Erie County Executive Chris Collins is urging the Erie County Legislature to pass legislation that would extend a local job creation program that his administration claims has financed more than $122 million in new construction and created more than 1,600 jobs.
The legislature is being asked to pass legislation extending tax exempt financing for not-for-profit organizations through the Erie County Industrial Development Agency. The legislature failed to vote on an extension before the policy expired at the end of 2010.
Tax-exempt financing through the ECIDA allows not-for-profit agencies the ability to borrow at lower costs. Tax-exempt financing through the ECIDA does not have local tax revenue implications. Erie County and the ECIDA developed this policy to address the ongoing failure of the New York State Legislature to pass legislation allowing tax-exempt financing for not-for-profit agencies.
"This policy is an innovative way around Albany's continued dysfunction and an example of what local government can do to help businesses create jobs," said Collins. "There is no doubt that this policy has been a success, buildings are going up and people are being put to work because of it. It is my hope that the County Legislature will not block our progress by refusing to act on the measure or, worse yet, by voting it down."