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.
2019 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 2019 IDA management discussed bringing new commercial/industrial entities to the Village on its own and with its private sector developers.
In February 2019 the IDA did entertain a proposal from a developer to purchase land on the south side of Center Island for the development of both residential apartments and commercial buildings. This is the property mentioned in our 2019 Operations and Accomplishments document.
2. Maximize potential increase in the tax base of the Village of Green Island.
The cumulative effect of our economic development over the past eighteen years has produced a 40% increase in the total taxable assessed valuation. During 2018 the IDA identified a project that may require IDA financing in 2019. It may be the largest individual project to date.
3. Support and encourage those projects, which provide the greatest number of employment opportunities.
IDA staff had discussed some proposed projects during 2018 and 2019, but only selected one that met the parameters of the cost/benefit analysis. Although some projects showed potential, they were not supported due to limited job opportunities.
4. Support projects of existing businesses to retain and increase the number of jobs in each business 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 also conducts periodic group meetings of all businesses and brings in financial and economic advisors to give presentations at such gatherings. Attendance has 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.
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.
2019 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 or constructing various facilities in order to provide job opportunities and increase economic welfare.
Since 2001 economic development has been priority number one 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 has resulted in approximately 964 jobs. IDA financing of $29.8 million contributed to this 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 is presently being developed by a local developer. This project entails the construction of four buildings with approximately 260 market-rate residential rental units and 16,940 square feet of commercial space.
The IDA’s economic development effort has had a material positive affect on the tax base. At present 40% of the current village tax base is due to that effort (net of the south end of Center Island-expected to be completed in 2022). When fully built out this project will have a material real property tax impact for the school, village and county.
IDA Projects Undertaken in 2017 – One IDA project that commenced in 2015 was closed on June 29, 2016.This project is an extension of an ongoing economic development plan in the Industrial Park at the north end of Green Island. IDA management continues to evaluate industrial and commercial company inquiries into establishing a presence in the Village’s Industrial Park.
IDA Potential Project in 2019 – The IDA has identified a project that will require IDA financing in 2019. It may be the largest individual project to date. This is the south end of the Center Island area mentioned in paragraph five of the Overview section above.
IDA Real Property
IDA real property consists 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.
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 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 http://www.vginew.wpengine.com/ida