Presenter: John Cappellino, Executive Vice President Erie County Industrial Development Agency
Best Practices Economic Development Advocacy Organization Grant Funding from NYBDC to Keep Costs Down Center for Governmental Research, Rochester, NY Not-for-Profit, in business for 98 years Founded by George Eastman ( KODAK) ◦ Serve the public interest by advising local governments in the strategic use of public dollars and keep citizens informed
Direct ct: the recipient of assistance adds new or retains jobs at risk of being lost to the regional economy, projects that displace jobs, ie: retail do not fall under this category. Indirec ect: the recipient of assistance make purchases of materials and services from regional firms, which stimulates suppliers to add jobs and payroll, resulting in new or retained economic activity in the region. Indu duced: d: the recipient of assistance, through their payroll, employees household spending, purchase goods and services that stimulate the local economy Mult ltip iplie ier Effect
Welded Tube USA
Incentive Layering Increased Benefit Compliance with Regional Goals Cluster Industry, Physical Site Issues, Cost Benefit/Wealth Creation Base Incentive Level
Incentive Layering Targeted Industries Historic District/Structure Distressed Area Locally Headquartered Brownfield Development Wealth Creation Adaptive Reuse Demonstrated Flight Risk Framework Compliance Industry Sector Risk Increasing I Incenti tive L Levels/I /Increasing C g Commu ommunity ty I Imp mpact t
Layered Incentive Model Property Tax Abatement %
Location Centric ◦ Local Government Designation – (.5) Cluster Industry ◦ Advanced Manufacturing – (2) Economic Impact ◦ Out of Region Sales > 30% – (1) ◦ In Region Purchases > 50% – (1) ◦ Employment Average Wage > – (1) ◦ New Jobs (75) – (3) ◦ Overall ROI > 15 to 1 – (1) ◦ Local Revenue/Abatement Ratio > 2 to 1 – (1) ◦ Retention Flight Risk – (1) Research Budget Innovation – (1) Investment Energy Reduction Technology – (1) Total Score = 13.5 points Qualifies For Enhanced J Jobs P Plus P PILO LOT
Questions: Contact Info: John Cappellino jcappell@ecidanyl.com Phone: 716-856-6525 ext. 118
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