Thursday, December 18, 2014

Contact Information

Town of Montgomery  Industrial Development Agency

Audit Committee

Edwin Williams, 1st Vice Chairman

Stephen Rainaldi, 2nd Vice Chairman

Donna Jennings, Treasurer

Finance Committee

Donna Jennings, Treasurer

F. Edward Devitt, Chairman

Richard Lomazzo, Secretary

Governance Committee

F. Edward Devitt, Chairman

Michael Hayes, CEO, Member

Richard Lomazzo, Secretary

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 8  

Jan 12, Mar 09, May 11, July 13, Sept 8, Nov 9

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