Companies that agree to hire minority and women subcontractors and employees for development projects will be able to get extra property tax breaks from the Erie County Industrial Development Agency under a program that will launch this summer.
Under the new policy, businesses that receive ECIDA incentives will have an opportunity for expanded and extended tax subsidies if they meet minimum hiring and contracting requirements during and after construction, and if they commit to procurement, diversity and inclusion, training and mentorship goals.
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Those applicants could save an additional 25% per year on future property taxes, with an extra one or two years of benefits on top of the standard five-, seven- or 10-year incentive packages.
The objective is to increase work opportunities for minority- and women-owned businesses, as well as for minority and female workers, in a bid to ensure that the positive effects of development are shared more broadly, officials said.
“Incentivizing business growth is an important mission of the ECIDA but we need to increase the opportunities for minority- and women-owned businesses in the process,” said ECIDA Board Chair Brenda McDuffie. “This policy is a way of enhancing the community benefits of a project that we incentivize.”
The new policy – which was developed after a year of work – is optional. Companies that do not want to participate can still receive the…
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