The New Rochelle Industrial Development Agency (NRIDA) is a public benefit corporation created by special legislation for the State of New York.

The purpose of the NRIDA is to provide support to manufacturing, commercial, educational, and health related businesses by serving as a vehicle for long term, low interest, financial assistance for capital projects through the issuance of Industrial Revenue Bonds (IRB’s) and other incentives. IRB’s are considered for development projects exceeding one million dollars. These projects include:

Acquisition,
Expansion,
Rehabilitation,
and, purchase of equipment

Other incentives offered through the NRIDA include:

– Mortgage recording tax exemption
– Sales tax exemption (as related to the construction of a project)
– Real property tax abatement*

*A payment in lieu of taxes (PILOT) is required, phased in to full assessment over the length of the project

The IDA Process – Bonds & Straight Lease Transactions

Preliminary Meeting – project owner and financial officer meet with the NRIDA Director to review the
eligibility requirements.

Underwriter Meeting – project owner and financial officer meet with investment bankers to underwrite
potential bond issue.

Application Submittal – project owner submits completed application to the NRIDA Director.

Introduction of Bond Counsel – Discussions with counsel; project is induced by initial resolution
allowing Director to continue negotiations with the project owner
relating to issues concerning bond issues and/or sales/use and mortgage
related tax benefits .

Public Hearing Notification – public hearing is published in the local media with 30 days notice prior to
hearing date.

Forms of Security – Underwriter will arrange a letter of credit or other form of security for bond issues.

Bond Offering – Underwriter and Bond Counsel coordinate preparation of bond offering documents.

Closing – bond funds are escrowed and available for disbursement to the project company.