Archive: Business & Technology

The Tompkins County Legislature voted Tuesday night to form the Tompkins Development Corporation. The move will facilitate the ability for not-for-profit corporations to access low cost bond financing for projects that enhance, create and preserve employment opportunities in Tompkins County.

State legislation previously authorized local industrial development agencies (IDAs) to help finance these civic facilitates projects. The County Legislature historically has supported the provision of this type of financing by the Tompkins County Industrial Development Agency.

Over the past ten years the IDA has facilitated low cost financing valued at over $400 million for 23 not-for-profit projects that added one million square feet of space. Projects included construction at Kendal at Ithaca, expansion at Longview and Cayuga Medical Center, and various projects at Cornell, Ithaca College and Tompkins Cortland Community College.

The State legislation allowing IDAs to facilitate these projects sunset in January 2008. The Tompkins Development Corporation will pick up where the IDA left off. It will operate under the same policies and procedures as the Tompkins County Industrial Development Agency.

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