Monday, September 01, 2014

Contact Information

Town of Montgomery 
Industrial Development Agency

Audit Committee
Edwin Williams, 1st Vice Chairman
Stephen Rainaldi, 2nd Vice Chairman
Donna Jennings, Treasurer

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

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

2014 Meeting Schedule

Held at Town Gov. Center @ 5:30pm 
2nd floor in meeting or worksession room 
2nd Mon. every other month  
Jan 13,  March 11,  May 12,  July 14,  Sept 8,  Nov 10
May 12th meeting has been rescheduled to Monday, May 5th

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
Copyright 2012, Town of Montgomery, New York