The County of Monroe Industrial Development Agency (COMIDA) was created under Article 18A of the General Municipal Law of New York State, with the express goal to promote, encourage, attract and develop job and recreational opportunities and economically sound commerce and industry throughout Monroe County, for the purpose of preventing unemployment and economic deterioration. Further, our goals include protecting and promoting the health of Monroe County residents and to increase trade through promoting the development of facilities to provide recreation for the residents and to attract tourists from other areas.
COMIDA provides assistance to qualified applicants/projects. COMIDA does not lend any money to these projects, rather this assistance is provided through tax exemptions, real property tax abatements and access to lower interest rates through tax exempt bond issues. Assistance is available for acquiring, constructing, reconstructing, improving, maintaining, equipping and furnishing industrial, manufacturing, warehousing, commercial, research and recreational facilities.
First, COMIDA is tax exempt, and because the company is an agent of COMIDA, it is sales tax exempt on equipment and materials purchased during the construction period. The company is also eligible for a 1% mortgage tax exemption and may in addition receive a tax-exempt interest rate if it qualifies for tax exempt financing.
Because COMIDA is a tax-exempt organization, it pays no real estate taxes, and this benefit is passed on in part to the company. The company, however, as agent, must execute a payment in lieu of tax (PILOT) agreement with COMIDA.
COMIDA provides this assistance without any public money. Income is generated by the fees charged to applicants. These monies have been reinvested in our community to further the goals of economic development. COMIDA has provided support to local venture capital funds through the Trillium Group. COMIDA has supported the Monroe County Industrial Development Corporation to fund its GreatRate Interest Subsidy and GreatRebate programs. COMIDA has also underwritten The Entrepreneur’s Network which provides area entrepreneurs with practical, hands-on education and training programs.