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COMIDA ranked third for job creation in the state

The County of Monroe Industrial Development Agency was one of five IDAs in the state with the largest job gains in 2014, new figures released Wednesday show.

The local IDA placed third with 12,038 jobs created, according to a report from the office of state Comptroller Thomas DiNapoli.

New York City was ranked first with 48,859 jobs, followed by Suffolk County with 13,817 jobs. After Monroe County were Oneida County with 10,476 jobs and the town of Amherst in Erie County with 10,227 jobs.

DiNapoli’s report shows the state’s 109 active IDAs provided $1.1 billion in total tax exemptions in 2014. The exemptions were partially offset by $483 million in payments-in-lieu of taxes, leaving the total net exemptions for the year at $632 million—a decrease of $28.5 million, or 4.3 percent, from 2013.

In 2014, IDA projects reported a total of 645,010 full-time jobs, which reflects an increase of 235,888 jobs over the life of these projects, at a median cost of $1,882 per job gained. In 2013, cumulative job gains equaled 199,943 with the median cost per job gained of $2,095.

“IDAs are an important catalyst for economic development in our state,” DiNapoli said in a statement.

Last year, DiNapoli helped with legislation to improve the process by which IDAs approve new projects, the quality of the information they gather about the projects, and policies for recapturing financial assistance if project goals are not met.

The new law, developed with support from the New York Economic Development Council, becomes effective on June 15.

The report is some good news for COMIDA, which has faced some public opposition, namely from questions as to how they handled a political matter related to the I-Square project in Irondequoit.

Since then, several board members have resigned, including chairman Theresa Mazzullo, and the board’s regularly scheduled June 21 meeting has been postponed.

For data showing project, financial and debt data for IDAs, visit osc.state.ny.us.

(c) 2016 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail rbj@rbj.net.

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