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ABOUT THE HIDA
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GIVING COMPANIES A COMPETITIVE EDGE IN THE TOWN OF HAMBURG, NY
As part of the Hamburg Development Companies - in conjunction with the Hamburg Development Corporation - the Hamburg Industrial Development Agency’s overall mission is to stimulate economic development within the Town of Hamburg.
The Hamburg Industrial Development Agency works with the town, village and both school districts in Hamburg to provide financial incentives for new facility construction and existing business expansion. The HIDA is committed to responsible, planned economic growth in Hamburg while expanding job opportunities and enhancing the tax base in the town.
Whether your company is looking to expand current operations or establish a new venture,
the HIDA offers financing programs to help you succeed in Hamburg.
These include:
INDUSTRIAL REVENUE BONDS
The HIDA is authorized to issue Industrial Revenue Bonds to assist with our goal of stimulating economic growth in Hamburg. Industrial Revenue Bonds are available to finance the purchase and improvements of land, buildings, property and equipment for firms engaged in light manufacturing, office construction, warehousing/distribution, research and development and some commercial activities.
Similar to conventional mortgages, local banks, insurance companies and/or pension funds purchase the bonds issued by the HIDA. The rates, terms and conditions are all set by the purchaser and are backed by the full faith and credit of the borrower, not the HIDA.
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TAX EXEMPTIONS AND TAX ABATEMENTS
The HIDA provides real property tax abatements for 10 to 15 years on increased valuation in addition to state and local tax exemptions on equipment and materials for qualified projects.
ENHANCEMENT AREA PROGRAM
A project submitted to the Town of Hamburg Industrial Development Agency for consideration under this program will be considered an enhancement project if it meets the following criteria as determined by the Agency Board of Directors:
1. The project is located in a designated enhancement area.
2. The project as proposed would not be feasible without Agency assistance.
3. If the project involves retail sales of goods or services to customer who personally visit the site of the business, the project must offer goods or services not readily accessible to residents living in the vicinity of the site.
It is the goal of this program to encourage small locally owned businesses to invest in their physical assets such as building and modern equipment allowing them to be more productive and competitive. This will be accomplished by offering tax incentives through the HIDA at a cost that is not prohibitive to our local businesses. The HIDA will review each project application on an individual basis and determine eligibility based on the goal of the program. The tax incentive available through this program is a sales tax exemption on any eligible items purchased for the project.
THE HAMBURG INDUSTRIAL DEVELOPMENT AGENCY CAN HELP YOUR COMPANY
The professionals at the HIDA are eager to assist your company in doing business in
Hamburg. We can help with everything from site selection to financing programs and
offer all the information you need to make your move.
For more information, including details on the available programs outlined here, contact the Director of Economic Development.
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For more information, including details on the available programs outlined here,
contact Michael J. Bartlett, Director of Economic Development - ph:716.648.4145
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