The process for obtaining assistance from the Amherst IDA is relatively simple. Just follow these few steps:
- It is highly recommended that a preliminary meeting be arranged between the Amherst IDA staff and your decision-makers involved with the project (typically attorney, CPA/CFO, operations). We like to learn about your company's history and growth potential (or proposed development project). In addition, this initial meeting explains IDA procedures, fees, timelines for public hearing notices and Board meetings, required paperwork (such as vendor lists, Town of Amherst permits, etc.) and other important issues involved with development projects. At the very least, a telephone conversation can resolve most application questions.
- Prepare and submit an "application package" to the AIDA. Applicants should notify the Agency that it intends to submit an application no later than 60 days in advance of the next scheduled Board of Director's Meeting. The application package is available online and includes:
- Completed Project Eligibility Questionnaire which can be filled out online. Signature pages must currently be printed out, executed and transmitted separately to the AIDA.
- In the case of real property: completed Short Environmental Assessment Form (EAF), and complete Site Plans for the proposed project.
- A $500 non-refundable application fee (make check payable to the Town of Amherst Industrial Development Agency)
the application electronically by clicking on the following: AIDA Online Application.
those projects exceeding $100,000 in tax benefits, a public hearing must
be scheduled to solicit public comment on all projects seeking Amherst IDA
assistance. Public hearing notices are published no less than 10 days
before scheduled Board meetings -- so project overviews and application
materials must be prepared well in advance of the actual Board meeting
- After staff review, the application package is then presented to the Board of Directors for adoption of an Inducement or Authorization Resolution.
FOLLOWING APPROVAL BY THE BOARD OF DIRECTORS, THE PROJECT OPERATOR IS RESPONSIBLE FOR:
- Execution and return of the Inducement or Authorization Resolution within 30 days of receipt.
- Sales tax exemption letters will be issued upon receipt of the executed Resolution for the project along with a letter indicating the General Contractor for the project (where applicable) and/or a project vendor list.
TO CLOSE YOUR PROJECT:
- In the case of an Industrial Revenue Bond Transaction, the AIDA must receive a signed commitment letter from the financial institution purchasing the bond at least 14 days prior to the next regularly scheduled board meeting. A request for a Bond Resolution will be place on the agenda of the next board meeting.
- In the case of a Lease Transaction, the project should close within one year of the original Board of Directors authorization. Unless there is an amendment to the scope of the project (ie. size or dollar amount), there is no need for any additional board action.
- In the case of an Installment Sale transaction, the project should close within six-months of the original board of directors authorization. Unless there is an amendment to the scope of the project (ie. size or dollar amount), there is no need for any additional board action. Installment Sale transactions are typically good for one year from the date of Board approval.
- All clients must provide proof of liability insurance to the Amherst IDA or Bond Counsel in the amount of $2 million or 2 1/2 times the project cost (which ever is less). The insurance coverage must be provided by a carrier licensed in NY State. The Amherst IDA must be named as additional insured.
- Proof of title insurance must also be provided to Amherst IDA Counsel in an amount equal to the total project cost.
- A Final Project Cost Affidavit summarizing total project costs must be submitted.
APPLICANT RESPONSIBILITIES AFTER CLOSING:
- Sublessee approval is needed for Venture/Multi-Tenant projects.
- Filing of NY State Department of Taxation and Finance ST-340 and ST-123 forms.
- Participation in NY State Comptroller's Audit.