MISSION STATEMENT
The Village of Green Island Industrial Development Agency (Agency) was created during 1979 by the Board of Trustees of the Village under the provisions of Article 18-A of the General Municipal Law of the State of New York and Chapter 63 of the Laws of 1979 of the State of New York for the purpose of encouraging economic growth in the Village. The Agency, although established by the Board of Trustees of the Village, is a separate entity and operates independently of the Village.
A specific area (about 300 acres) located at the north end of Green Island was identified as the initial target area for economic development. It is referred to as Island Park. Green Island has always been a “blue collar” town which has housed many industrial concerns over its history. It was the workplace for thousands of “factory workers” from not only Green Island, but all of its surrounding communities. Its leading industrial entity was Ford Motor Company until they closed their plant in 1988. Hard economic times fell upon the community for the next two decades.
In the late nineties the Village put together a development plan to build an industrial park. Initially it partnered with a private joint venture entity to make the north end of the Island an industrial park that offered many advantages to industrial entities wanting to establish a presence in Green Island. This industrial park has been very successful since commencement. Presently, there is not much land left to develop and we have been very selective in picking the types of businesses located in the park.
The IDA will continue to seek out industrial entities that can create and retain jobs in Green Island.
2025 Performance Goals and Measurement
- Maximize development of vacant land and the adaptive re-use of underutilized real property located within the Village of Green Island.
In 2021, IDA management identified opportunities to bring new commercial and industrial entities to the Village. The agency issued a Request for Proposals (RFP) for redevelopment of the former Ford Motor Company property and received a proposal to develop market-rate housing along the river. In 2025, the Village Board of Trustees created a Planned Development District and, in conjunction with the Village Planning Board approved a site plan, which will include 139 market-rate dwelling units with amenities such as a clubhouse, pool, and walking trail. That same year, the IDA sold the 33.2-acre northern portion of the property to the developer for $332,240, marking the next phase in the revitalization of this key north-end site. The developer is actively working with regulatory agencies, with construction expected to begin in the near future
The IDA also supported development at 147 Cannon Street, an 11-acre site formerly used as a junkyard. A private developer was approved to construct a 200,000-square-foot, state-of-the-art warehouse facility, which now serves as the home of the New York State Office of General Services (NYS OGS). These initiatives demonstrate the IDA’s commitment to maximizing the productive use of vacant and underutilized land in the Village.
In 2022, the IDA sold 10.451 acres (parcels 21.13-1-3 and 21.13-1-4), described as the middle portion of the former Ford Motor Company property, for $275,000. These parcels had previously been leased to the Green Island Power Authority (GIPA) for use in conjunction with their adjacent hydroelectric plant. When GIPA sold the hydroelectric facility to a local company affiliated with Albany Engineering Group, the IDA simultaneously sold the leased parcels to the same group, completing a coordinated transaction that returned the property to productive private use.
As of the end of the 2025 calendar year, the IDA’s real property portfolio on the north end of the Village historically encompassed approximately 54 acres. Due to the IDA’s redevelopment efforts, approximately 6 acres of land remain available for development.
- Maximize potential increase in the tax base of the Village of Green Island.
Over the past twenty years, the Village’s economic development initiatives have contributed to a 45% increase in total taxable assessed value. The revitalization of 147 Cannon Street is projected to add approximately $9 million in taxable assessed value and has already generated approximately 60 permanent jobs. The IDA benefits from administrative fees and future real property tax revenues to the Village, School, and County, while the developer benefits from sales tax, mortgage tax, and Section 485-b real property tax exemptions.
Similarly, the development of the northern portion of the former Ford Motor Company property is expected to contribute millions of dollars in taxable assessed value to the Village, further strengthening the local tax base.
- Support and encourage those projects which provide the greatest number of employment opportunities.
The IDA evaluates potential projects based on the number and quality of jobs to be created, with a particular focus on well-paying, career-oriented positions. The Starbuck Island project, for example, provided high-paying construction jobs and continues to offer on-site maintenance and service-related positions. The development at 100 Cohoes Avenue has created approximately 20 new permanent jobs.
The 147 Cannon Street project created a mix of professional, managerial, skilled, and semi-skilled positions. Now that NYS OGS relocated to the new facility, there are approximately 60 permanent jobs on site, providing a significant employment boost to the Village and region. The IDA continues to prioritize projects that create long-term, meaningful career opportunities.
- Support projects of existing businesses to retain and increase the number of jobs in each entity and increase the tax base by related improvements in facilities. The IDA actively engages with existing businesses to support retention and expansion. This includes maintaining open lines of communication, holding periodic meetings, and responding to individual requests for guidance. The IDA also hosts events, such as business breakfasts, where financial and economic advisors present strategies to help local businesses grow. These initiatives provide opportunities for businesses to network, discuss products and services, and explore ways to expand operations within Green Island, thereby supporting jobs and increasing the Village’s tax base.
IDA ENABLING STATUTE
The Village of Green Island Industrial Development Agency (Agency) was created during 1979 by the Board of Trustees of the Village of Green Island (Village) under the provisions of Article 18-A of the General Municipal Law of the State of New York and Chapter 63 of the Laws of 1979 of the State of New York for the purpose of encouraging economic growth in the Village. The Agency, although established by the Board of Trustees of the Village, is a separate entity and operates independently of the Village.
The Agency’s function is to authorize the issuance of industrial revenue bonds for industrial development projects and to assist business in acquiring or constructing various facilities in order to provide job opportunities and increase economic welfare. In return for its efforts, the Agency receives application and closing fees related to this business financing.
