HKCC should be part of your economic development team.
HKCC attorneys have significant experience dealing with the various incentives available to property owners and can determine if there are opportunities from municipal and state agencies available for a particular property. They can also assist a buyer in determining whether an incentive is both feasible and financially sound. The most usual source for these incentives is local Industrial Development Agencies (IDA), which provide, among other things, payment-in-lieu-of-tax (PILOT) agreements. In New York City, significant incentive/exemption programs are the Industrial and Commercial Abatment Program (ICAP) , and the 421-a exemption program for multifamily projects.
Often, a municipality in which a business is considering locating may benefit from a commercial and economic development project in terms of new job creation, additional sales tax collections and overall economic impact. With that in mind the attorneys at HKCC can recommend innovative financing tools, such as the above tax abatement programs and low-interest financing from public and private sources.
These incentives must be sought before a transaction is completed or construction started. Much like pre-transaction tax projections, HKCC encourages their clients to implicate us as soon as possible in any new project so that all possible incentives are considered.