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June 20th, 2012

City of Newburgh IDA is recertified by state

NEWBURGH - Joshua L. Smith, Chair of the City of Newburgh IDA, has announced that the IDA is open for business after a hiatus dating back to 2007. In a June 14th letter to the Council, Smith stated that “we are certified and will stay certified.” He referred to the May 25th re-certification letter from the NYS Comptroller that the IDA is in full compliance with State regulations.

With the IDA’s authority to offer tax abatement incentives, Smith said the Agency and the City have established a ‘One-Stop Shop’ approach to informing businesses about incentives offered by both. He noted that “the Agency’s priority in the next six months” is to reach out to local businesses detailing IDA, City, County and State services and programs. He noted that NYS’s recent approval of the Newburgh Land Bank, the relocation of a Brooklyn furniture manufacturer to Newburgh, and the opening of the Newburgh Brewery, are indicators for stimulating the local economy. Smith said the IDA exists to be a partner to keep this ‘momentum going” to grow the Newburgh economy.

In 2007 the IDA lost its powers to offer financial incentives because it failed to comply with State reform and transparency regulations. In late spring of 2008 the City Council appointed a new Board of Directors consisting of seven independent city residents. With limited resources and staff, the new Board has separated its projects and finances from city government as required by the State. The Board’s diligence has resulted in the recapture of funds for the benefit of the City.

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