City of Poughkeepsie Industrial Development Agency

The mission of the City of Poughkeepsie Industrial Development Agency is to advance the job opportunities, health, general prosperity and economic welfare of the people of the City of Poughkeepsie and to improve its recreation opportunities, prosperity and standard of living, through the promotion, development, encouragement and assistance of industrial, manufacturing, warehousing, commercial, research and recreation facilities, educational or cultural facilities, health care facilities and continuing care retirement communities, in the City of Poughkeepsie.

The City of Poughkeepsie Industrial Development Agency was formed under Article 18 A of the NYS General Municipal Law as a public benefit corporation. It can provide financial assistance consistent with the aforementioned law. It is subject to compliance with the Public Authorities Accountability Act of 2005 and Public Authorities Reform Act of 2009.

Stakeholders:

• City Council and City Government
• Residents of the city
• City of Poughkeepsie’s business community

Goal #1: Promote private investment for development, job creation and retention

Measures:

• Support attraction of business, business retention, and job generation through coordination with local and county economic development organizations – respond to leads and to existing businesses to determine eligibility for IDA financing and other business assistance, make referrals, and support/facilitate local and regional economic development initiatives.
• Further development in priority (TOD) areas as defined in the Uniform Tax Exempt Policy.
• Induce and execute eligible projects that generate private investment, stabilize impacted census tracts, and create or retain jobs.

Goal #2: Undertake compliance requirements

• Hold at least two (2) Governance and Audit Committee meetings a year.
• Annually review and re-adopt policies and operations.
• Monitor economic data.
• Conduct open meetings.
• Complete an annual independent audit.
• Monitor projects.
• Complete PARIS reporting.
• Maintain and update IDA website.
• Manage projects and agency in conformance with all applicable state laws and regulations.