The City of Ogdensburg is the ONLY designated Economic Development Zone in the North Country situated on the Canadian border. The Economic Development Zones Program offers a comprehensive package of special financial incentives and technical assistance to new and expanding businesses. The Program includes the following benefits:
* A tax credit for up to five years, based on full-time employees in newly created jobs.
* An enhanced Investment Tax Credit - A credit of 8 -10 percent for any investment costs in a manufacturing facility. In addition, corporations may be entitled to a credit equaling 30 percent of the Investment Tax Credit in each of the three subsequent years.
* Refund of sales taxes on tangible personal property used in constructing, expanding, or rehabilitating industrial or certain commercial property in the Zone.
* A credit against personal or corporate income taxes for the purchase of shares in a Zone capital corporation, equal to 25 percent of sum paid for any stock purchase.
Additional local benefits offered under this program include:* Exemption from real property tax (100% for seven years, 75% in year #8, 50% in year #9 and 25% in year #10) on improvements to Zone businesses, including retail businesses.
* Refund of local sales tax paid on tangible property used in the construction, improvement, or rehabilitation of industrial or certain commercial property.
* Special, reduced electric, gas and telephone rates.
* The New York State Empire State Development Corporation offers a number of financial incentive programs to businesses and projects including low interest loans, deferred interest payments and grants for feasibility studies and employee training.
* The State Office of Business Permits and Regulatory Assistance works with local governments to expedite the issuance of both State and local business permits and licenses.
* The Department of Economic Development's Skills Training Program, the Job Service Division of the State Department of Labor, the State Education Department, the Department of Social Services, and the Job Training Partnership Council combine their efforts with those of local agencies to provide job training, placement and job-readiness programs.
* The Ogdensburg Growth Fund Development Corporation provides low interest loans to qualified businesses that create new jobs.
* St. Lawrence County Revolving Loan Fund provides low interest loans to qualified businesses that create new jobs.
For information on these programs and other State funding programs contact:
City Office of Planning & Development
330 Ford Street
Ogdensburg, N.Y. 13669
(315)393-7150