BOND FINANCING

MUNICIPAL

The corporation was instrumental in financing an 80,000 square foot office building in Lyons, New York for the purpose of housing public agencies. A not-for-profit local development corporation was established to issue bonds on behalf of the Town of Lyons in an amount sufficient to acquire the land and construct the facility. Tax-exempt project revenue bonds were issued in the approximate amount of $9 million, with no general obligation of either the Town of Lyons or the County of Wayne.

INDUSTRIAL

CIDC is expanding this financing method to continue to fund municipal projects without the general obligation of the government. A growing need exists for this type of financing, which can be structured to facilitate a variety of projects, including industrial, government office and housing projects.

HOUSING

Because of the need for affordable housing for median income families, CIDC has developed a method of financing that incorporates tax-exempt financing with a lease/purchase program. CIDC will either create a not-for-profit for the purpose of owning and developing a project, or, if the situation merits it, step in and take title to the project with a municipality issuing bonds on its behalf. In either scenario, CIDC provides the bond financing as well as the end-loan financing for the purchasers of the units. The lease/purchase program that CIDC has developed allows the unit purchaser to accrue a lease credit over the lease period, thereby virtually eliminating any large cash expenditure at the time of closing.

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CIDC is experienced in providing both taxable and tax-exempt bond financing for municipal projects and affordable housing.

 

Where appropriate, CIDC also provides the mechanism for taxable bond issues. Secondary financing through the manufacturer completes the package.​