More than 4,000 active projects across New York state that received Industrial Development Agency assistance contributed over $140 billion in value to the state at the end of 2024, a $4.7 billion increase from the prior year, according to a new report from State Comptroller Thomas DiNapoli.
“IDAs granted $2.1 billion in tax exemptions in 2024, continuing an upward trend,” DiNapoli said, which represents a 5.2%, or $101 million, increase from the prior year. “The tax benefits provided by IDAs can attract businesses and spur job growth in the communities that they serve, but caution is warranted. Local officials and other stakeholders should monitor the costs and benefits associated with IDA projects to ensure that these investments yield positive results for their residents and deliver on the job creation attention and other commitments being made.”
The state’s 106 various IDAs had a total of 4,183 active projects then, a number that had declined by 8.9% in the past 10 years, with a total value of $4.9 billion. The net number of jobs gained was 204,301, a 9.9% decrease.
For Niagara County, its IDA had 119 active projects worth a total value of $1.72 billion in 2024, which were expected to create 7,159 jobs and retain 3,754. The total tax exemptions given were worth $25.8 million, made up of $9 million in PILOT payments and $16.8 in other tax exemptions.
That value comes out to $140,818 in net tax exemptions per project and $10,360 in net tax exemptions for every job gained.
The projects the Niagara County IDA had granted benefits to in 2024 included $7 million towards Polaris Cold Storage, $6.71 million for the Hotel Niagara redevelopment, $2.25 million for the Live USA Hotel on Main Street, and $182,000 towards Big Ditch Brewing’s Lockport location.
Among the 56 county IDAs in New York State, Niagara County ranked only behind Monroe, Nassau, Suffolk, and Erie counties in the number of projects.
The Town of Lockport’s IDA had 17 active projects worth $391.5 million, which are expected to create 319 jobs and retain 334 jobs. It had given $2.87 million in total exemptions, made up of $2.14 million in net tax exemptions and $732,714 in PILOT payments.
That value comes to $125,762 in net tax exemptions per project or $5,305 in exemptions per job gained. Of the 20 town IDAs in the state, Lockport ranked 12th in the number of active projects.
The Western New York region was tied with Mid-Hudson for third by number of new IDA projects with 20, trailing Long Island with 39 and the Finger Lakes with 45. Those new developments had a total value of $226 million.
County IDAs were responsible for 62.7% of active projects, followed by towns at 17.5%, cities excluding New York City at 12.3%, New York City at 6.9%, villages at 0.5%, and city-town IDAs at 0.1%.