Incentives
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FAST APPROVALS. GREAT ECONOMIC INCENTIVES.
Delays in getting required approvals can add thousands to the cost of an expansion, move or development project. At the Babylon IDA, we've cut the red tape and fast-tracked the approval process to six-eight weeks. That saves time. And in business, time saved is money saved. We even have the town's planning commissioner give you "up-front" feedback on your proposed plans. That helps cut approval time even further.

INCENTIVES THAT GO DIRECTLY TO THE BOTTOM LINE
Our financial incentive packages are designed to help lower your operating costs. We offer a variety of financial assistance:

  • Tax abatements of 50%, and for qualified companies and projects, tax abatements of 60%
    or more are available.
  • Full or partial sales tax exemption on materials and equipment included in a project.
  • Exemption from the recording mortgage tax if a mortgage is involved.
 
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SAVE MONEY
Financial assistance is available for the purchase, rehabilitation, or expansion of existing facilities, for new construction, and for machinery and equipment. Financial resources available through the Babylon IDA include:

  • Straight lease transactions: the Babylon IDA takes nominal title to the facility and in turn leases the facility back to the applicant company. Conventional or other sources of funding are used for this type of transaction.
  • Tax-exempt bonds: manufacturing facilities can be financed through low-cost double and triple tax-exempt and taxable bonds (commercial, non-manufacturing projects qualify for taxable bond assistance). Additionally, manufacturing projects that do not qualify for tax-exempt bonds may be eligible for taxable bond assistance.
  • Civic facility bonds: primarily for facilities owned or operated by not-for-profit corporations.

tax formPROJECT CRITERIA
To qualify for financial assistance through the Babylon IDA, projects must meet the following criteria:

  • The project site is within the geographical boundaries of the Town of Babylon.
  • The project costs are one million dollars or more.
  • The project is manufacturing or industrial, retail within specified geographic zones, affordable rental housing or tourism-related.
  • The project will create new job opportunities or retain existing jobs
47 West Main St. Ste 3 . Babylon, NY 11702 / This Site Is Not Supported By Tax Payer Funds. | © 2008 Babylon Industrial Development Agency