Generally, our process takes anywhere from 60 to 90 days to complete. The stages are normally as follows:
- Intake meeting between the IDA and prospective client.
- A Letter of Intent is sent from the IDA to the prospective client outlining potential benefits.
- The prospective client fills out an application.
- The proposed project is introduced to the IDA’s Board of Directors as a preliminary inducement resolution.
- If the proposed project involves some form of housing, a independent feasibility study is commissioned on the applicants behalf.
- The IDA holds a public hearing collecting comments from the public concerning the proposed benefits.
- The proposed project is presented to the IDA’s Board of Directors as a final authorizing resolution.
- If the Board of Directors approves the project, IDA staff and counsel coordinate a project closing with the new IDA client.
Often times we here from business owners and developers that the IDA process can be very complicated and sometimes overwhelming. However, our dedicated staff at the Babylon IDA is here to assist you every step of the way. To learn more about our process—reach out to us!