Tax-exempt Financing for Eligible Projects: REAC is authorized to issue conduit bonds for projects of other not-for-profit entities that are located within the County. For eligible projects, REAC bonds will qualify for tax-exempt status.
Mortgage Recording Tax Exemption: As an instrumentality of the County, mortgages on which REAC is a mortgagor that are granted in connection with such financings, are exempt from payment of the state and local mortgage recording tax.
GAIN ACCESS TO LOW-COST
TAX EXEMPT FINANCING
The Rockland Economic Assistance Corporation (REAC) was formed on behalf of Rockland County as a not-for-profit local development corporation. REAC’s primary purpose is to assist other not-for-profit corporations within the County to have access to low-cost tax-exempt financing. REAC acts as an instrumentality of the County. REAC is self-supporting and does not receive any public funds.
BOARD OF DIRECTORS
Steven Porath, REAC Executive Director
REAC Board* members include:
Eric Dranoff, Esq., Chair
Howard Hellman, Secretary
Timothy Riley, Treasure
*Committees of the Corporation: The Board was appointed in 2010. They also serve as members of the Governance, Audit and Finance Committees.
Brian Quinn, Esq., Local Project Counsel Montalbano, Condon & Frank, P.C.
Ronald Grosser, Esq., Bond Counsel Hawkins, Delafield & Wood LLP
Click on dates to read minutes of past meetings
January 2015 July 2015 January 2014 July 2014
April 2015 October 2015 April 2014 October 2014
May 2015 November 2015 May 2014 November 2014
June 2015 December 2015 June 2014 December 2014
HELPING OTHER COUNTY NOT-FOR-PROFITS
ECONOMIC ASSISTANCE CORPORATION
For more information about the REAC, benefits and eligibility criteria as well as the approval and application process, contact Executive Director Steve Porath at:
The Rockland County Industrial Development is guided by applicable New York State Laws, to ensure that that responsibilities, functions of the Agency and the Board oversight are transparent and accountable to the public. The IDA annually reviews and re-adopts its by-laws, policies, best practices and related documents consistent with the existing applicable laws of New York State.
The documents serve as a guide in the administration and management of the Agency. All IDA public documents and policies were adopted and reaffirmed at a monthly meeting of the Industrial Development Agency, held on March, 2016.
Uniform Tax Exempt Policy
2016 Budget and Financial Plan
2015 Budget and Financial Plan
2014 Budget and Financial Plan