Since 1971, the Town of Brookhaven Industrial Development Agency (IDA) has been a public benefit corporation of the State of New York whose charge is to assist in the acquisition, construction, reconstruction, and equipping of commercial and industrial facilities.
The Brookhaven IDA has the authority to issue tax-exempt and taxable bonds and notes. It can also grant property tax abatements, mortgage recording tax exemption, and full sales tax exemption for qualified applicants.
The Town of Brookhaven Industrial Development Agency has issued millions of dollars in tax-exempt or taxable bonds on behalf of more than 50 companies encouraging them to either locate or expand in the Town of Brookhaven. This assistance has been extended to companies both large and small, and has resulted in the direct creation of thousands of jobs for Brookhaven residents.
The IDA is prepared to provide your company with information on potential sites, Brookhaven, Long Island, and NY State demographics, and other community data that you may need. The dedicated staff at the Town of Brookhaven IDA is prepared to guide an applicant through the process related to the development of your company's growth.
You can also read this PDF: Top Myths vs. Truths about IDAs
Qualified applicants are eligible to receive property tax abatements of up to 100% for up to 10 years on new capital improvements.
Qualified applicants are eligible for tax exempt bond financing of up to 100% of the costs for construction, equipment, planning costs, and financial expenses (subject to financial institute participation). The bond rates are generally below conventional mortgage financing.
The review of qualified projects can be expedited through the Town to reduce development costs.
Qualified applicants are eligible to receive sales tax exemptions on materials and equipment purchased during the construction and equipping phases of the project.
The diversified and growing housing stock in Brookhaven can meet the demands of the employees, from entry level to executive management.
Major commercial/industrial hubs as well as MacArthur Airport, Stony Brook University, Brookhaven National Laboratory, and Ronkonkoma Hub are within minutes; only one hour to Manhattan via the LIRR/ Ronkonkoma line.
Qualified applicants are eligible to receive a partial exemption from the State Mortgage Recording tax.
Competitive pricing on over 1000 acres in prime locations are ready for industrial development in parcels from 2 to 100 acres.
Since 1985, the Town of Brookhaven continues to exhibit one of the fastest population growth rates in the Northeast.
The best way to determine if your project is a good fit for the IDA is to contact us. Each project is different and there is not a one-size fits all approach. The Town of Brookhaven IDA Board weighs many factors in deciding whether to induce a project or not. Job creation potential and capital investment are two important factors in the decision making process. Usually a capital investment of approximately $1 million is necessary to make the benefits of the project outweigh the costs of doing business with the Town of Brookhaven IDA. And, of course, the proposed project must be located in the Town of Brookhaven.
Straight Lease vs. Bond
Click here for a Printable PDF with an explanation of the straight lease deal and the basic benefits available through the IDA. In addition to the benefits outlined regarding Straight-Lease deals, Bond assistance may also be available. If your project is a good fit for Bonds, we will require a Bond Questionnaire to be filled out. Call to determine which set of benefits is the best fit for your organization.
One Independence Hill
Farmingville, New York 11738
Tel: 631-406-4244
Fax: 631-494-4798
Brookhaven IDA
www.brookhavenida.org
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