The process for obtaining
assistance from the Amherst IDA is relatively simple. Just follow these few
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.
and submit an "application package" to the AIDA. Applicants
should notify the Agency that it intends to submit an application no later
than 45 days in advance of the next scheduled Board of Director's Meeting.
The application package is available online and includes:
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
Project Eligibility Questionnaire which can be filled out online. Signature pages must currently be
printed out, executed and transmitted separately to the AIDA.
the case of real property: completed Short Environmental Assessment Form
(EAF), and complete Site Plans for the proposed project.
financial information in regard to the project (proformas, balance
sheets, income statements). We do waive this requirement so please verify
that we require it for your project.
the case of Venture/Multi-tenant projects and housing facilities, a
market study is often required.
$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.
Word versions of this document are available by contacting us directly.
We encourage all applicants to use the online application.
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:
and return of the Inducement or Authorization Resolution within 30 days of
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:
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
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.
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.
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.
of title insurance must also be provided to Amherst IDA Counsel in an
amount equal to the total project cost.
Final Project Cost Affidavit summarizing total project costs must be
RESPONSIBILITIES AFTER CLOSING:
of the Amherst IDA Existing Business Survey.
approval is needed for Venture/Multi-Tenant projects.
of NY State Department of Taxation and Finance ST-340 and ST-360 forms.
in NY State Comptroller's Audit.