( RELEASE ) Erie County Executive Chris Collins is urging the Erie County Legislature to pass legislation that would extend a local job creation program that has already financed more than $122 million in new construction and created more than 1,600 jobs. The Legislature is being asked to pass legislation extending tax exempt financing for not-for-profit organizations through the Erie County Industrial Development Agency (ECIDA). The Legislature failed to vote on an extension before the policy expired at the end of 2010. Collins hopes the Legislature passes the measure at its first meeting of the new year on Thursday to avoid any delay or risk to future qualifying projects.
Tax exempt financing through the ECIDA allows not-for-profit agencies the ability to borrow at lower costs. The resulting savings are often the difference between making a potential project financially viable or not. Tax exempt financing through the ECIDA does not have local tax revenue implications. Erie County and the ECIDA developed this policy to address the ongoing failure of the New York State Legislature to pass legislation allowing tax exempt financing for not-for-profit agencies.
“This policy is an innovative way around Albany’s continued dysfunction and an example of what local government can do to help businesses create jobs,” said Erie County Executive Chris Collins. “There is no doubt that this policy has been a success, buildings are going up and people are being put to work because of it. It is my hope that the County Legislature will not block our progress by refusing to act on the measure or, worse yet, by voting it down. By voting in favor of the extension, the Legislature will be supporting economic opportunity for our community.”