Glen Cove Industrial Development Agency

The Glen Cove Industrial Development Agency, (GCIDA) is a non-profit, public benefit corporation of the State of New York, organized by special act of New York State Legislature on May 17, 1974. The GCIDA has the authority to help not-for-profit and qualified business to relocate, expand and build in the City of Glen Cove.

Financing

GCIDA assists financial needs of various organizations by issuing both taxable and tax-exempt bonds and by providing information on complementary financing such as fixed asset and working capital lending programs.

Tax Managment

Qualified projects of GCIDA are eligible for sales, mortgage and real property tax exemptions. For real property exemptions, the direct payment in lieu of tax (PILOT) is an agreement between the Company and the Agency that contains a scheduled payment plan based on current tax rates and a mutually agreed project value.

Infrastructure Support

Glen Cove IDA can gain access to grants for projects that are part of an overall economic development plan to attract or expand a qualified project.