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Investigating IDAs

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.You can follow the Innovation Trail's investigation into how IDAs spend your tax dollars by subscribing to the RSS feed on the right.

Pop top factory opens near Binghamton

WXXI News | By Emma Jacobs

Published November 9, 2010 at 9:49 AM EST

The Binghamton area is popping open a new manufacturing plant today.

This morning, doors will open on a new factory in Conklin, N.Y. for the Denmark-based Impress Group. An official from the Broome County Industrial Development Agency (BCIDA) described the facility, which will make metal lids for the tops of cans, as representing a blend of the region's old tech manufacturing legacy with new, high-tech production.

The announcement of the new plant came in the summer of 2008, after what the Binghamton Press & Sun Bulletin called a "nine-month courtship."

"It is not often that New York state can say it attracted a Pennsylvania company to New York," Broome County Executive Barbara J. Fiala said. "Usually, it is the other way around."

The company cited the availability of training programs and a skilled manufacturing workforce in the region among its reasons for locating in the area. The area also offered $750,000 in incentives, including a $500,000 low-interest loan from the Broome County Industrial Development Authority.

The 100,000 square foot factory will employ around 65 people, down from initial estimates of 75.