Investment & Growth Tools

Starting a new business or looking to expand an existing one can present many challenges. To make your real estate, financing, and development decisions easier, the Ulster County Development Corporation and its local and state partners offer a wide array of economic incentives and programs. By contacting the Ulster County Development Corporation you can access the:

Development 21 Initiative

The Development 21 Initiative is a collaborative effort of the Ulster County Development Corporation, the Ulster County Industrial Development Agency and the Ulster County Legislature. The goal of this multi-component initiative is to aid in expanding and enhancing Ulster County’s infrastructure to better support 21st Century commerce. By investing in the build out of necessary public infrastructure and supporting the full utilization of advanced telecommunications technologies the Development 21 Initiative will enhance the marketability of the county’s available land and facilities leading to greater opportunities for commercial and industrial development.

Included in the Development 21 Initiative are:

	The Shovel Ready Fund to provide financial assistance to municipalities to (a) assess public infrastructure needs and conduct studies to determine the feasibility of commercial and industrial development and (b) enhance or construct necessary supporting public infrastructure.
	The Telecommunications Fund to provide low interest loans for the enhancement of the telecommunications infrastructure of existing facilities and properties and maximize high-speed Internet access.

Kingston-Ulster Empire Zone

The New York State Empire Zone Program's goal is to spur economic growth, new investment, re-investment, and job creation. By locating in the Kingston/Ulster Empire Zone you can make a difference in the bottom-line financial performance of your business and facility. Any industrial or commercial company – new or expanding – is eligible to make application to become an Empire Zone certified business and receive these benefits:

	Wage Tax Credit
	Sales Tax Refund - building materials
	Sales Tax Exemption
	Real Property Tax Abatement
	Investment Tax Credit
	Employment Incentive Tax Credit (ITC)
	Tax Reduction - Tax Credit
	Zone Capital Credits for Community Development Projects
	Zone Capital Credits for Direct Equity Investments
	Statewide Zone Capital Corporation
	Reduces tax liability
	Available to all industrial and commercial - new or expanding businesses

Ulster County Industrial Development Agency (UCIDA)

The UCIDA is a state public benefit corporation that assists business in the undertaking of capital projects that will attract, retain, and expand jobs in Ulster County. Working with individuals, partnerships, and corporations, the UCIDA will acquire property and issue bonds to finance projects that will increase the local tax and employment base by promoting projects in the areas of manufacturing, warehousing, research, commercial and industrial enterprise, pollution control, recreation or cultural facilities, continuing care facilities, and railroads. The programs of the UCIDA are administered with the support of UCDC.

Because the UCIDA is a public benefit corporation, it is tax-exempt. Therefore, properties to which they take title are exempt from taxes. For certain projects, the UCIDA may issue bonds that are exempt from federal, state, and local taxes. This has the effect of lowering the interest rate on the borrowing. The UCIDA may also provide real property tax abatement, exemption from sales tax on newly acquired personal property, and exemption from mortgage recording taxes.

The UCIDA was created in 1976 and serves all of the cities, towns, and villages in Ulster County. Additional information on the UCIDA and its program can be obtained by clicking here.

Ulster County Revolving Loan Funds

The Ulster County Development Corporation offers low-cost, flexible financing through countywide and municipal Revolving Loan Funds (RLFs). RLFS are financing tools for communities to provide loans to local businesses, which in turn, create jobs and leverage other private investment, while helping a community diversify and stabilize its economy.

While RLFs are frequently created through grants from the federal or state government, the RLFs are locally administered. All decisions are made in the community and as loans are repaid to the RLF, the funds are available for additional lending to other local start-up or expanding businesses.

The RLFs were created to fill the gap between what a business' finance needs are and what can be borrowed. Working in partnership with local and regional banks and other lenders, the RLFs can help to complete a business' financing package by offering fixed rate, low interest loans, revolving lines of credit or loan guarantees. In addition, by blending a lower RLF interest rate with traditionally higher conventional lender rates, the overall financing costs will be lower.

The RLFs will support projects that lead to the retention or creation of private sector jobs and leverage public and private investment in municipalities of Ulster County.

To learn more about RLFs click here.

To view a list of RLFs available in Ulster County click here.