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.
2022 Performance Goals and Measurement
1. Maximize development of vacant land and the adaptive re-use of underutilized real property located within the Village of Green Island.
During 2021 IDA management discussed bringing new commercial/industrial entities to the Village on its own and with its private sector developers. The IDA issued an RFP for development of the former Ford Motor Company property and received one proposal. The IDA is presently working with the developer and other Village personnel on proposed market rate housing along the river. . The property is owned by the IDA.
The IDA also sold a portion of the former Ford Motor Company property privately to the new owner of the adjacent hydroelectric facility for accessory use. The property is presently under a consent order and would be very difficult to develop into a high job creating parcel. The land was previously leased by the Green Island Power Authority when they owned the power plant.
A privately owned 9 acre portion of the property at 100 Cohoes Avenue is presently under construction of a 120,000 square foot light industrial building. The building was built on speculation. This project will bring added jobs and expand the tax base to our Village, School and County.
2. Maximize potential increase in the tax base of the Village of Green Island.
The cumulative effect of our economic development over the past twenty years has produced a 45% increase in the total taxable assessed valuation.
The IDA approved a financial assistance package for the Starbuck Island mixed use development in 2020 and 2021, which at approximately $70 million is the largest individual project to date. The PILOT agreement for this project will have a positive economic impact on the School, Village and County for years to come and the community benefits provided have had immediate positive impact on Green Island.
In the first quarter of 2022, the IDA also approved a financial assistance package for the 100 Cohoes Avenue project which will add a minimum of 20 new jobs when completed and help to stabilize our tax base for years to come. There have been, and are presently, approximately 40 high salary skilled workers on the site during the construction phase of this project.
3. Support and encourage those projects, which provide the greatest number of employment opportunities.
Whenever a potential project comes to the IDA, part of the evaluation process involves the number of jobs proposed and the nature of the jobs to be created. We are very interested in good paying manufacturing jobs as opposed to low wage opportunities. The Starbuck Island project has provided high paying construction jobs and continues to offer on-site maintenance and service related career type jobs. We will continue to look for career type jobs for any projects that we are presently working on now and in the future.
4. 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.
Retaining and expanding existing businesses starts when an entity locates in Green Island. We have periodic meetings with businesses when we think we can be of assistance or when they ask for help/advice on an individual basis. The IDA normally conducts periodic gatherings by means of a business breakfast and brings in financial and economic advisors to give presentations at such gatherings. Attendance had been good as these entities know they will get an opportunity to discuss their products/ services with management of other entities, both in and outside of Green Island. Participants have asked that we continue these meetings and we intend to do so. Unfortunately, with the onset of COVID, we have been unable to hold these gatherings for the last few years. We hope to resume them as soon as it is deemed safe to do so. In the meantime, we have continued to help businesses through the COVID crisis, as many have had to change their business plans to survive.
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.
2022 Operations and Accomplishments
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 in order to provide job opportunities and increase economic welfare.
Since 2001 economic development has been a top priority in the Village of Green Island. The north end of Green Island has been specifically targeted for commercial and industrial development. Over $50 million dollars of public and private investments have created job opportunities. IDA financing of $29.8 million contributed to this effort. The IDA’s economic development effort has had a material positive affect on the tax base. At present over 45% of the current village tax base is due to that effort.
The north end of the Center Island area of the Village is the home of 189 apartments financed in part with a $15 million IDA bond. These bonds were refinanced in December of 2017 to accommodate the project owners. This resulted in a more favorable bond rate for the project owners and additional administrative fees for the IDA.
The south end of the Center Island area of the Village, a project called Starbuck Island, has been built by a local developer. This project entails the construction of four buildings with 260 market-rate residential rental units and 16,940 square feet of commercial space. This project is substantially completed in 2022 and is fully occupied by residential and commercial tenants.
The Starbuck Island project will provide a material real property tax benefit for the school, village and county. During 2020 and 2021 the IDA approved a financial assistance package with the developers of Starbuck Island that will provide a substantial PILOT to the School, Village and County for years to come and help assure its financial viability. The addition of nearly $1,000,000 in developer community benefit projects have shown an immediate positive impact to Green Island seniors, youth and veterans. Part of the benefit package was a sewer separation project running almost the entire length of Hudson Avenue that will have a substantial improvement to the environment as well. The IDA also approved straight lease financial assistance for a 120,000 square foot single story light industrial building sitting on 9.23 acres at 100 Cohoes Avenue, in February of 2022. The building is presently under construction. Approximately 40 good paying construction jobs have been created over the past year that construction has been ongoing. The IDA benefited by collecting an administrative fee, future real property taxes to the Village, School and County and the projection of adding a minimum of 20 permanent jobs to the Village and Region. The developer benefits include sales tax and mortgage tax exemptions as well as the NYSRPTL Section 485-b real property tax exemption for new construction.
IDA Real Property
IDA real property consisted of 54 acres of land located in the north end of the Village. This land is part of the continuing industrial and commercial development of the north end. The IDA sold 10.451 acres of parcels 21.13-1-3 and 21.13-1-4 for $275,000 during 2022. This is described as the middle portion of the former Ford Motor Company property which had been under lease agreement with the Green Island Power Authority (GIPA) to use in conjunction with their Hydroelectric Plant, located adjacent to the IDA parcels. GIPA sold the hydroelectric plant to a local company affiliated with Albany Engineering Group and the IDA sold the leased parcels to the same group, in a transaction made in parallel to the GIPA sale.
The IDA issued a Request for Proposals for development of the north end of the former Ford parcel in 2020 and is presently working with the lone proposer for a potential use of that property. The proposal was for market rate residential rental housing units. It is possible that a transaction may occur in early 2023.
Effectiveness of the IDA’s Internal Control Structure and Procedures
We believe our internal control mechanism is structured to minimize the possibility of fraud or misuse of IDA assets. We are constantly reviewing our policies and procedures to improve operating efficiencies and control costs. We have engaged consultants periodically to assist us in the review and re-writing of existing policies and procedures as well as establishing new policies and procedures.
Website – The IDA’s website can be located at https://www.villageofgreenisland.com/ida