Machine-extracted (OCR) from the official document — formatting is approximate; the official copy governs.
(A DISCRETELY PRESENTED COMPONENT UNIT OF THE COUNTY OF ONONDAGA, NEW YORK)
FINANCIAL STATEMENTS AND
SUPPLEMENTARY INFORMATION
December 31, 2024 and 2023
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Table of Contents
Independent Auditor’s Report 1-3
Required Supplementary Information:
Management’s Discussion and Analysis (Unaudited) 4-7
Financial Statements:
Statements of Net Position - December 31, 2024 and 2023 8
Statements of Revenues, Expenses and Changes in Net Position -
For the Years Ended December 31, 2024 and 2023 9
Statements of Cash Flows -
For the Years Ended December 31, 2024 and 2023 10 - 11
Notes to Financial Statements 12 - 21
Supplementary Information:
Supplemental Schedule of Revenue Bonds and Other Bonds (Conduit Debt Obligations) 22 - 23
INDEPENDENT AUDITOR’S REPORT
Board of Directors
Onondaga County Industrial Development Agency
Syracuse, New York
Report on the Audit of the Financial Statements
We have audited the financial statements of the Onondaga County Industrial Development Agency (the Agency), a component unit of the County of Onondaga, New York (the County), as of and for the years ended December 31, 2024 and 2023, and the related notes to the financial statements, which collectively comprise the Agency’s basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of the Agency, as of December 31, 2024 and 2023, and the changes in its financial position and its cash flows thereof for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Agency and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements The Agency's management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Agency’s ability to continue as a going concern for one year beyond the financial statement date.
-1- Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include examining,
on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Agency’s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Agency’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control–related matters that we
identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis on pages 4-7 be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Agency's basic financial statements. The supplemental schedule of revenue bonds and other bonds
-2- (conduit debt obligations), as required by New York State General Municipal Law §859 (1) (b), are presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplemental schedule of revenue bonds and other bonds (conduit debt obligations) is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedule of revenue bonds and other bonds (conduit debt obligations) is fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 6, 2025, on our
consideration of the Agency’s internal control over financial reporting and on our tests of its compliance with certain
provisions of laws, regulation, contracts, and grant agreements and other matters. The purpose of that report is to
describe the scope of our testing of internal control over financial reporting and compliance and the results of that
testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is
an integral part of an audit performed in accordance with Government Auditing Standards in considering the
Agency’s internal control over financial reporting and compliance.
Syracuse, New York
March 6, 2025
-3-
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) This section of the Onondaga County Industrial Development Agency’s (the Agency), a discretely presented component unit of Onondaga County, New York (the County), and the annual financial report presents our discussion and analysis of the Agency’s financial performance during the year ended December 31, 2024. It should be read in conjunction with the Agency’s financial statements and accompanying notes.
FINANCIAL STATEMENTS The annual financial report of the Agency consists of two parts: Management’s Discussion and Analysis (this section) and the basic financial statements and footnotes. The Agency is a self-supporting entity. The accounts are recorded in accordance with a proprietary fund type and consist of an enterprise fund. Proprietary fund type operating statements present increases and decreases in net position. The financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. The Agency does not maintain separate fund accounts. Condensed Comparative Financial Information
December 31,
2024 2023 2022
Cash and cash equivalents $ 10,430,970 $ 6,329,946 $ 4,051,978
Receivables - agency fees 113,612 293,448 417,245
Receivables - White Pine pass through 306,566 2,027,442 209,113
Receivables - PILOT pass through 24,221 - 32,471
Capital assets 2,745,397 2,746,373 4,766,163
Investment in real property 30,756,703 30,756,703 29,508,083
Total assets 44,377,469 42,153,912 38,985,053
Current liabilities 2,051,793 2,304,600 624,164
Note payable to Onondaga County 31,174,716 29,902,708 25,888,840
Total liabilities 33,226,509 32,207,308 26,513,004
Net position:
Net investment in capital assets 2,745,397 2,746,373 4,766,163
Unrestricted 8,405,563 7,200,231 7,705,886
Total net position $ 11,150,960 $ 9,946,604 $ 12,472,049
-4-
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
FINANCIAL STATEMENTS (continued)
The change in assets, liabilities and net position categories for the year ended December 31, 2024 compared to
December 31, 2023 included the following:
Total operating cash increased $4,101,024 due to current operations, which included an increase of cash from
Agency fees of $842,903, grants of $100,569, and interest on bank deposits of $359,145, compared to cash
inflows in 2023. The Agency spent $691,657 in cash expenses which is a decrease of $106,221 from 2023.
Current liabilities decreased $252,807, primarily due to the timing of professional fees related to the White
Pine Commerce Park site (pass-through payable decrease of $1,414,311), offset by increases of $324,879 of
an escrow for an Agency project and $811,754 due to Onondaga County Office of Economic Development for
costs of operation.
