Mission
Our Agency is the economic development corporation for Erie County. The Agency is a public benefit corporation established in 1970 under Section 858 of the General Municipal Laws of the State of New York for the following purposes:
- To integrate and strengthen the planning and promotion of industrial, commercial and economic development in Erie County, on a unified, county-wide basis; and to that end to seek the cooperation and coordinate the operations of public and private organizations to such planning and promotion.
- To advertise and promote industrial, commercial and economic development opportunities in Eire County, and to publicize the advantages of the County.
- To conduct research into business and industrial conditions in the County, to study the needs and conditions of the County, and to prepare plans and elements of plans relating to the industrial, commercial and economic development of the County and any part thereof.
- To study, recommend, plan, coordinate and evaluate projects and programs relating to industrial, commercial and economic development in Erie County.
The ECIDA provides various economic development activities either directly or through its affiliated non-profit corporations. To fulfill it's mission, the Agency must enter into cooperative agreements with a number of public and private organizations, not limited to economic development agencies. A few examples are federal, state and local governments such as the County of Erie and other local governments at all levels within the County.
Program Objectives
Tax Abatement
The ECIDA provides sales, property and mortgage-tax abatement to eligible companies who locate or expand in Erie County, New York. In addition, the ECIDA provides bond financing on a tax-exempt interest basis to eligible companies. Through these tax abatement programs, the ECIDA facilitates capital investment lending to the growth or retention of jobs and increased competitiveness of local firms both nationally and internationally.
Lending
Through its non-profit affiliated corporations, the ECIDA administers several federally and locally funded loan programs. Through these programs, the ECIDA provides low interest loans to bridge the gap between a company's financial requirements and its ability to borrow from conventional financial institutions. These loans encourage the growth or retention of jobs, with a focus on companies located in distressed areas, start-ups and minority or women-owned businesses.
Development
The development division leverages local, state and federal grants in support of capital improvement projects including for brown-field redevelopment, removal of abandoned industrial facilities and rail/road access improvements. Through its endeavors, the development division improves the competitiveness of local manufacturing companies, and returns formerly abandoned industrial facilities or brown-fields back onto local government tax rolls.
International
The international division provides export working capital loans arranged through Ex-Im Bank and export credit insurance policies to assist local companies sell internationally. In addition, the international division operates foreign trade zones, which allow local manufacturers to reduce or defer import duties. The assistance the international division provides keeps local companies competitive internationally and results in the growth or retention of local jobs.