Financial Incentives

A full range of incentives are offered through the Saratoga Economic Development Corporation (SEDC), a private not-for-profit consulting organization in Saratoga County. SEDC's goal is to create jobs, diversify and increase the tax base while improving the quality of life for the residents of Saratoga County. SEDC assists the City of Mechanicville and Town of Stillwater by offering a wide-range of economic development benefits through Federal, State, and local inducements and programs. These programs, which achieve significant cost savings, are custom-designed based on the elements and requirements of the project conditions. These programs are available at all of the site options proposed for you.

SEDC's policy requires a face-to-face needs assessment between you and our community leaders. At this meeting, we match our investments, along with the State of New York's investments to the needs of the project. In our 20 year history, Saratoga County has provided a winning investment package that balances the needs of the new prospective employer with the benefits to the community.

Benefits

Those incentive areas that have been provided in previous project negotiations included:

  • City, School, and County Property Tax Abatements

  • Tax Exempt Revenue Bond Financing

  • Infrastructure Grants

  • Training Grants

  • Relocation Services Package

  • Energy Package

  • Employment Services Package

  • Public/Private Endowments

  • Other investments that are unique to your needs

Industrial Development Bonds

Industrial Development Bonds can offer attractive investments to industry seeking new locations or expansion of existing facilities. The advantages to a business in financing a project through the Industrial Development Agency (IDA) are substantial:

  • The project is exempt from real property taxes during the term negotiated. Each project will enter into a Payment in Lieu of Tax Agreement (PILOT), which is an agreement with the IDA to pay a stipulated sum in lieu of taxes.

  • Project related construction purchases and rentals as well as equipment purchased are exempt from the 7 percent State and Local sales taxes.

  • A mortgage given by the IDA to secure bonds is exempt from the 1 percent New York State Mortgage Recording Tax.

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