19 Commerce Lane, Suite 1
Canton, New York 13617
Welcome to the SLC Industrial Development Agency
The St. Lawrence County Industrial Development Agency (“SLCIDA”) is a public benefit corporation created under New York State General Municipal Law, Title 2, Section 914. Its mission is to promote, encourage, attract and develop job opportunities and economically sound commerce and industry in St. Lawrence County. To accomplish its mission, SLCIDA constructs and owns industrial sites and buildings, administers loan packaging and industrial revenue bond financing and provides a variety of tax-reduction incentives. SLCIDA has been involved in a number of projects over the past 30 years. The projects vary by type:
Bond Financing: SLCIDA is authorized to issue both tax-exempt and taxable industrial bonds for the acquisition, construction, and equipping of manufacturing, commercial and civic facilities. The purpose of the bonding program is to promote economic prosperity and job opportunities in the County.
Sale/Leaseback: SLCIDA is authorized to enter into sale/leaseback financing arrangements with the private companies. This type of financing enables companies to take advantage of certain IDA tax reduction incentive programs.
Loans: SLCIDA established a revolving loan fund (SLCIDA Local Development Corporation) to stimulate the growth of private sector employment in St. Lawrence County. The fund will make low-interest, subordinated loans for real estate acquisition, building construction and rehabilitation, or machinery and equipment acquisition and
The St. Lawrence County IDA continues the legacy started by its original members over 40 years ago:
The mission of the St. Lawrence County Industrial Development Agency is to promote, encourage, attract and develop job opportunities and economically sound commerce and industry in St. Lawrence County. To accomplish its mission, the IDA constructs and owns industrial sites and buildings, administers loan packaging and industrial revenue bond financing and provides a variety of tax-reduction incentives.
New York State
General Municipal Law
Article 18-A ~ Industrial Development
§ 914. St. Lawrence county industrial development agency. 1. For the benefit of the county of St. Lawrence and the inhabitants thereof, an industrial development agency, to be known as the ST. LAWRENCE COUNTY INDUSTRIAL DEVELOPMENT AGENCY, is hereby established for the accomplishment of any or all of the purposes specified in title one of article eighteen-A of this chapter. It shall constitute a body corporate and politic, and be perpetual in duration. It shall have the powers and duties now or hereafter conferred by title one of article eighteen-A of this chapter upon industrial development agencies and provide that the exercise of the powers by such agency with respect to the acquisition of real property whether by purchase, condemnation or otherwise shall be limited to the corporate limits of the county of St. Lawrence, and such agency shall take into consideration the local zoning and planning regulations as well as the regional and local comprehensive land use plans. It shall be organized in a manner prescribed by and be subject to the provisions of title one of article eighteen-A of this chapter. Its members shall be appointed by the governing body of the county of St. Lawrence. The agency, its members, officers and employees and its operations and activities shall, except as provided specifically herein, be governed by the provisions of title one of article eighteen-A of this chapter.
2. In addition to the powers and duties now or hereafter conferred by title one of article eighteen-A of this chapter, the agency shall have the power (i) to acquire, construct, own, maintain, and lease or sell to a railroad or private business corporation any interest in railroads operated within St. Lawrence county, including easements or rights of way, necessary switching apparatus, track, and other equipment necessary or convenient to the operation of such railroad, which will be used in conjunction with industrial, manufacturing, commercial or warehousing operations and (ii) to finance such facilities through the issuance of its bonds and notes, when in the judgment of the agency, such facilities will serve to promote, develop, encourage and assist in the acquiring, constructing, reconstructing, improving, maintaining, equipping and furnishing of industrial, manufacturing, warehousing, commercial, and research facilities including industrial pollution control facilities and thereby advance the job opportunities, health, general prosperity and economic welfare of the people of the state and improve their prosperity and standard of living.