The Agency enabling legislation can be found by clicking here and following to GMU Article 18-A Title 2 Section 925-m.
2025 Operations and Accomplishments
Overview
The Village of Green Island Industrial Development Agency was created in 1979 by the Board of Trustees of the Village of Green Island under the provisions of Article 18-A of the General Municipal Law of the State of New York and Chapter 63 of the Laws of 1979 of the State of New York for the purpose of encouraging economic growth in the Village of Green Island.
The Agency’s function is to authorize the issuance of industrial revenue bonds and other financial assistance for industrial development projects and to assist business in acquiring, retaining, redeveloping or constructing various facilities to provide job opportunities and increase economic welfare.
Since 2001 economic development has been a top priority in the Village of Green Island, with the north end of the Village strategically targeted for commercial and industrial growth. More than $70 million in public and private investment, supported by nearly $50 million in IDA financing, has generated significant job opportunities and produced a material, long-term positive impact on the Village’s tax base. Today, over 45% of the Village tax base is directly attributable to these efforts.
Building on this foundation, the Village entered a new era of economic development in 2023 when the Industrial Development Agency approved financial assistance for a $20 million project by 25 Tibbits LLC. The revitalization of a long-vacant former junkyard into a 200,000-square-foot, state-of-the-art light industrial facility at 147 Cannon Street represents the largest development initiative since the early 2000s. Construction began in the summer of 2024 following the demolition of several abandoned buildings and generated approximately 40 well-paying construction jobs, with a minimum of 60 permanent jobs upon completion. A ribbon cutting ceremony was held in September 2025, marking the project’s completion and the building’s official opening as the new home of the New York State Office of General Services. This project reflects the continued momentum of Green Island’s economic development strategy, transforming underutilized land into productive assets that strengthen the tax base and support long-term regional growth.
Complementing these industrial investments, the Center Island area of the Village has also been a focal point of significant residential and mixed-use development. The north end of Center Island is home to 189 apartments, financed in part through a $15 million IDA bond. In December 2017, these bonds were refinanced to accommodate the project owners, resulting in a more favorable interest rate and the generation of additional administrative fees for the IDA.
On the south end of Center Island, a locally developed project known as Starbuck Island has further expanded the Village’s development portfolio. This project includes four residential buildings comprising 260 market-rate rental units, along with a separate building containing 16,940 square feet of commercial space. Substantially completed in 2022, the Starbuck Island development is now fully occupied by both residential and commercial tenants. In 2020 and 2021, the IDA approved a financial assistance package for Starbuck Island that established a long-term Payment in Lieu of Taxes (PILOT) structure to support the project’s financial viability while ensuring sustained revenue for local taxing jurisdictions. In addition, over $1 million in developer-funded community benefit projects have delivered immediate positive impacts for Green Island seniors, youth, and veterans. These benefits include a sewer separation project extending nearly the entire length of Hudson Avenue, resulting in significant environmental improvements.
Further strengthening the Village’s industrial base, in February 2022 the IDA approved straight-lease financial assistance for a 120,000-square-foot, single-story light industrial building situated on 9.23 acres at 100 Cohoes Avenue. The building is currently fully occupied and generated approximately 40 well-paying construction jobs during its development. The IDA benefited from administrative fees, real property tax revenues to the Village, School District, and County, and the creation of a minimum of 20 permanent jobs in the Village and region. Developer incentives included sales and mortgage tax exemptions, as well as a real property tax exemption pursuant to New York State Real Property Tax Law Section 485-b for new construction. In 2025, the IDA granted the property a sixty (60) day extension of the sales tax exemption due to a significant delay in the delivery of materials. This project has been deemed complete.
IDA Real Property
The IDA’s real property portfolio in the north end of the Village historically consisted of 54 acres, a key component of the ongoing industrial and commercial development strategy for the area. As part of its long-term strategy to attract new commercial and industrial investment, the IDA issued a Request for Proposals (RFP) in 2021 for redevelopment of the remaining Ford Motor Company property, the largest developable site in the portfolio.
In 2022, the IDA sold 10.451 acres (parcels 21.13-1-3 and 21.13-1-4), described as the middle portion of the former Ford Motor Company property, for $275,000. These parcels had previously been leased to the Green Island Power Authority (GIPA) for use in conjunction with their adjacent hydroelectric plant. When GIPA sold the hydroelectric facility to a local company affiliated with Albany Engineering Group, the IDA simultaneously sold the leased parcels to the same group, completing a coordinated transaction that returned the property to productive private use.
The agency received a proposal to advance a residential project along the river. In 2025, the Village Board of Trustees created a Planned Development District and, in conjunction with the Village Planning Board approved a site plan, which will include 139 market-rate dwelling units with amenities such as a clubhouse, pool, and walking trail. That same year, the IDA sold the 33.2-acre northern portion of the property to the developer for $332,240, marking the next phase in the revitalization of this key north-end site. The developer is actively working with regulatory agencies, with construction expected to begin in the near future.
Effectiveness of the IDA’s Internal Control Structure and Procedures
We believe our internal control framework is designed to minimize the risk of fraud or misuse of IDA assets. We continually review our policies and procedures to enhance operational efficiency and control costs. Periodically, we engage consultants to assist in reviewing and updating existing policies, as well as in establishing new procedures to strengthen our overall governance.
Website – The IDA’s website can be located at http://www.villageofgreenisland.com/ida