Growing Monroe

The County of Monroe Industrial Development Agency (COMIDA) is a not-for-profit, public benefit corporation and governmental agency. Its purpose is to encourage established businesses to expand locally and to attract new industries to the Greater Rochester area. The agency’s primary goal is to help businesses create and retain jobs.

COMIDA and the Monroe County Department of Planning and Development’s combined staff work together with other economic development organizations in the community as well as state and federal organizations. COMIDA itself does not lend money.

Companies applying to COMIDA for aid in constructing new buildings or additions to existing buildings pay a fee for the incentives COMIDA is able to provide.

COMIDA offers assistance for industrial and non-industrial projects through the issuance of tax-exempt industrial revenue bonds (IRBs), taxable IRBs, and tax-exempt civic facility bonds. Sale/leaseback transactions, projects financed without the issuance of bonds, can also result in considerable project cost savings (including exemption from sales taxes on construction material and exemption from mortgage recording tax).

Priority is given to those for-profit companies that operate in the field of manufacturing, are supportive to manufacturing, or perform a technology-based producer service. There is no size limit by number of employees or sales volume. Retail projects are not eligible for assistance, but for exceptional circumstances as allowed by New York State law.

Incentives apply toward the purchase of land and construction of new facilities, the expansion of existing buildings, the purchase of new machinery and equipment as well as the renovation of existing facilities.

EquiPlus Program

On April 22, the County of Monroe Industrial Development Agency’s Board of Directors (COMIDA) approved the creation of the EquiPlus Program. The program is a simplified application process that allows companies to receive piggybacked benefits from the Monroe County Industrial Development Corporation (MCIDC) and COMIDA.

Companies that receive GreatRate or GreatRebate benefits through MCIDC for the purchase of equipment can receive an additional sales tax exemption on the purchase of that equipment through COMIDA. The simplified application process allows a company to submit the MCIDC application to COMIDA instead of the additional, formal COMIDA application.

Benefits of the EquiPlus program include:

• MCIDC GreatRate—3% interest rate subsidy on a fixed rate loan for the initial 3 years OR
• MCIDC GreatRebate—$4,000 cash rebate at the end of a 2-year period AND
• COMIDA—Sales tax exemption on the equipment purchased

Goldwell of New York, Inc., a wholesale beauty supply company, and Continental Services Group, Inc. (ConServe) are the first companies to take advantage of the EquiPlus program.

After receiving approval for a GreatRebate from MCIDC on equipment purchases associated with upgrading computers and software at its Henrietta headquarters facility, Goldwell qualified for a sales tax exemption on the equipment purchases through COMIDA.

ConServe intends to purchase a new computer and software system at its Perinton Hills Office Park to upgrade its service capabilities. They will be utilizing a GreatRate Interest Subsidy through MCIDC and a sales tax exemption through COMIDA.

For more information on the EquiPlus Program or to see if your company qualifies contact COMIDA at 585 428-2970.

JobsPlus

Under the JobsPlus incentive program, COMIDA is better positioned to serve the economic best interests of Monroe County. JobsPlus opens more opportunities for smaller businesses as well as new technology businesses, encourages rehabilitation of existing buildings, rewards the creation of new job opportunities, and most important, audits compliance with terms of COMIDA agreements to ensure both local labor utilization and employment growth.

JobsPlus is a tax abatement program for manufacturers, technology-based companies, projects using 90% local labor and suppliers throughout construction, and projects involving rehabilitation of vacant commercial buildings. In addition, the company must meet a minimum 10% job creation goal over its existing employment level within a three-year period.

JobsPlus provides 90% abatement on increased assessment associated with the project in the first year, decreasing 10% per year for a ten year period.