- Incentivizing investments
- Encouraging capital improvements
- Creating savings for businesses
Our Mission
The Village of Fairport Industrial Development Agency is a catalyst for growth of the Village of Fairport as a thriving, complete community and sought-after destination for residents, visitors, and businesses by strategically incentivizing, leveraging and investing in projects that support economic and community vibrancy.
What We Do
Supporting our vibrant community and a healthy local economy is essential to the Fairport Industrial Development Agency (FIDA). As a recognized leader in leveraging private-sector investment, the FIDA has the connections and know-how that come only from being part of the community ourselves.
For capital improvements to a new or existing commercial property, the Fairport Industrial Development Agency can help reduce your tax liability after completion, locking in significant savings in return for investing in Fairport.
Fairport IDA is a public benefit corporation established in 1976 under the General Municipal Law and the Public Authorities Law to foster economic development in the Village of Fairport.
How We Help
We offer the following benefits as outlined in our Uniform Tax Exemption Policy:
Real Property Tax Abatement
We help developers manage their incremental tax payments for construction or rehabilitation projects.
Sales and Use Tax Exemption
We can help lower costs by providing tax exemptions for construction, renovation or equipping an eligible project.
Mortgage Tax Exemption
Our mortgage tax exemptions can help lower the fees associated with project financing.
To qualify, your project must:
Success Stories
Iron Smoke Whiskey, founded in 2011, is a small-batch craft distillery. Enjoying success, the distillery needed a larger location. Working with Fairport Local Development Corporation, a suitable site was identified, and Iron Smoke relocated to the Fairport location in 2014. The project was assisted with a low-interest loan for renovations, build-out costs, fixtures, and equipment. The total project cost was $850,000.
In 2010, the Fairport Urban Renewal Agency acquired this deteriorating property and requested redevelopment proposals. A local developer purchased the property, demolished the existing building and redeveloped the site into 5 market rate apartments, which were leased out upon opening in September 2012.
What began as a simple façade improvement project in 2004, resulted in the demolition of 2 buildings and the construction of what has become a signature project in the heart of the Village. The Fairport Urban Renewal Agency supported this project with a $300,000 low-interest loan and a façade grant. The total project cost was $1,200,000.
The Fairport IDA assisted the developers of 56 Liftbridge by providing a custom PILOT program and sales and mortgage tax exemptions. As a result twenty-four market-rate residential rental units were carefully designed and created. The project addressed two of the FIDA’s strategic focus areas of downtown revitalization and adaptive reuse.
FIDA Document Library
Find Meeting Agendas, Minutes, Reports, Financials, Policies and more.
