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Industrial Development Agency Comprehensive Report on Developer Tax Exemptions (September 2020 Report to City Common Council)

At the Common Council’s request, the Industrial Development Agency (IDA) conducted a comprehensive comparative review and analysis of Developer Tax Exemptions granted to development projects since the mid 1980s up until today across all types of exemption programs—IDA Payment In Lieu of Taxes (PILOT), 581-A “Like” and 485-A developer tax exemptions.The purpose of this work was to provide clarity on the effectiveness, costs, and benefits of past developer tax exemptions in order to ensure the City receives maximum benefit for investing taxpayer dollars in these programs going forward. The IDA presented the main findings of this work at the September 21, Common Council meeting. As requested at that meeting, the report on those findings is now being made available to the general public and can be found by clicking this link and downloading the report