Share this article

print logo

Recent Amherst IDA projects create more jobs than promised

Companies receiving incentives from the Amherst Industrial Development Agency have created more jobs than they originally promised.

That's according to the agency's 2017 annual performance report, which Executive Director David Mingoia recently shared with the IDA's board of directors.

The 83 IDA projects still active in 2017 had generated 13,339 new or retained jobs, at a cost of $648 per job in tax incentives.

Individual performance varies, but the projects overall created 1,315 more jobs than the companies pledged to create at the time the IDA board approved the incentives. The projects received exemptions worth $9.5 million in 2017.

The IDA has 90 properties under payment-in-lieu-of-taxes, or PILOT, agreements that made $6.6 million in tax payments to municipalities, school and special districts in 2017.

Also in 2017, 14 IDA properties with a combined $46.4 million assessment became subject to full taxation. Their owners should pay about $1.3 million in property taxes in 2018.

There are no comments - be the first to comment