by Stephen Kimball
For Immediate Release
February 6, 2008
For More Information:
Contact: Stephen Kimball
607-273-0005
stephenk@tcad.org
February 6, 2008
For More Information:
Contact: Stephen Kimball
607-273-0005
stephenk@tcad.org
Tompkins County Industrial Development Agency Finances $107 Million Dollars in New Civic Facilities Projects
In an unprecedented flurry of activity, the Tompkins County Industrial Development Agency (TCIDA) closed on four civic facilities projects before the January 31, 2008 deadline. The deadline was due to the sun setting of the Civic Facilities Legislation, which falls under the jurisdiction of New York State. These projects are collectively valued at $107 million. The Civic Facilities Legislation allowed the TCIDA to act as a conduit to the tax-exempt bond market, ensuring the success of these projects due to the favorable rates available. The projects that closed are Cornell University’s new heating plant, Family and Children’s Services’ new home on West State Street, Longview’s expansion, and TC3’s two new dormitories.
Without the Tompkins County Industrial Development Agency’s ability to act as the conduit to the tax-exempt bonds used to finance these projects, they would have been vastly more expensive. So much more expensive, that they may not have happened at all.
The potential economic and social impact of these projects is tremendous. For example, the Cornell project will have both a major positive environmental impact as well as a quality of life impact for Tompkins County. In addition, the new Family and Children’s Services building will consolidate their services into one very accessible, downtown Ithaca location. According to TCAD President, Michael Stamm, “We have been very aggressive in the way we use the IDA to help finance local not-for-profit projects. Now, since the law that allows us to do that has expired, we are at the mercy of politicians in Albany. We can only hope they are smart enough to reinstate this important legislation and without any ill-conceived restrictions.” According to Stamm, the Assembly has passed legislation that could increase the cost of these projects by as much as 30%.
On the economic side, there will be numerous high-paying construction jobs used to build these projects. In addition, many new permanent jobs will be created.
About TCAD
Tompkins County Area Development, Inc. (TCAD) is a private, not-for-profit organization founded in 1964 that provides the Ithaca area with innovative services to strengthen the economy. TCAD is dedicated to building a thriving and sustainable economy that improves the quality of life in Tompkins County by fostering the growth of business and employment. While working with business, not for-profit, higher education, and public sector organizations, we fulfill our mission by assisting in the formation, retention, expansion, and attraction of target businesses. As the community's lead economic development agency, TCAD offers financial assistance, technical assistance and real estate development services. TCAD is responsible for creating and implementing the comprehensive economic development strategy for the county that provides leadership to create a supportive economic environment. In addition, TCAD manages both Tompkins County’s Industrial Development Agency (IDA) and Empire Zones Program.
About The Tompkins County Industrial Development Agency (IDA)
The primary mission of the Tompkins County Industrial Development Agency is to offer economic incentives to the Tompkins County businesses in order to create and retain quality employment opportunities and strengthen the local tax base. Since 1973, the IDA has delivered incentives to 89 projects that, in turn, have invested $750 million in the community and created 3000 jobs.