Archive: Business & Technology

The Tompkins County Industrial Development Agency (TCIDA) adopted an off-site commercial solar policy on October 12, 2017. The policy will make available a property tax incentive to promote community solar projects. Community solar projects allow anyone to purchase renewable energy generated from the sun without the high cost of installing solar on their own roof. Property taxes have been one of the hurdles for community solar in New York State and the TCIDA is hoping the policy will jumpstart solar development. This policy supports consumer choice for renewable energy generation, Tompkins County's goal to reduce greenhouse gas emissions by 80% by 2050, and the State's goal to generate 50% of New York's electricity from renewables by 2030.

"The IDA is playing an important role in making community solar a financially viable energy choice for hundreds of local residents." - Jim Dennis, Chair of the TCIDA and Tompkins County Legislator

The TCIDA has approved six projects totaling 12 megawatts of solar power, enough to power 2,400 to 3,600 homes. Three projects are located in the Town of Newfield, two are in the Town of Enfield, and one is in the Town of Ulysses. Each of the projects will generate more in property taxes than what is currently being generated on the existing land.

The TCIDA's mission is to "deliver economic incentives to business and industry to diversify and strengthen Tompkins County's tax base and enhance community vitality, by supporting job creation, business and industrial development, and community revitalization. We strive to develop the local economy in an organized, sustainable and environmentally beneficial manner."

The TCIDA is a public authority created by the Tompkins County Legislature. It is guided by federal and state law as well as policies established by its Board of Directors. The IDA is a local tool that can assist projects that create community benefits such as new tax base, new rental housing, long-term job opportunities, community revitalization and renewable energy generation. The Tompkins County IDA has closed more than 123 transactions, leveraging over $969 million in private investment and retained or created more than 4,600 jobs. Projects have paid over $37.3 million in new property taxes.

Heather McDaniel, Vice President and Director of Economic Development Services, with Tompkins County Area Development (TCAD), is the Administrative Director of the TCIDA. TCAD provides administrative, operational and monitoring functions for the TCIDA and is tasked with complying with financial and New York State reporting for public authorities.

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