Articles & Press Releases

July 06, 2015

Will IDA Oversight Equal Long-Term Growth?

Recently there has been much discussion as to whether IDA agreements produce tangible benefits to the Long Island economy. Despite the best efforts of Long Island’s eight active Industrial Development Agencies, the jury is still out as to whether the deals they put together actually provide long-term benefits. IDA agreements are meant to be long term investments, with the average PILOT (Payment In Lieu Of Taxes) agreement lasting from ten to twelve years. In the short term, IDA agreements are a win; they can create jobs, fill vacant commercial space and provide revenue. However, after… Read more »