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Concord NY IDA - Application Process
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The process for obtaining assistance is clear and concise. The following is a description of the process along with a convenient check list for you to use as you begin working with the Town of Concord IDA.
A preliminary meeting is held with the Town of Concord IDA staff, the client and the clients advisors (attorney and accountants).
An application package is prepared and presented to the Town of Concord IDA Board of Directors for adoption of an Inducement Resolution. This includes the approval of the Environmental Assessment Form determination.
The Inducement Resolution is effective for the period of one year. If the closing process is taking longer than one year, the client may request a six month extension. The PILOT schedule is subject to change if inducement period is extended.
Prior to closing, the client must provide the Agency with a bank commitment letter, along with proof of liability, indemnification insurance of minimum of $2 million or $5,000,000 depending on the size and type of Project, with the Agency named as additional insured.
Once everything is in order, the Board of Directors will pass a Bond Resolution, if bonds are going to be utilized, after which the client can close the project. If a mortgage without a bond is going to be utilized, upon submission of a commitment letter, the Agency will be ready to close.
Annually, typically in December, the Agency will send out a request for reporting information including employment, sales tax, real property tax and such other information as is required to complete the reporting required by the State of New York.
Click here to download an application:
IDA Application (pdf)
IDA Application (Word doc)
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