Germano & Cahill, P.C. is an active participant in Industrial Development Agency (IDA) transactions and local development corporation financings throughout Long Island for a variety of projects, such as manufacturing, commercial and industrial projects. Serving as the company-applicant’s counsel, we have extensive experience with IDA transactions and advocate on behalf of our clients to obtain benefits that will help companies expand or renovate, purchase or build new or additional facilities, and remain in or relocate to Suffolk County or one of its many towns or villages. Benefits include abatements of real property taxes, exemptions from mortgage recording tax and exemptions from sales and use taxes. Benefits are available for projects ranging in size from a hundred thousand dollars to millions of dollars, whether the company plans to lease or own the space. Germano & Cahill has obtained benefits for many large-scale public companies and small, family-owned or privately-owned companies.

2015/2016 Results:

Suffolk County IDA, February 2016, representing a manufacturer of magnetic resonance imaging equipment, Germano & Cahill closed on a straight-lease transaction with the Suffolk County IDA resulting in a ten-year abatement in real property taxes for the company and sales and use tax exemptions for the renovation of an approximately 79,000 square foot building leased by the company.

Suffolk County IDA, December 2015, representing an independent laboratory, G&C closed on a straight-lease transaction with the Suffolk County IDA resulting 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 IDA, August 2015, representing a distributor of medical components, G&C closed on a straight-lease transaction with the Town of Islip Industrial Development Agency resulting in a ten-year abatement in real property taxes for the company and sales and use tax exemptions for the renovation of an approximately 95,000 square foot portion of an approximately 206,000 square foot building leased by the company.

Town of Islip IDA, June 2015, representing a manufacturer and distributor of clothing, G&C closed on the purchase of commercial property financed with a $2,080,000 mortgage, and with 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 IDA, January 2015, representing a manufacturer of aircraft parts, G&C closed on a straight-lease transaction with the Suffolk County IDA resulting in a ten-year abatement in real property taxes for the company.