The IDA & Municipal Development Incentives Practice Group offers tested expertise, legal interpretation and practical knowledge in Industrial Development Agency (IDA) financings, tax credit financings, economic incentives, and the use of tax-exempt and taxable bond proceeds by conduit and direct issuers of debt.
We have successfully represented real estate developers, multinational firms, not-for-profit entities, schools and manufacturers in transactions with IDA and similar economic benefit agencies throughout the New York metropolitan area
Often overlooked, IDAs can offer significant benefits to commercial real estate projects. These benefits include:
| • Real Property Tax Abatements in form of Payment in Lieu of Taxes Agreements; |
| • Sales and Use Tax Exemptions; and |
| • Mortgage Recording Tax Exemptions. |
Certain projects may qualify for Tax-Exempt and/or Taxable Bonds, which provide lower interest rates than conventional financing.
We work closely with clients to navigate the application process, secure and negotiate incentives, and ensure compliance with relevant laws and regulations.
Our attorneys also work closely with other critical disciplines within the firm to meet the needs of our clients in an efficient and productive manner.