The note payable to Onondaga County of $31,174,716 represents the advances and accrued interest against
a note agreement entered into with Onondaga County in 2021 (amended in 2022) which provides up to
$45,000,000 of available credit to assist the Agency in funding its program incentives, projects, asset
development and work related improvements. The primary use of the advances are related to the White
Pine Commerce Park.
The Agency’s total net position increased $1,204,356. Operating revenues exceeded operating expenses by
$2,117,219 in the current year, a net increase of $146,147 from the prior year. Operating expenditures
totaling $5,511,304, net of pass-through PILOT expenses, primarily consists of White Pine Commerce Park
pass-through expenses totaling $4,009,119, operation costs due to Onondaga County Office of Economic
Development totaling $811,754 and development costs totaling $402,112 which increased $136,151
compared to 2023. General and administrative expenses totaling $222,885 primarily consist of ordinary
business expenses of the Agency, such as rent, professional fees and other Agency related expenses.
-5-
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
Condensed Comparative Financial Information (continued)
December 31,
2024 2023 2022
Operating revenues $ 17,864,372 $ 17,432,835 $ 12,110,811
Operating expenses 15,747,153 15,461,763 10,615,883
Operating income 2,117,219 1,971,072 1,494,928
Other revenues (expenses) (912,863) (4,496,517) (484,078)
Change in net position 1,204,356 (2,525,445) 1,010,850
Net position - beginning of year 9,946,604 12,472,049 11,461,199
Net position - end of year $ 11,150,960 $ 9,946,604 $ 12,472,049
Change in financial categories between the year ended December 31, 2024 and the year ended December 31, 2023
include the following:
Operating Revenues increased $431,537 in 2024 compared to an increase of $5,322,024 in 2023. This was
primarily due to the following: 1) Increase in overall Agency fees received of $786,864 compared to 2023, 2)
Increase in subsidies, grants and donations of $100,569, 3) Increase in PILOT pass-through income of $743,352
and 4) Decrease of pass-through income of $1,260,673 compared to 2023 for services primarily related to
White Pine Commerce Park that will be reimbursed by a Company that will utilize the Park.
Operating Expenses increased $285,390 in 2024 compared to an increase of $4,845,880 in 2023. This was
primarily due to the following: 1) Increase of operation costs due to Onondaga County Office of Economic
Development of $811,754, 2) Increase in PILOT pass-through expenses of $743,352 and 3) Decrease of pass-
through expenses of $1,260,673 compared to 2023 for services primarily related to White Pine Commerce
Park that will be reimbursed by a Company that will utilize the Park. In addition, development costs at the
White Pine Commerce Park increased $136,151 compared to 2023.
-6-
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) Analysis of Overall Financial Position and Results of Operations The Agency is engaged in activities to support economic growth in Onondaga County, including job creation and retention, and increasing the net wealth of the County. The Agency does not receive any general appropriations from local, county or state government to support its operations. The Agency collects revenue for its operating purposes from the issuance of bonds and straight lease transactions and from interest on investments. In the year ended December 31, 2024, the Agency received $3,529,730 from agency and other fees, an increase of $842,903 from the prior year. The Agency’s staff services are provided by the Onondaga County Office of Economic Development. The Agency compensates the County for these services based on budgeted expenses. In 2024, the County charged the Agency $811,754. The County did not charge the Agency for the expenses incurred in 2023. Capital Assets and Investment in Real Property As of December 31, 2024, the Agency’s investment in capital assets was $2,745,397, net of depreciation. The Agency’s capital assets include White Pine Science and Technology Park ($2,140,557) and other land (800 Hiawatha Blvd) and furniture and fixtures. As of December 31, 2024, investment in real property of $30,756,703 consists of land and related costs related to the White Pine Commerce Park. Contacting the Agency’s Financial Management
This financial report is designed to provide Onondaga County citizens and taxpayers, and the clients of the Agency,
with a general overview of the Agency’s finances. If you have questions about this report or need additional financial
information, contact the Executive Director, Onondaga County Industrial Development Agency, 335 Montgomery
Street, 2nd Floor, Syracuse, New York 13202.
