Kiryas Joel, Monroe, NY - Loses Out On The Empire Zone Benefits

Goshen - These days, it's use it or lose it with New York's popular business attraction tool, the Empire Zone.
Albany passed legislation last year meant to correct the slow drift that had carried the zones - and their substantial tax incentives - promising property tax abatements, wage tax credits and sales tax refunds on construction materials, called Empire Zone.

Kiryas Joel, Middletown and the Town of Wallkill didn't use their zones. So, now they've lost them.

Like the five-story business center now rising in Kiryas Yoel, Monroe, NY which will be the hardest hit. Village Administrator Gedalye Szegedin said the developer already invested $2 million and approached prospective tenants with the expectation of Empire Zone benefits.

"It may devastate the project," said Szegedin. "This was a major marketing tool."