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The IDA was established under New York State law to assist economic development projects that create or otherwise foster employment and improve the municipal tax base. This assistance is provided in the form of one or more tax exemptions or abatements to promote, develop and assist in acquiring constructing, equipping and furnishing of qualified projects and facilities.
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New York State established Industrial Development Agencies (IDAs) in 1969. The City of Poughkeepsie Industrial Development Agency is a public benefit corporation of the State of New York, which was created pursuant to Article 18-A, Title 2 Municipal Law of the State of New York.
An applicant’s project(s) may qualify for sales and use tax exemption, mortgage recording tax exemption, and/or real property tax abatement in the form of a Payment In Lieu of Taxes (PILOT).
A person or entity (an "applicant’) that intends to undertake a project may submit an application on the Agency’s uniform application form. The applicant need not own or lease the property on which the project is to be located at the time of the making of an application but must own or lease such property at or prior to the time any such financial assistance is actually provided. The project for which financial assistance may be sought must comply with the requirements applicable to industrial development agencies under New York State law. The applicant must be able to demonstrate to the Agency’s satisfaction either that the project is not likely to be undertaken without the requested financial assistance (the so-called "but for" test) or, alternatively, explain in writing why financial assistance should nevertheless be provided by the Agency. The grant, denial and/or conditioning of any financial assistance by the Agency is entirely within its discretion. The types of applicants and projects disqualified for receiving IDA tax exemptions can be found in the Agency’s Uniform Tax Exemption Policy (UTEP) on the IDA page on the City of Poughkeepsie website.
The City of Poughkeepsie Board members are appointed by the City Common Council.