About IDA

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.

2024 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.

Back in 2021 IDA management discussed bringing new commercial/industrial entities to the Village. 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 market rate housing along the river.

The Village of Green Island Planning Board approved a site plan for residential development. The developer will erect 131 dwelling units. The development will include several amenities including a club house, pool, and walking trail. The 33.2 acres is currently under contract to be purchased by the developer

The IDA also entertained an application for IDA financing on an underutilized site known as 147 Cannon Street. This 11-acre site was formerly occupied as a junkyard. A private developer purchased the property and was approved to construct a 200,000 sq. ft. start of the art warehouse facility. The new facility will serve as the future home of the New York State Office of General Services (NYS OGS).

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 revitalization efforts at 147 Cannon Street created approximately 40 good paying construction jobs. 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. This project will add approximately 10 million dollars in taxable assessed value to the Village’s assessment roll upon completion.

Developing the northern portion of the former Ford Motor Company site will add millions of dollars in taxable assessed value to the Village’s assessment roll upon completion.

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 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.

The revitalization of 147 Cannon Street has created a mix of employment opportunities, from professional/managerial to skilled and semi-skilled positions. The jobs associated with this project are new jobs. When the NYS OGS moves their operations to this new facility, there will be approximately 60 jobs on site at this location.

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 is always exploring ways to retain and expand existing businesses here in Green Island. The best way to tackle challenges is to keep the means of communication open. We have periodic meetings with businesses when we think the IDA can be of assistance or when the business owners ask for help/advice on an individual basis. The IDA occasionally conducts periodic gatherings by means of a business breakfast or similar events and brings in financial and economic advisors to give presentations at such gatherings. Attendance was 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.

2024 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 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 $70 million dollars of public and private investments have created job opportunities. IDA financing of close to $50 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 another building with 16,940 square feet of commercial space. This project was 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 occupied by two businesses. 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.

In August of 2023, the IDA approved financial assistance for a project by 25 Tibbits LLC valued at $20,000,000 for two Class A industrial/warehouse/distribution buildings. The final approved site plan included a 200,000 sq ft state of the art light industrial building. The building will be situated on 11.71 acres at 147 Cannon Street. Site work has commenced, seven abandoned buildings were demolished, and the building construction began in the summer 2024. 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.

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 http://www.villageofgreenisland.com/ida