Partner Daniel P. Deegan

Industrial Development Agency (IDA)

Forchelli, Curto, Deegan, Schwartz, Mineo & Terrana, LLP is a leader in representing private-sector businesses and developers in their applications to IDAs across Long Island. The Firm’s experience has allowed it to assist businesses and developers in identifying and maximizing potential benefits and it has handled many high profile clients and projects, including several corporate headquarters relocations, with very successful results.

Industrial Development Agencies (IDA) can offer substantial benefits to commercial real estate projects, benefits that are often overlooked by the real estate and business communities. These benefits can often make or break a deal and IDAs are looking to “make” deals that might otherwise not happen. IDAs incentivize businesses to locate, expand and/or remain in New York State, thereby creating and retaining tax base and jobs and resulting in a beneficial economic “Multiplier Effect”. Commercial buildings and businesses (including retail in some cases) can qualify.

The potential benefits include: a sales tax exemption on construction materials and eligible equipment; a mortgage recording tax exemption; and, often the most valuable, a beneficial PILOT agreement with significant savings on real property taxes. A project may also qualify for “Tax Exempt” and/or “Taxable” bonds, providing lower interest rates and allowing a project to tap credit markets not otherwise available.

The Firm actively coordinates the transactional elements of a real estate project to maximize benefits while expediting the process to ensure timely closing of the lease or purchase transaction. It is very important to approach the IDA as early as possible, before a contract, when the deal is being put together.

Attorneys practicing in this field:

• Daniel P. Deegan
Frank Davis
Daniel S. Dornfeld

Related Information

July, 2014
Understanding IDAs - A law firm specialization that has become more complex — LIBN

May 1, 2013
Partner Daniel P. Deegan, Esq. Moderates Panel at the Veterans Housing Conference Hosted by Adelphi University

May, 2012
Standing On Solid Ground & Moving Forward at The Omni
Long Island Business News

September 9, 2011
Multi-Discipline Approach to Reduce Commercial Real Estate Taxes— Long Island Business News

June 2011
Vision Long Island - Smart Growth Awards (Video)

July 27, 2010
Partner Daniel P. Deegan Discusses IDA Benefits in the New York Real Estate Journal

January 27, 2010
Newsday Reports Extensively on Approval Obtained by Partner Dan Deegan for $27M Housing Project through the Town of Hempstead IDA  

 


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