Skilled Attorneys Handle Industrial Development Agency Transactions
Suffolk County lawyers help businesses reach deals with municipal officials
Establishing public-private partnerships that include tax abatements and other types of relief benefits both parties and the community at large. Germano & Cahill, P.C. is an active participant in Industrial Development Agency (IDA) transactions and local development corporation financings throughout Long Island. We foster strong agreements for manufacturing, commercial and industrial projects. Serving as the company-applicant’s counsel, we have extensive experience with IDA transactions that help companies expand, renovate, purchase or build facilities. This enables businesses to remain in Suffolk County or relocate here. Whether the agreement is with the county or one of its towns or villages, we secure benefits such as property tax abatements and exemptions from sales and use taxes. No matter the size or scope of your project, we can guide you toward a successful resolution as you invest in our community.
Long Island firm has a proven record of success completing IDA deals
Our track record of closing IDA deals and similar local arrangements gives clients the confidence they need to move forward. In a free initial consultation, our experienced attorneys will examine your situation and outline a potential course of action. We can also discuss similarities to successful transactions that we’ve handled including:
- Suffolk County MRI manufacturer — In February 2016, we closed on a straight-lease transaction with the Suffolk County IDA resulting in a ten-year abatement in real property taxes for a magnetic resonance imaging equipment maker for the renovation of an approximately 79,000-square-foot building leased by the company.
- Suffolk County laboratory — Our firm represented an independent laboratory in a 2015 straight-lease transaction with the Suffolk County IDA that resulted in a ten-year abatement in real property taxes for the company, a mortgage tax exemption, and sales and use tax exemptions for the renovation of an approximately 60,000-square-foot building owned by the company.
- Town of Islip medical component distributor — We closed a straight-lease transaction with the Town of Islip Industrial Development Agency that established a ten-year abatement in real property taxes for the company and sales and use tax exemptions for the partial renovation of a 206,000-square-foot building leased by the company.
- Town of Islip clothing manufacturer — As part of a commercial property purchase for a clothing manufacturer, our firm obtained the assistance of the Town of Islip IDA in the form of real property tax abatements, exemptions from mortgage recording taxes, and exemptions from sales and use taxes.
- Suffolk County airplane part maker — Representing a manufacturer of aircraft parts, we closed on a straight-lease transaction with the Suffolk County IDA resulting in a ten-year abatement in real property taxes for the company.
We offer a unique blend of legal skill and local knowledge. Our comprehensive guidance will help you overcome obstacles and create the best possible environment for closing your IDA or local development corporation transaction.
Contact a Long Island attorney for a free initial consultation regarding IDA transactions
Germano & Cahill, P.C. represents clients in Suffolk County Industrial Development Agency transactions and other matters relating to public-private commercial property financing. Please call 631-588-8778 or contact us online to schedule a free initial consultation at our Holbrook office.