Industrial Development Agency Benefits

Gilberti Stinziano Heintz & Smith, P.C. represents industrial development agencies and businesses in connection with the grant of financial assistance in the form of sales tax exemptions, mortgage tax exemptions, real property tax exemptions and PILOT agreements as well as the issuance of industrial development revenue bonds, civic facility revenue bonds, tax-exempt bonds, taxable bonds and variable rate demand bonds. In structuring the transaction we take into consideration any mortgage financing, PILOT agreement structure, empire zone benefits and leasehold interest to determine whether the industrial development agency should acquire a fee or leasehold interest in the project and whether the parties should enter into a lease or lease-back agreement or an installment sale agreement.

We have represented lenders, borrowers and issuers in bond financings. During our representation of industrial development agencies over the past 20 years we have been involved in numerous bond offerings from bond financing for community libraries to large $100,000,000.00 bond financings. As issuer counsel, we work closely with underwriters and underwriter counsel, trustees and trustee counsel and bond counsel.  As bank counsel, we represent banks in issuing letters of credit to secure the bonds and in acting as remarketing agent.

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