The SCIDA provides financial assistance to the private sector to stimulate capital investment and job creation in the economy of Saratoga County.
Financial assistance may involve issuance of tax-exempt or taxable (non-recourse) bonds to cover 100% of the cost of construction, rehabilitation and equipping of a wide range of commercial and industrial projects. Another option for some companies may be to self fund their projects internally and enter into a sale leaseback agreement with the agency. In addition SCIDA benefits may include sales, mortgage, and real property tax abatements where applicable. (see UTEP).
Accomplishments
Since 1979 SCIDA has assisted sixty companies in their location and/or expansion plans that resulted in the investment of more than $700 million in new plants and facilities within Saratoga County. Over 5,000 new jobs have been created with an additional 3,000 jobs retained as a result of the SCIDA’s assistance. These jobs represent an annual payroll of approximately $200 million. SCIDA client companies include manufacturers of paper products, chemicals, cans, silicone products, industrial energy control systems, precision valves, windows and doors and many other products. The Agency has assisted small start-up firms as well as national corporations. We financed projects ranging from a 5,000 SF manufacturing facility to a million square foot regional distribution facility. The SCIDA has sponsored a convention center, corporate offices, research and development, hydroelectric generating facilities and, most recently, independent and assisted-living communities for senior citizens.
Fund Balance
Fees collected at closing are held in a dedicated fund reserved for reinvestment in projects that display the potential to create additional jobs for the residents of Saratoga County. The SCIDA constructed a rail spur to serve a metal container plant and recently purchased an inactive railroad right of way to preserve it for future redevelopment in association with a large industrial park in northern Saratoga County. Agency funds have been used to expand capacity of sewer treatment facilities; extend water and sewer services to industrial parks and sites and to study truck traffic issues. The Agency has designated a portion of its fund balance for an export loan guarantee program to assist county firms in their efforts to generate and expand sales to foreign markets.
Partnerships
Saratoga County’s successful economic development program is founded on a long standing partnership between county government and the private sector.
The Saratoga County Economic Development Corporation is a private not for profit corporation funded jointly by Saratoga County and private membership contributions. The role of the Economic Development Corporation is to provide a broad range of assistance to existing businesses and new firms seeking to locate in Saratoga County.
The SCIDA’s role is to provide appropriate incentives to eligible companies to induce the construction, expansion or equipping of facilities within Saratoga County.