-7-
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Statements of Net Position
December 31,
2024 2023
ASSETS
Current assets
Cash and cash equivalents - unrestricted $ 10,430,970 $ 6,329,946
Receivables - agency fees 113,612 293,448
Receivables - White Pine pass through 306,566 2,027,442
Receivables - PILOT pass through 24,221 -
Total current assets 10,875,369 8,650,836
Non-current assets
Capital assets, net 2,745,397 2,746,373
Investment in real property 30,756,703 30,756,703
Total non-current assets 33,502,100 33,503,076
Total assets $ 44,377,469 $ 42,153,912
LIABILITIES AND NET POSITION
Current liabilities
Accounts payable $ 1,150 $ 500
Due to Onondaga County Office of Economic Development 811,754 -
Payables - White Pine pass through 613,131 2,027,442
Payables - PILOT pass through 24,221 -
Escrows and deposits 601,537 276,658
Total current liabilities 2,051,793 2,304,600
Non-current liabilities
Note payable to Onondaga County, including accrued interest 31,174,716 29,902,708
Total non-current liabilities 31,174,716 29,902,708
Total liabilities 33,226,509 32,207,308
Net investment in capital assets 2,745,397 2,746,373
Unrestricted Net Position 8,405,563 7,200,231
Total net position 11,150,960 9,946,604
$ 44,377,469 $ 42,153,912
The accompanying notes are an integral part of these financial statements
-8-
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Statements of Revenues, Expenses and Changes in Net Position
Year Ended December 31,
2024 2023
Operating revenue:
Agency and other fees $ 3,349,894 $ 2,563,030
Pass-through income - White Pine 4,009,119 5,269,792
Pass-through income - PILOT 10,235,849 9,492,497
Rent income 25,417 19,767
Subsidies, grants, and donations 120,278 19,709
Other income 123,815 68,040
Total operating revenues 17,864,372 17,432,835
Operating expenses:
General and administrative 222,885 251,285
Onondaga County Office of Economic Development 811,754 -
Development costs - White Pine 402,112 265,961
Pass-through expense - White Pine 4,009,119 5,269,792
Pass-through expense - PILOT 10,235,849 9,492,497
Depreciation expense 976 7,018
Professional fees 26,034 143,260
Other expenses 1,026 2,053
Seminars and meetings 37,398 29,897
Total operating expenses 15,747,153 15,461,763
Operating income 2,117,219 1,971,072
Non-operating income (expenses):
Interest income 359,145 93,826
Interest expense (1,272,008) (1,334,395)
Loss on sale of property - (343,860)
Change in use of real property - (2,912,088)
Total non-operating income (expenses) (912,863) (4,496,517)
Change in net position 1,204,356 (2,525,445)
Net position - beginning of the year 9,946,604 12,472,049
Net position - end of year $ 11,150,960 $ 9,946,604
The accompanying notes are an integral part of these financial statements
-9-
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Statements of Cash Flows
Years Ended December 31,
2024 2023
Cash flows from operating activities
Cash received for agency and other fees $ 3,529,730 $ 2,686,827
Cash received for White Pine Commerce Park Development 5,729,995 3,451,463
Cash received for PILOTs 10,211,628 9,524,968
Cash received for grants 120,278 19,709
Cash received for rent and other fees 149,232 87,807
Cash received for escrows, net 634,296 -
Cash paid for White Pine Commerce Park Development (5,423,430) (3,441,781)
Cash paid for PILOTs (10,211,628) (9,524,968)
Cash paid for economic development (402,112) (265,961)
Cash payments for professional services (26,034) (143,260)
Cash payments for general and administrative expenses (222,235) (260,985)
Cash payments from escrows (309,417) (105,404)
Cash payments for other operating expenses (1,026) (2,053)
Cash paid for seminars and meetings (37,398) (29,897)
Net cash flows provided by operating activities 3,741,879 1,996,465
Cash flows from capital and related financing activities
Proceeds from note payable to Onondaga County - 2,679,473
Proceeds from sale of property - 187,676
Purchases of investments in real property - (2,679,472)
Net cash flows from capital and related financing activities - 187,677
Cash flows from noncapital financing activities
Net cash received for interest on notes outstanding - 93,826
Net cash flows from noncapital financing activities - 93,826
Cash flows from investing activities
Proceeds from interest on bank deposits 359,145 -
Net cash flows from investing activities 359,145 -
Change in cash and cash equivalents 4,101,024 2,277,968
Cash and cash equivalents - beginning of year 6,329,946 4,051,978
Cash and cash equivalents - end of year $ 10,430,970 $ 6,329,946
The accompanying notes are an integral part of these financial statements
- 10 -
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Statements of Cash Flows (continued)
Years Ended December 31,
2024 2023
Reconciliation of operating income to net cash flows from
Operating activities:
Operating income $ 2,117,219 $ 1,971,072
Adjustment to reconcile operating income to net cash
flow from operating activities:
Depreciation 976 7,018
Changes in:
Receivables - agency fees 179,836 123,797
Receivables - White Pine pass through 1,720,876 (1,818,329)
Receivables - PILOT pass through (24,221) 32,471
Accounts payable 650 (9,700)
Due to Onondaga County Office of Economic Development 811,754 -
Payables - White Pine pass through (1,414,311) 1,828,011
Payables - PILOT pass through 24,221 (32,471)
Escrows and Deposits 324,879 (105,404)
Net cash flows provided by operating activities $ 3,741,879 $ 1,996,465
The accompanying notes are an integral part of these financial statements
- 11 -
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Notes to Financial Statements
1. Organization
The New York State Industrial Development Agency Act of 1969 provided for the use of industrial revenue
bond financing for the expansion and growth of industry in New York State. The Onondaga County Industrial
Development Agency (the Agency) was created in accordance with the provisions of this Act in 1970 by a
resolution passed by the County of Onondaga, New York (the County) Legislature.
