TOWN OF SYRACUSE INCENTIVE PROGRAM
SYRACUSE TECHNOLOGY PARK
1. Receive a $1,000 grant for every job created up to $10,000, per acre per lot.
Example: There are 3 acres in a lot valued at $20,000 each. A company has 10 jobs. They will get a grant for $10,000 for each acre or $30,000 grant,
2. Waive water and sewer taps with the approval of the Town of Syracuse.
3. Build to lease or build to own facility.
4. Lease land.
CRITERIA TO BE ELIGIBLE FOR INCENTIVES
1. Business must locate within the Town of Syracuse Technology Park.
2. Business must commit to construction at least 12 months from the signed agreement with the town to purchase the land.
3. Business must commit to remaining in the area for a minimum of 5 years and to achieve job creation goals within 3 years.
4. Total job creation must provide at least 10 full- time equivalent (40 hours) jobs.
5. Entry level salaries for employees must not be less than $15.00 per hour.
6. Employer must agree to provide the Town with all required documentation to demonstrate compliance with the above.
7. Employer is required to demonstrate proof that 100% of the grant is invested in the site or to offset business expenses associated with the project.
8. Business must invest a minimum of $250, 000.
9. The Town reserves the right to negotiate based on jobs, capital investment and future growth potential.
Tax Incremental Finance (TIF)
TIF provides for the temporary allocation to redevelopment districts of increased tax proceeds in an allocation area generated by increases in assessed value. Thus, TIF permits cities to use increased tax revenues stimulated by redevelopment to pay for the capital improvements needed to induce the redevelopment.
General Obligation Bonds
General Obligation Bond financing is available for a broad range of projects and might be available for a particular economic development project undertaken for a valid public purpose. A major exception to the ability to use GO bond financing is the financing of county roads and bridges. Because general obligation bonds are backed by the political subdivision's taxing power, they generally bear a relatively low rate of interest.
Economic Development Income Tax
EDIT revenue may be used for economic development projects and for other uses specified in the EDIT law. The program provides counties with an income tax revenue system in which to fund economic development projects within the county. A project receiving EDIT funds must involve an expenditure for land, site improvement, buildings, equipment, infrastructure improvements, machinery, and/or administrative and operating expenses.
Property Tax Abatement
With respect to real property, the deduction is a percentage of the increase in assessed valuation that results from rehabilitation or redevelopment. With respect to personal property, the deduction is a percentage of the assessed valuation of new manufacturing equipment.
Cumulative Capital Development Fund (CCDF)
The program gives the municipality the authority to raise funds for one or more capital improvement projects. These funds are collected outside of the maximum established levy.
Barrett Law Assessments
Certain public improvements which are made to benefit a specific number of property owners can be funded through a special assessment levied against their properties. The municipality obligates the bond which is repaid through the special assessments levied against the benefited property owners.
Revenue Bonds/Sewage Utility Funds
Utility bond issues are revenue bonds for municipally-owned utilities. They can be used to finance water and/or sanitary sewer improvements and expansions. Water treatment facilities, wastewater treatment facilities, and the bonds are retired by payments from the utilities. This comes from users whose rates are increased to cover the debt retirement and other costs required in a bond issue.