State Assistance

Empire State Development Regional Office

(315) 425-9110

Empire State Development (ESD) is New York State's lead agency for economic development financing. ESD provides low interest loans and grants to finance new construction, renovations, leasehold improvements, employee skills training, working capital, on-site infrastructure improvements, and acquisition of machinery and equipment.

NYS Department of Transportation Regional Office

(315) 428-4325

The NYS Department of Transportation (DOT) can provide combination zero-interest loans and grants to finance transportation-related improvements to a site. This often includes the construction and/or relocation of public roads to facilitate the expansion of a facility. The actual assistance provided usually consists of a 60% (of the transportation-related costs) grant and a five-year, zero-interest loan.

NYS Power Authority, Business Development Office

(212) 468-6893

The NYS Power Authority (NYPA) can help companies with expansion or retention needs lower their cost of electric power by providing low-cost power allocations under the "Power For Jobs" program.

Local Assistance

Cortland County Industrial Development Agency

(607) 756-5005

The Cortland County Industrial Development Agency provides several lucrative incentives for expanding manufacturers. These include the following:

Real Property Tax Abatement

The IDA can abate real property taxes via a sale-leaseback or lease-leaseback arrangement. Should a company undertake new construction or renovations warranting an increase in existing assessments, the IDA's uniform payment-in-lieu-of-tax schedule (PILOT) would apply to the increase in assessed value, provided the IDA approves the project as suitable. The standard schedule is as follows:

The foregoing schedule provides for an approximately 65% reduction in real property taxes over a ten year period.

Sales Tax Exemption

If it chooses, the IDA can provide a complete exemption from both state and local sales tax during the construction and equipping of a project.

Mortgage Recording Tax Exemption

If it chooses, the IDA can provide a complete exemption from Cortland County's mortgage recording tax in connection with a project.

Industrial Revenue Bond Financing

If it chooses, the IDA can act as a conduit for taxable or tax-exempt industrial revenue bond (IRB) financing. IRB's can often be less costly than conventional sources of financing. It is worth noting that even though the IDA is the conduit for the issuance of an IRB on behalf of an applicant, the applicant is ultimately responsible for securing a buyer or broker for the bond issue. The IDA can provide assistance in this area if desirable.

Decisions by the IDA to capitalize projects or offer abatements and other incentives depend on the proposed business opportunities resulting in new capital and jobs in Cortland County. For the IDA to make a specific offer of assistance, a more detailed short proposal of the proposed project must be submitted that clearly defines jobs retained/ created, anticipated wages, project scope/activities, and capital investment, etc.

Utilities

Cortland County is served by Nation Grid and New York State Electric and Gas, both of which can work very pro-actively with companies to help identify operating efficiences and tailor special incentives for expansion and retention. Contacts are:

Nation Grid

Economic and Community Development
(315) 428-6798

New York State Electric and Gas

Economic Development
(607) 762-7721

Rail Service

Local freight service in Cortland County is provided by The New York, Susquehanna & Western Railway, NYS&W. The county is served directly by the NYS&W, and as a result of the Conrail disposition, the NYS&W directly interchanges with three Class I railroads: CSX Transportation, the Norfolk Southern Railway and the Canadian Pacific Railroad. The contact for local freight rates and service from the New York, Susquehanna & Western is:

Marketing and Sales
1-800-366-6979 ext. 295

Cortland County BDC looks forward to working further with you, Empire State Development and utilities such as NYSEG and NIMO to create a specific package that can make Cortland County your most competitive alternative for investing new capital.