Services

Let us reduce your overhead…

Whether you are an international business that is relocating or a small locally owned business looking to grow, the Riverhead IDA can offer assistance.

Our staff has direct access and an in-depth understanding of incentives. They work closely with both private and public agencies to package incentive proposals targeted to the needs of individual businesses.

The Riverhead IDA can provide four basic benefits to a qualified project: low cost financing, an abatement of real property taxes, and exemptions from both the mortgage recording tax and sales tax attributable to the construction and equipping of an IDA project. Riverhead IDA can be used as a financing mechanism by allowing the applicant access to the industrial revenue bond market, which can often translate in to lower rates and more favorable terms than conventional financing. Or if applicants do not need financing or can secure it though means other than the IDA, the agency can still provide tax advantages mentioned above through a straight-lease transaction.

• REAL PROPERTY TAX ABATEMENT - The IDA offers a property tax abatement for qualified projects. This incentive allows the owner of a qualified business to have a scaled in assessment on their property taxes over a ten-year period.

• SALES TAX EXEMPTION - Any equipment or materials bought in conjunction with and incorporated into an approved project shall be exempt from the current sales tax rate.

• MORTGAGE RECORDING TAX EXEMPTION - The mortgage tax normally applicable to deed transfers will be excluded on an approved and qualified IDA project. The current rate of tax is 1.05%.

• TAX EXEMPT BONDS - For industrial or manufacturing concerns, the IDA offers financing through tax exempt Industrial Revenue Bonds. The bonds can offer a lower interest rate than traditional mortgage or loans.

The IDA staff will work diligently to expedite your project through the permitting process and act as a liaison between developer and regulatory agencies. We also coordinate with county and state agencies to offer job-training opportunities, as well as other incentives to assist in your company's to growth in Riverhead. Working with financial institutions and public sector programs, we act as a resource and conduit to the most cost-effective financing to match your capital needs and business plans.

The Riverhead IDA is also the home of the Riverhead Economic Job Development Corporation.

Download Financial Assistance Application