GLOSSARY OF TERMS
Bonds – issued in the name of the IDA, but not an obligation of the IDA.
CDBG – Community Development Block Grant. Funds received by Monroe County from U.S. Department of Housing and Urban Development. Portion of the allocation is set aside for economic development projects. Loans or loans to grants are allocated for business projects.
COMIDAnalyze - Program used by staff to evaluate benefit to cost of COMIDA project. Developed with assistance from Center for Governmental Research.
Enhanced JobsPlus - Tax abatement program offered through COMIDA which abates property taxes on a sliding scale over a 10 year period. To qualify for this program, investment must be at least $15 million and 100 new jobs must be created.
EAF – An Environmental Assessment Form (EAF) is filled out in conjunction with a COMIDA application to determine the impact of the project on the environment. Approval typically goes through the affected taxing jurisdiction and a finding is issued
EquiPlus – Program used in conjunction with GreatRate and GreatRebate to exempt purchases from sales tax.
ESD – Empire State Development. New York State’s Department of Economic Development which works with COMIDA on larger economic development projects.
FOIL – Freedom of Information Law. Records of public agencies are subject to public inspection under FOIL. A formal request must be submitted to COMIDA in order to request inspection of documents and files. All FOIL requests are reviewed by counsel.
GML – General Municipal Law. IDAs were formed under Article 18-A of the New York State GML.
GRE – Greater Rochester Enterprise. A public/private partnership established to professionally market the Rochester Metropolitan Area as a competitive, high-profile region for business location and growth.
GreatRate – Program administered through Monroe County Industrial Development Corp. which offers businesses a 3% or 4% rebate on interest paid on a bank loan or a lease in return for job creation. Business must purchase at least $50,000 in qualified equipment. Program may be used in conjunction with COMIDA’s EquiPlus.
GreatRebate – Program administered through Monroe County Industrial Development Corp. which offers businesses a rebate of $4000 or $5000 in return for job creation. Business must purchase at least $50,000 in qualified equipment with CASH. Program may be used in conjunction with COMIDA’s EquiPlus.
Green JobsPlus – Tax abatement program offered through COMIDA which abates taxing on a sliding sales over a 14 year period in return for a 10% increase in jobs provided the building meets LEED certification.
GROSFC – Greater Rochester Outdoor Sports Facility Corporation. GROSFC is a non-profit corporation formed to acquire and operate real and personal properties for the economic benefit of Monroe County residents. The primary activity of GROSFC is the operation of Frontier Field which is used for the recreation, entertainment, amusement and benefit of the residents of Monroe County. The sole member of the corporation is COMIDA.
IMPLAN – Impact Analysis for Planning is an economic impact modeling system utilized in COMIDAnalyze which takes into account the 10 year benefit to the community in property taxes paid, sales tax generated and income taxes paid versus the cost of any exemptions related to the project.
JobsPlus – Tax abatement program offered through COMIDA which abates property taxes on a sliding scale over a 10 year period in return for a 10% increase in jobs created over a 3 year period.
Lease/Leaseback – IDA transaction in which no bond is issued. A means for the IDA to take nominal title to exempt the project from sales tax, mortgage tax and offer a PILOT.
LeasePlus - Tax abatement offered through COMIDA which abatements property taxes for projects for use by a college or university or medical related facility in which a 501 (c) 3 leases from a for profit entity.
LEED Certification – Designation by the United States Green Building Council’s Leadership in Energy and Environmental Design.
Local Labor – labor from Monroe County or any of the following 8 counties (Genesee, Livingston, Ontario, Orleans, Seneca, Wayne, Wyoming or Yates).
MCIDC – Monroe County Industrial Development Corporation. Certified Development Corporation managed by County Economic Development which administers SBA 504 loans, GreatRate, GreatRebate and a revolving loan fund.
Negative Declaration (neg. dec.) – determination that a project will not have a negative impact on the environment. Part of the SEQRA process.
PILOT – Payment In Lieu Of Taxes. A negotiated agreement between the IDA and the benefited company to make a payment to affected taxing jurisdictions where a project is located. (NOTE: when an IDA takes title to real property, the property becomes 100% exempt from real property taxes. By law, IDAs have the right to negotiate any PILOT agreement they deem reasonable, however, the IDA must notify the affected tax jurisdiction if it goes beyond its adopted PILOT.)
Public Hearing – The GML requires IDA to hold a public hearing in the affected tax jurisdiction should the benefits of the project be in excess of $100,000. The IDA must give at least 30 day notice of the public hearing and a notice must be provided to the CEO of the affected tax jurisdiction.
RLF – Revolving loan fund.
Section 485-B – Real property tax law, at local option, authorizes a declining 10 year partial exemption from real property taxes and special ad valorem levies for non-residential property. An investment of at $10,000 is required.
SEQRA – State Environmental Quality Review Act. Before an IDA can provide benefits to project (typically a construction project), the project must be reviewed (typically by a town which acts as the lead agency) to determine the impact of the project on the environment. A finding is issued by the lead agency.
Shelter Rent PILOT – Payment in Lieu of Tax agreement for low income or student housing in which PILOT payments are determined using a formula of gross rents collected less utilities times 10%.
SBA 504 – Federal program administered by MCIDC which allows a company to finance a project (building or equipment) by investing 10% in equity. The remainder of the financing comes from a bank (50%) and SBA debenture proceeds (40%).