Jan 22 2010
Sep 24 2009
Frequently Asked Questions
- What financial incentives are available (i.e. loans, real property tax incentives)?
- Are their any utility incentives available and how do you qualify?
- What is the location and transportation access of various industrial properties throughout the county?
- What are the skills and availability of the workforce?
- What is the availability of buildings for sale or lease?
- What is the tax structure (both real property tax and corporate taxes)?
- Are there any grants available?
- Are there Empire Zones in the county and where are they located?
- How does the general cost of doing business compare to other areas (construction costs, labor costs, etc.)?
- What educational facilities are located in Niagara County and surrounding areas?
1. What financial incentives are available (i.e. loans, real property tax incentives)?
The Niagara County Center for Economic Developemnt can provide incentives in several areas. Revolving Loan Funds are available to assist manufacturing, warehouse/distribution and commercial services firms in financing working capital and fixed assets. For sizeable capital investment and construction projects, lease/leaseback and Industrial Revenue Bond programs provide partial real property tax abatements, abatement of sales tax on construction materials and abatement of mortgage recording tax. For businesses with 5 employees or less or start-up businesses, the Niagara County Microenterprise Assistance Program offers education, technical assistance and business loans. Additional incentives are available through Empire State Development and Niagara County Employment and Training.
2. Are their any utility incentives available and how do you qualify?
The New York State Power Authority has blocks of low-cost replacement power available to business and industry that will be adding new electrical load. Niagara County also has low cost power available for businesses through the Empower Niagara Program. Companies receiving Empower Niagara power must meet certain new load requirements and create or retain jobs.
Certain parameters must be met, including: within 30 miles of the power project, creation/retention of jobs and willingness to commit contractually to the Power Authority.
Other utilities may also offer energy incentive rates, depending upon a number of factors. Companies locating in the Empire Zones are eligible for these incentives.
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3. What is the location and transportation access of various industrial properties throughout the county?
The county's major industrial parks are generally located within close proximity to major highways. Specifically, Summit Business Park, Vantage International Park, Niagara International Business Park, Niagara Industrial Airpark, Town of Lockport Industrial Park, and the Woodlands Corporate Center are within a reasonable distance to the interstate and the international bridges.
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4. What are the skills and availability of the workforce?
Niagara County has an excellent trained workforce with an exceptional work ethic. As a result of numerous recent corporate downsizings, some of these workers are available. Niagara County Department of Employment and Training offers assistance both to dislocated workers and to companies looking for employees. The Department administers training programs funded under the Federal Workforce Investment Act and assists employers by providing assessed, qualified candidates for employment.
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5. What is the availability of buildings for sale or lease?
The Niagara County Center for Economic Development maintains a database of available buildings for sale or lease as well as industrial and commercial land available for sale. To get your property search started, click here. [link to find a property section]
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6. What is the tax structure (both real property tax and corporate taxes)?
Major tax impacts are as follows:
Federal: personnel and corporate income tax.
State: personnel and corporate income tax sales tax.
Local: property taxes sales tax.
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7. Are there any grants available?
Outright grants are not generally available to businesses. However, there are some exceptions. Empire State Development may provide capital grants to companies for projects that will be creating substantial employment. The City of Niagara Falls offers a matching grant program for very small businesses (microenterprises) for up to $10,000.
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8. Are there Empire Zones in the county and where are they located?
There is one Empire Zone in Niagara County, which is located within the City of Niagara Falls. The zone has been expanded over the years and the boundaries have become non-contiguous.
Some benefits of locating in the Empire Zone include New York State Investment Tax Credits, Wage Tax Credits, and state sales tax exemption, as well as real property tax abatements and public utility rate reductions through National Fuel, Verizon, and Niagara Mohawk/National Grid.
The City staffs an Empire Zone office, which can be reached at (716) 286-8830.
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9. How does the general cost of doing business compare to other areas (construction costs, labor costs, etc.)?
The Niagara County area has many strengths, including an affordable cost of living and low costs for water and sewer. In addition, workforce costs are lower compared to other areas of the country and workers are more productive.
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10. What educational facilities are located in Niagara County and surrounding areas?
Western New York is home to 15 four-year schools, graduating more than 20,000 from a base of more than 100,000 annually. The largest public university in the state, the University at Buffalo, offers more than 300 graduate and undergraduate degree programs.
The region also boasts first-class private colleges such as Niagara University and Canisius College. The quantity and quality of post-secondary educational institutions gives employers a market from which to draw a wide variety of employees. Thousands of graduates every year seek employment in the region with degrees in such fields as engineering, computer science, architecture and accounting, to name a few. Residents in the region enhance their education through continuing studies in graduate and professional programs, earning degrees in finance, medicine, dentistry, business, marketing, and management, which also enhance the skills and quality of the available labor force.
There are approximately 400 public and private elementary and high schools in Western New York. Niagara County has 10 public school systems. Vocational and technical training schools also support the needs of local business and industry.
