Economic Development Services
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Onondaga County Industrial Development Agency

The Onondaga County Industrial Development Agency (OCIDA), created in 1970 in conjunction with the Onondaga County Office of Economic Development, is committed to assisting new or established industries and businesses build or expand their operations in Onondaga County. OCIDA has financed more than 190 projects for over one billion dollars in both tax-exempt and taxable financing. These projects have created or preserved over 26,500 local jobs.

 Mission

To stimulate economic development, growth, and general prosperity for the people of Onondaga County by using available incentives, rights and powers in an efficient and cooperative manner.

 Financing

OCIDA can assist with your project’s financing by issuing both taxable and tax-exempt bonds and by providing information on complementary financing such as fixed asset and working capital lending programs.

 Tax Management

Qualified OCIDA projects are eligible for sales, mortgage and real property tax exemptions. For real property exemptions, the direct payment in lieu of tax (PILOT) is an agreement between the Company and the Agency that contains a scheduled payment plan based on current tax rates and a mutually agreed project value, which produces an average net abatement of approximately 55% over a ten-year period. OCIDA also offers enhanced Community Benefit PILOT schedules for projects meeting specific criteria.

 

For more information on how OCIDA can assist your business, please contact us.