Industrial Development Agency
The primary mission of the Tompkins County Industrial Development Agency (TCIDA) is to deliver economic incentives to business and industry to diversify and strengthen Tompkins County’s tax base and enhance community vitality, by supporting job creation, business and industrial development, and community revitalization. The IDA strives to develop the local economy in an organized, sustainable and environmentally beneficial manner.
The TCIDA has the authority to abate a variety of local and State taxes and serves as a conduit to the tax-exempt bond market for private sector projects. Its authority is guided by federal and State laws as well as policies established by its Board of Directors. The IDA’s policies are intended to maximize the return on investment of scarce community resources. The creation of quality of jobs, and how well the jobs meet the needs of local employers, are considerations of the IDA. The IDA has policies to encourage development in specially designated urban and community centers to increase density, support local development goals, and increase the tax base. The TCIDA targets the industrial sector and will only consider other sectors if certain criteria are met.
Since 1983, IDA incentives have resulted in the construction and renovation of over 5 million square feet of facilities, an investment approaching $800 million and more than 5,200 quality jobs have been created.
The following are two additional programs the IDA offers to encourage smart growth and high density development:
A developer seeking a tax abatement under this program must first seek approval and endorsement from the City of Ithaca. IDA applications must be accompanied by a letter of support from the Mayor and copies of all the application material submitted to the City. The IDA application must also be signed to be considered complete. The IDA will make an independent determination of the project. TCAD provides administrative and marketing services to the IDA. Potential applicants should contact the City Planning Department to schedule a meeting with Planning Staff and TCAD staff to determine project eligibility.
Lansing Town Center Incentive Program
The Town of Lansing Comprehensive Plan identified goals and objectives around creating a vibrant Town Center where higher density housing, commercial services catering to the needs of local residents, and recreational opportunities are established that increase the tax base and create a sense of community in Lansing.
A 218,211 square foot, 8-story mixed-use project will redevelop an underutilized property in the heart of downtown Ithaca with 192 apartments and a mix of commercial and retail uses on the ground floor. The IDA approved an enhanced incentive package for using renewable energy and energy efficiency measures, including air source heat pumps to replace natural gas heating. This $52 million project will contribute an estimated $3.1 million in new property taxes over 10 years.
Click here to see day-by-day photos and a time-lapse video of the project.
Ithaca Marriott Downtown on the Commons
The new flagship Marriott Hotel anchors the east end of the Ithaca Commons. The 10-story, 159-room hotel o ers a full-service restaurant, bar and lounge, and 2,400 square feet of meeting and function space. With an estimated 42,500 room nights booked per year, and guests spending over $6 million on food and beverage and $4.3 million on retail and entertainment, the hotel will contribute to a growing, vibrant, and bustling downtown economy.
This project will add to the vibrancy of the downtown Ithaca Commons, renovating an historic building and replacing several vacant, single story buildings with a mix of commercial, retail and residential uses. The project will add 108 units of much needed rental housing, providing opportunities for young professionals to live, work and recreate downtown. The project will contribute an estimated $2.1 million in new property taxes over 10 years. The $43 million project will include significant energy saving measures that will help meet county-wide carbon emissions reduction goals.
Therm is a third generation, family owned company. The company has occupied its facility since 1935. Therm specializes in custom machining for the aerospace industry. Major customers include GE and Honeywell. The company built a 20,000 square foot building at its existing campus located at 1000 Hudson Street Extension in the Town of Ithaca. The new building relocated a unit of the company that had been operating out of the South Hill Business Campus for many years. Consolidating operations allows for reduced costs and improved company efficiencies.