Riverhead Industrial Development Agency

Mission of the Riverhead IDA

Created and established in 1980 as a public benefit corporation, the Riverhead Industrial Development Agencys mission is to attract new businesses to Riverhead and to help existing Riverhead businesses expand their operations and remain in Riverhead.

In doing so, the Riverhead Industrial Development Agencys seeks to advance the job opportunities, health, general prosperity and economic welfare of the people of the Town of Riverhead and to improve their standard of living.

The Agency serves businesses by providing financial assistance and incentives. It acts as the conduit through which transactions take place and as an aggressive pathfinder through the government/financial maze.

It has the authority to issue tax exempt or taxable Industrial Development Bonds, offer real property tax abatements, sales and compensating use tax exemptions, and mortgage recording tax exemptions. In addition, it assists business owners and developers in locating suitable sites for development.

Click here for more information about the impacts the Riverhead IDA had on the community in 2023:
Impact IDA 2023

History of Riverhead IDA

The Town of Riverhead Industrial Development Agency was created and established in 1980 by an act of the State of New York, and requested by the Riverhead Town Board.

General Municipal Law
Art.18A
Title 2

* § 925-p. Town of Riverhead Industrial Development Agency.

For the benefit of the town of Riverhead and the inhabitants thereof, an industrial development agency, to be known as the TOWN OF RIVERHEAD INDUSTRIAL DEVELOPMENT AGENCY, is hereby established for the accomplishment of any or all of the purposes specified in title one of article eighteen-A of this chapter. It shall constitute a body corporate and politic, and be perpetual in duration. It shall have the powers and duties now or hereafter conferred by title one of article eighteen-A of this chapter upon industrial development agencies and provided that the exercise of the powers by such agency with respect to the acquisition of real property whether by purchase, condemnation or otherwise, shall be limited to the corporate limits of the town of Riverhead, and such agency shall take into consideration the local zoning and planning regulations as well as the regional and local comprehensive land use plans. It shall be organized in a manner prescribed by and be subject to the provisions of title one of article eighteen-A of this chapter. Its members shall be appointed by the governing body of the town of Riverhead. The agency, its members, officers and employees and its operations and activities shall in all respects be governed by the provisions of title one of article eighteen-A of this chapter.

* NB There are 2 § 925-p's