Glens Falls Industrial Development Agency

GF IDA Logo

The City of Glens Falls Industrial Development Agency (IDA) is an economic development tool that allows the City to issue Industrial Development Revenue Bonds, lease/sale agreements, installment sale agreements, as well as various tax advantages to businesses that wish to locate or expand their operations within the City limits. Typical projects eligible for financing include the purchase and/or rehabilitation of existing buildings, or the construction of additions to existing facilities. 

OUR MISSION

The mission of the City of Glens Falls Industrial Development Agency (IDA) is to promote, develop, encourage and assist in the acquiring, constructing, reconstructing, improving, maintaining, equipping and furnishing industrial, manufacturing, warehousing, commercial, research and recreation facilities including industrial pollution control facilities, educational or cultural facilities, railroad facilities, horse racing facilities and multi-family residential properties and thereby advance the job opportunities, health, general prosperity and economic welfare of the people of the City of Glens Falls, the County of Warren, and State of New York, and to improve their recreation opportunities, prosperity and standard of living.

MEETINGS 

  • Second Thursday of each month at 8 a.m.
  • City Hall
    Mayor’s Conference Room - 2nd Floor
    42 Ridge Street
    Glens Falls, NY 12801

NEXT MEETING ANNOUNCEMENT  Thursday October 28, 2021 at 8:00 a.m. via Zoom Virtual Public Hearing and Special Board Meeting. To join meeting Click Here

MEETING MINUTES AND AGENDAS Click Here

GLENS FALLS IDA DOCUMENT CENTER Click Here

MEMBERS 

STAFF AND ADVISORS

  • Daniel L. Hall , Mayor
    42 Ridge Street
    2nd Floor
    Glens Falls, NY 12801
    (518) 761-3804
  • Reid, Jane
    10 Edison Road
    Glens Falls, NY 12801
    (518) 798-0297
  • Robinson, Lois
    42 Ridge Street
    Glens Falls, NY 12801
    (518) 796-9917




  • Lais, Kara , Attorney
    Fitzgerald, Morris, Baker & Firth, PC
    P.O. Box 2017
    Glens Falls, NY 12801
    (518) 746-0840

OFFICERS 

Chair: Judy Calogero
Vice Chair: Lois Robinson
Asst. Treasurer: Daniel Hall
Secretary: Todd Feigenbaum
CEO: Susanne Kasitch
CFO: Mark Toomey
Counsel: Kara Lais, Esq., FMBF


COMMITTEES 

Audit Committee:

  1. Judy Calogero
  2. Lois Robinson
  3. Daniel Hall


Governance Committee:

  1. Todd Feigenbaum
  2. Judy Calogero
  3. John Cordes
  4. Daniel Hall


Nominating Committee:

  1. Daniel Hall
  2. Lois Robinson
  3. Mary Gooden
  4. Jane Reid

OVERVIEW BOND/LOAN PROGRAM

Although the IDA issues the bonds, it does not actually loan any money to the applicant. Rather, a financial institution loans the funds through the IDA by purchasing the bonds. The financial institution will review the project and makes a decision on whether or not to purchase the bonds based on the financial strength and credit of the applicant. A City of Glens Falls IDA representative will assist in identifying and facilitating discussions between the lender and the applicant. The company will then negotiate the terms and conditions of the loan with the lender.

The IDA issues both tax-exempt and taxable industrial development revenue bonds for the acquisition, construction, and equipping of manufacturing, commercial, and civic facilities. The four financing mechanisms available through the IDA include:

Tax-exempt bonds
Manufacturing facilities can be financed with tax-exempt bonds. 

Taxable bonds 
Commercial non-manufacturing projects, such as office buildings, hotels, and retail stores qualify for taxable bonds. 

Tax-exempt and taxable bonds 
A combination of tax-exempt and taxable bonds can be used for projects that include both manufacturing and non-manufacturing activities.

Refunding bonds 
Projects that were previously assisted with tax-exempt bonds are allowed to repay/refund the outstanding principal amount of the "old" bonds with new tax-exempt refunding bonds bearing a lower interest rate. Refunding at lower interest rates allows companies to remain competitive in Glens Falls by reducing their facility costs.