Develop New Housing:

The Fulton County Industrial Development Agency (IDA) has listed for sale a 26+/- acre tract of undeveloped land in the Crossroads Park off South Kingsboro Ave. Extension is Gloversville, NY. The IDA Board is offering this tract of land to developers to use to develop new single-family homes, townhouses, condominiums or market rate apartments.

This 26+/- Acre tract of land is Shovel Ready.

The land is owned by the IDA. Public roads provides direct access to and into the site, municipal water and sewer service are already in place as is electric and natural gas lines. The existence of these roads and infrastructure represent a major cost savings to a housing developer.

New Policy offering three New Incentives:

To encourage developers to invest into building new housing in Fulton County, the IDA Board recently adopted a new policy to offer three (3) financial incentives to housing projects.

1. Real Property Tax Exemptions.
2. Sales Tax Exemptions.
3. Mortgage Recording Tax Exemptions.

Real Property tax exemptions would be provided through a Payment in Lieu of Tax Agreement (PILOT). PILOT’s are available on a case-by-case basis with the maximum term being 30 years. The sales tax exemption would exempt a housing developer from paying the 8% sales tax on the materials used in the construction of new housing.

The mortgage recording tax exemption would exempt the developer from paying the 1% mortgage recording tax that would have to be paid in the housing project included with mortgage that would have to be filed in the County Clerk’s office.