Last year, the Monroe County Industrial Development Agency (COMIDA) approved
more projects than any other IDA in New York,
says a report from the state Authorities Budget Office. But those
projects have not resulted in the most private investment.
COMIDA approved 40 projects, totaling $81.7 million in private investments
and approximately $1.5 million in various tax exemptions, says the report. The NiagaraCountyIDA
had 14 projects totaling $432.3 million worth of private investment and $4.4
million in exemptions. One of those projects is a massive $400 million paper
mill, however, says an end-of-the-year slideshow from that county.
The job creation figures are trickier. COMIDA reports that it’s gaining 494
full-time equivalent jobs through its projects, placing it among the top in terms
of job creation. Niagara, on the other hand, expects a
gain of 61 full-time-equivalent positions. But the NiagaraCountyIDA
also anticipates that its projects will generate approximately 3,400 temporary
construction jobs. COMIDA projects the creation of 330 temporary construction
jobs. Statewide, some IDA projects are more construction heavy, while others
create long-term jobs.
A frequent criticism of COMIDA and the state’s other IDAs is that they don’t
get enough bang for the buck. That’s where these numbers become important: can
the numbers and types of jobs created justify the tax revenue losses? That’s
not an easy question to answer, and it will be a continuing debate in New
York.
For comparison, here’s how a few other IDA’s stack up, according to the
Authorities Budget Office report:
- The Amherst IDA, which reported investments of $119 million for five projects and approximately $672,000, reported a gain of 496 full-time-equivalent positions. The projects created 41 construction jobs.
- The ErieCountyIDA reported five projects totaling approximately $20 million in private investment and $636,500 in tax exemptions. It expects an increase of 18 full-time-equivalent positions and the creation of 145 construction jobs.
- The OnondagaCountyIDA reported four projects with $23.1 million worth of private investment and $325,800 in tax exemptions. It expects an increase of 40 full-time-equivalent positions and the creation of 236 construction jobs.
This article appears in Jun 27 – Jul 3, 2012.
