Financing Your Expansion
The Herkimer County Industrial Development Agency (HCIDA) is committed to making your commercial expansion highly profitable from day one. We engineer competitive, custom-structured financial incentive packages designed to mitigate your upfront capital requirements, lower construction costs, and ensure long-term operational predictability.
Our Product
Our agency directly administers powerful local tax incentives to qualifying businesses, ensuring your capital is spent on growth, not overhead.
We negotiate Payment in Lieu of Taxes (PILOT) schedules tailored specifically to your project's timeline and scope. This provides a phased, predictable property tax structure that protects your initial capitalization phase.
Significantly lower your build-out costs. Qualifying projects receive exemptions on New York State and local sales taxes for all eligible construction materials, facility fixtures, and essential operational equipment.
Reduce your real estate closing costs instantly. We offer waivers on the state mortgage recording tax (typically 1% of the mortgage amount) for commercial property acquisitions and facility financing.
We assist eligible businesses by issuing industrial revenue bonds to finance qualified project costs, potentially providing access to lower-cost tax-exempt financing.
Who Qualifies?
The HCIDA strategically deploys financial incentives to attract and expand key economic drivers within the Mohawk Valley. If your operation aligns with these sectors, you are an ideal candidate.
Answer Center
Key data points regarding PILOTs and financial incentives in Herkimer County.
A PILOT agreement temporarily replaces standard, fully assessed property taxes with a negotiated, graduated payment schedule. This allows expanding businesses to reinvest early revenue directly into operations, equipment, and workforce development.
You must engage the HCIDA and formally submit your application prior to finalizing property purchases, ordering equipment, or beginning any site construction. Retroactive exemptions cannot be legally granted.
Comprehensive Support
Our agency directly administers powerful local tax incentives to qualifying businesses, ensuring your capital is spent on growth, not overhead.
Taking the Next Step
Skip the red tape. Contact our expansion team today for confidential site selection, custom utility reports, and to verify your incentive eligibility.
