MISSION STATEMENT
The Green Island Industrial Development Authority’s primary mission is to fulfill the policy and purposes set forth in Section 858 of Title 18-A of the General Municipal Law of the State of New York. More specifically we promote, develop, encourage, and assist in the acquiring, constructing, reconstructing, improving, maintaining, equipping, and furnishing of industrial, manufacturing, warehousing, commercial, research, and recreation facilities and such other purposes authorized by section 858 of the General Municipal Law.
List of Performance Goals:
1. Maximize development of vacant land and the adaptive re-use of underutilized real property located within the Village of Green Island.
2. Maximize potential increase in the tax base of the Village of Green Island.
3. Support and encourage those projects, which provide the greatest number of employment opportunities.
4. Support existing businesses projects to retain and increase the number of jobs in each business and increase the tax base by related improvements in facilities.
IDA ENABLING STATUTE
The Village of Green Island Industrial Development Agency (Agency) was created during 1979 by the Board of Trustees of the Village of Green Island (Village) under the provisions of Article 18-A of the General Municipal Law of the State of New York and Chapter 63 of the Laws of 1979 of the State of New York for the purpose of encouraging economic growth in the Village. The Agency, although established by the Board of Trustees of the Village, is a separate entity and operates independently of the Village.
The Agency’s function is to authorize the issuance of industrial revenue bonds for industrial development projects and to assist business in acquiring or constructing various facilities in order to provide job opportunities and increase economic welfare. In return for its efforts, the Agency receives application and closing fees related to this business financing.
OPERATIONS AND ACCOMPLISHMENTS
Overview
The Village of Green Island Industrial Development Agency was created in 1979 by the Board of Trustees of the Village of Green Island under the provision s of Article 18-A of the General Municipal Law of the State of New York and Chapter 63 of the Laws of 1979 of the State of new York for the purpose of encouraging economic growth in the Village of Green Island.
The Agency’s function is to authorize the issuance of industrial revenue bonds for industrial development projects and to assist business in acquiring or constructing various facilities in order to provide job opportunities and increase economic welfare.
Since 2001 economic development has been priority number one in the Village of Green Island. The north end of Green Island has been specifically targeted for commercial and industrial development. Over $50 million dollars of public and private investments has resulted in approximately 964 jobs. IDA financing of $29.8 million contributed to this effort.
The north end of the Center Island area of the Village is the home of 189 apartments financed in part with a $15 million IDA bond. Most recently, the south end of Center Island has become the administrative headquarters and training center of a major commercial real estate firm.
The IDA’s economic development effort has had a material affect on the tax base. At present 33% of the current village tax base is due to that effort.
IDA Projects Undertaken in 2011 – Although there were no formal IDA projects effected in 2011, IDA management continues to evaluate industrial and commercial company inquiries into establishing a presence in the Village’s Industrial Park.
IDA Real Property
IDA real property consists of 50 acres of land located in the north end of the Village. This land is part of the continuing industrial and commercial development of the north end.
Effectiveness of the IDA’s Internal Control Structure and Procedures
We believe our internal control mechanism is structured to minimize the possibility of fraud or misuse of IDA assets. We are constantly reviewing our policies and procedures to improve operating efficiencies and control costs. We have engaged consultants to assist us in the review and re-writing of existing policies and procedures as well as establishing new policies and procedures.
Website
The IDA’s website can be located at http://www.villageofgreenisland.com.
