Hamburg Industrial Development Agency
Giving Companies a Competitive Edge in the Town of Hamburg
As part of the Hamburg Development Companies - in conjunction with the Hamburg Development Corporation - the Hamburg Industrial Development Agency's overall mission is to stimulate economic development within the Town of Hamburg.
The Hamburg Industrial Development Agency (HIDA) works with the town, village and both school districts in Hamburg to provide financial incentives for new facility construction and existing business expansion. The HIDA is committed to responsible, planned economic growth in Hamburg whole expanding job opportunities and enhancing the tax base in the Town.
Whether your company is looking to expand current operations or establish a new venture, the HIDA offers financing programs to help you succeed in Hamburg. These include:
Industrial Revenue Bonds
The HIDA is authorized to issue Industrial Revenue Bonds to assist with our goal of stimulating economic growth in Hamburg. Industrial Revenue Bonds are available to finance the purchase and improvements of land, buildings, property and equipment for firms engaged in light manufacturing, office construction, warehousing/distribution, research and development and some commercial activities.
Similar to conventional mortgages, local banks, insurance companies and /or pension funds purchase the bonds issued by the HIDA. The rates, terms and conditions are all set by the purchaser and are backed by the full faith and credit of the borrower, not the HIDA.
Tax Exemptions and Tax Abatements
The HIDA provides real property tax abatements for 10 to 15 years on increased valuation in addition to state and local sales tax exemptions on equipment and materials for qualified projects.
A Proven Track Record of Success
Since its inception in 1987, the HIDA has participated in more than 25 total projects, representing over $59 million in capital investment and the creation of more than 700 jobs within the Town of Hamburg.
Examples of these projects include:
- The HIDA arranged a lease for the construction of a new facility and the installation of new equipment for a precast concrete company. The company was able to take advantage of savings on sales tax for materials and equipment and a ten year property tax break on improvements.
- The development of a 157 acre office and light industrial park was assisted by the HIDA in the form of state and local tax abatements pre designed for companies located in the park.
- The HIDA's policy of tax abatements for projects offering substantial economic impact in the Town of Hamburg was instrumental in the renovation of a seven story, 181,000 square foot office building offering competitive lease rates.
The Hamburg Industrial Development Agency can help your company.
The professionals at the Hamburg Industrial Development Agencyare eager to assist your company in doing business in Hamburg. We can help with everything from site selection to financing programs and offer all the information you need to make your move.
For more information, including details on the available programs outlined here, contact the Director of Economic Development.
New Directions In Western New York Business Development Hamburg (716) 648-4145.