Industrial Development Agencies
Friday, February 10, 2012
By Innovation Trail's Marie Cusick
Ask just about any politician these days, and he'll likely tell you that a big part of his job is to create jobs.
So how does the government attempt to do that?
Here in New York, industrial development agencies (IDAs) are one of main job creation mechanisms for local communities.
In 2009, IDAs gave away close to half a billion dollars in tax breaks to companies in the name of economic development.
IDAs are known as "public benefit corporations" - they're supposed to help their local communities, and create jobs.
But in their four decades of existence, they've been accused of everything from failing to comply with state laws, to simply being inefficient.