IDA Financing

Industrial Development Agency Financing

At Harras Bloom & Archer, we assist businesses seeking to apply for taxable and tax-exempt municipal financing from Industrial Development Agencies (IDA) in Long Island, New York.

IDA financing provides incentives for business looking to locate on Long Island, as well as for Long Island businesses wishing to stay or expand on Long Island. Incentives are found not only in favorable interest rates, but in savings realized through reductions and exemptions for real estate and sales taxes.

In a typical IDA finance arrangement, owners of commercial or industrial sites transfer legal title to the local industrial development agency which simultaneously leases back the site to the owner for ten years. Because the municipality technically owns the real property, substantial savings on real estate taxes are realized. Similarly, purchases of new furnishings for interior space, telephone systems and similar purchases common when expanding facilities are not subject to sales taxes. At the end of the ten year lease, the municipality deeds the property back to the business owner.

Harras Bloom & Archer LLP, on behalf of its clients, negotiates with the industrial development agencies on Long Island, assists with the complex applications, and reviews the IDA bonds and related agreements. Harras Bloom & Archer LLP has helped numerous companies realize substantial savings through IDA financing.

Our Experience

Our lawyers are particularly qualified to assist businesses seeking industrial development agency finance. John A. Harras serves as a New York State Supreme Court referee in matters involving easement, subdivision and related real estate issues, and also serves as a panelist at planning and land use forums. Paul J. Bloom was a member of the Planning Board of the Incorporated Village of Great Neck for five years and sat as its Chairman for three years. Mr. Bloom was elected a trustee of the Village for two consecutive terms and served as the first Chairman of the Village's Architectural Review Committee. Keith H. Archer is an active member of various community organizations on Long Island. Please review our Attorney Profiles and Firm Overview for more information about our experience.

For experienced, professional representation, contact the Long Island IDA financing lawyers of Harras Bloom & Archer LLP.

Our attorneys serve national retailers, entertainment companies, developers, and business clients on Long Island, New York City, and upstate New York, including Melville, King's Point, White Plains, Nassau County, Suffolk County, Dutchess County, Putnam County, Queens County, Bronx County, Westchester County and Monroe County