Industrial Development Agency (IDA)
Town of Riverhead Industrial Development Agency (IDA)
Created and established in 1980 by an act of the State of New York, and requested by the Riverhead Town Board, the Riverhead Industrial Development Agency (RIDA) is a public benefit corporation.
Our mission is simple and direct - to help existing Riverhead businesses expand and to help new businesses locate in Riverhead. This is accomplished by serving businesses as an aggressive, accelerated conduit and pathfinder through the government/financial maze. Our program mission is intended to advance the job opportunities, health, general prosperity and the economic welfare of the community.
In providing financial assistance RIDA acts as the conduit through which a transaction takes place. Although it does not loan money RIDA may issue both tax-exempt and/or taxable Industrial Development Revenue Bonds. Other benefits which qualified businesses may receive through RIDA include sales and compensating use taxes exemption, mortgage recording tax exemption and real property tax abatement.
Regular meetings of the Board of Directors of RIDA are held on the first Monday of each month at 5 p.m. at Riverhead Town Hall, 200 Howell Avenue, Riverhead, New York. All persons are invited to attend.
Riverhead IDA Website