Tag: economic development subsidies

Aug 3

2023

No more free golf for Chautauqua IDA

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The Chautauqua County Industrial Development Agency has agreed to make changes to the way it operates after a scathing state review in May found “inappropriate and questionable” spending at the economic development outfit. Those changes, however, come with some consternation from the IDA. While it told state officials it would curtail some of its spending and review some of its policies, it vigorously defended other practices the state Authorities Budget Office critiqued, arguing the agency can’t force it to change.  The IDA, for example, will no longer reimburse an executive for a country club membership where he played golf with[...]

Posted 8 months ago

Jun 9

2023

Tax subsidy reforms stall in Albany

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New York state lawmakers were poised to end the 2023 legislative session Friday with no action on a pair of bills that would have drastically reformed the state’s 107 industrial development agencies. Industrial development agencies, or IDAs, are public benefit corporations that have the power to grant property, sales and mortgage tax breaks to corporations who apply for those benefits, often in exchange for creating new jobs. The eight counties of Western New York have 15 IDAs at both the county and municipal levels. One bill, sponsored by Senator Sean Ryan, a Buffalo Democrat, would have barred IDAs from granting[...]

Posted 10 months ago

Feb 12

2015

Falls hotel subsidies defy recommendation

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The American side of Niagara Falls has too many cheap hotels and not enough high-end ones – so a specialist consultant told state officials in a 2011 report. The proposed solution: build more high-end hotels and don’t subsidize budget or mid-range ones because of their “limited potential for economic impacts.” The state has since invested $5.6 million to help finance three upscale hotels. The Niagara County Industrial Development Agency has given another $8.3 million in tax breaks to three high-end hotels, including two that also received money from the state. But the IDA has also approved $7 million in tax[...]

Posted 9 years ago

May 10

2013

New York’s sorry subsidy return

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Economic development agencies doled out $2.8 billion in tax breaks throughout New York State from 2007 to 2011, during which time the state lost, not gained jobs. David Cay Johnston offers his analysis and describes the lengths to which the state comptroller is avoiding tough questions about the effectiveness of economic development programs.

Posted 11 years ago
Investigative Post

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