IDA Passes 2019 Projected Budget – Also Gives Green Light for RailHead Brewery Expansion

October 4th, 2018

HORNELL, NY – The Hornell IDA passed a resolution Thursday afternoon authorizing them to purchase the old New Life Printers on Park Drive with the intention to lease it to the adjacent business, RailHead Brewery, giving them the much needed space to expand their production capabilities.

Under the agreement passed Thursday, the IDA will buy the vacant building and lease it to RailHead Brewery. They plan to pay back the IDA in increments of 3% and 4% over 20 years, and also take responsibilities for the taxes on the building, which will increase 2% a year.

“The financial benefits for them are very minor,” said IDA head Jim Griffin, “There’s no mortgage, and the amount of sale tax exemptions they are requesting are also minimal. It’s a pretty simple application and were just thrilled that they are going to eventually purchase the vacant building and put it back on the city and county tax rolls.

In other news the IDA submitted their Policy and procedure book to a third party for review and they are anticipating some minor tweaking to some of them. According to Griffin, there are over 20 policies and procedures being reviewed.

And finally, a $585,845 budget was approved by the board for the 2019 fiscal year. The 2018 budget was set at $543,857, but looks to be slightly more at the end of 2018, with the final estimate coming in at $589,275. The fiscal year for the IDA runs from January 1st to Dec 31st.