and standard of living, and to prevent unemployment and economic deterioration.

The Agency undertakes projects either on its own behalf or for the benefit of an applicant. Applicant projects may be either “bond” projects (i.e., projects where the Agency grants financial assistance to a project both in the form of state and local tax abatements and in the form of proceeds of Agency debt are expended on the project) (each a “Bond Transaction”) or “straight-lease” projects (i.e., projects where the Agency grants financial assistance to a project in the form of state and local tax abatements only) (each, a “Sale/Leaseback Transaction”).

The Town of Montgomery filed a Certificate of Establishment relating to the Agency with the Secretary of State of the State of New York on November 3, 1971. The Agency shall be comprised of seven (7) members as appointed by the Town Board of the Town of Montgomery. Each Member must be a resident of the Town of Montgomery and must file an oath of office with the Orange County Clerk.

Application Fees
$
500 - Payable upon submission of the Agency's Application for Financial Assistance/Application For Bond Financing.  The application fee is non-refundable and will be applied to reduce the amount of the Agency Administrative Fee. 

Agency Administrative Fee
3/4 of 1% of the first $2,000,000 of Total Project Costs
1/2 of 1% of the remaining Total Project Cost

The Agency reserves the right to deviate from this fee structure upon the affirmative vote of a majority of the Agency's members.

Town of Montgomery IDA Mission Statement & By-Laws
Download the IDA Mission Statement: Click Here
Download the IDA By-Laws: Click Here
Download the IDA Foil Policy: Click Here
Copyright 2012, Town of Montgomery, New York