by Stephen Kimball
For Immediate Release
March 3, 2009
For More Information:
Contact: Stephen Kimball
607-273-0005
stephenk@tcad.org
Michael Stamm To Testify In Albany About Industrial Development Agencies
Wednesday March 4, Michael Stamm, President of Tompkins County Area Development, will be traveling to Albany to testify about the importance of Industrial Development Agencies to New York States Economy.
The issue of IDAs and their ability to function effectively in New York State is pivotal to recovering from the current economic problems we are facing as a nation. There is in fact, money in the Federal Stimulus Package to expand the use of private activity bonds for IDAs, but New York will not be able to take full advantage of these stimulus provisions unless the legislature acts to extend the IDA Civic Facility law. Civic Facility legislation, allowing local IDAs to issue tax-exempt bonds to not-for-profits, expired on January 31, 2008 after the State legislature failed to reach agreement on various proposals to refine the laws governing all IDA activities. New York is the only state that has voluntarily forfeited this federal tax-exempt bonding program. And it’s a program that generates revenue for New York State. In fact, the state is losing $70 million in new tax and fee revenue.
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.
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Michael Stamm To Testify In Albany About Industrial Development Agencies
Tompkins County Area Development
200 East Buffalo Street, Suite 102A Ithaca, New York 14850 ( 607 ) 273 - 0005 |