The Agency is a special-purpose government, a financing authority, which is a separate legal entity,
governed by a board consisting of seven board members. The Agency was formed to promote and develop
the economic growth of the County and to assist in attracting industry to the County through bond and
sale/leaseback financing programs and other activities. The Agency created under this Act is a corporate
governmental agency constituting a public benefit corporation.
The County Legislature appoints the entire governing board and there is a potential for the County to
impose its will on the Agency, and as such, the Agency is considered a discretely presented component unit
of the County based on the criteria set forth by the Governmental Accounting Standards Board (GASB).
2. Summary of Significant Accounting Policies
Measurement Focus and Basis of Accounting
The Agency operates as an enterprise fund. Enterprise funds utilize an “economic resources” measurement
focus. The accounting objectives of this measurement focus are the determination of operating income,
changes in net position, financial position, and cash flows. All assets and liabilities (whether current or
noncurrent) and deferred inflows and outflows associated with their activities are reported. Fund equity is
classified as net position.
The Agency utilizes the accrual basis of accounting. Under the accrual basis of accounting, revenues are
recognized when earned and expenses are recorded when the liability is incurred or an economic asset is
used.
Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from these estimates.
Income Tax Status
The Agency is a governmental corporation, exempt from federal and state income taxes. New York State
Public Authorities Law, Title 10, Section 2975-A established a cost recovery of central governmental services
to various public authorities. On November 1 of each year, the Director of the Division of Budget determines
the assessment amount owed under this section by each industrial development agency in New York State.
- 12 -
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Notes to Financial Statements
2. Summary of Significant Accounting Policies (continued)
Cash and Cash Equivalents
Cash and cash equivalents consist of cash held in checking and money market accounts.
Accounts Receivable
Accounts receivable are stated at their outstanding balances. The Agency considers all accounts receivable
to be fully collectible. If collection becomes doubtful, the Agency will either set up an allowance for doubtful
accounts or if deemed completely uncollectible, the accounts will be charged against income in the current
period. Unpaid balances remaining after the stated payment terms are considered past due. Recoveries of
previously charged off accounts are recorded when received.
Management did not believe an allowance for doubtful accounts was necessary at December 31, 2024 and
2023.
Capital Assets
Capital asset purchases are recorded at historical cost or fair market value at the date of acquisition. The
Agency’s policy is to capitalize all additions greater than $5,000. Depreciation expense is recorded on a
straight-line basis over the assets’ estimated useful life of 5 to 39 years.
Pollution Remediation Obligations
Pollution remediation obligation are obligations to address the current or potential detrimental effects of
existing pollution by participating in pollution remediation activities. Obligations to clean up spills of
hazardous wastes or hazardous substances and obligations to remove contamination such as asbestos are
pollution remediation obligations. Pollution remediation activities may include the following: (1) pre-
cleanup activities, such as site assessments and site investigations, (2) cleanup activities, (3) government
oversight and enforcement-related activities and (4) operation and maintenance of the remedy, including
post remediation monitoring. Pollution remediation outlays including outlays for property, plant and
equipment are expensed when a liability is incurred. The Agency will capitalize certain pollution
remediation outlays for properties for which it anticipates a future sale. The Agency will only capitalize
amounts that would result in the carrying amount of the property to not exceed its estimated fair value
upon completion of the remediation. The Agency currently has a parcel of land with known pollution and
is currently performing various remediation activities. The carrying amount of this parcel of land is
$604,840 as of December 31, 2024 and 2023.
- 13 -
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Notes to Financial Statements
2. Summary of Significant Accounting Policies (continued)
Investment in Real Property
The Agency considers investment in real property to be real property that is acquired and held primarily for
the purpose of income or profit and has a present service capacity based solely on its ability to generate
cash or be sold to generate cash. Investment in real property purchases are recorded at cost, including (1)
the contract/purchase price; (2) the costs of closing the transaction and obtaining title, including
commissions, options, legal fees, title search, insurance, and past due taxes; (3) the costs of surveys; and
(4) the cost of preparing the property for its intended use. The Agency expenses capitalized costs incurred
and to be incurred that exceed the estimated value of any revised development when it is substantially
complete and ready for its intended use.
At December 31, 2024 and 2023, investment in real property consists of land related to the White Pine
Commerce Park purchased with the intention to expand the Park to approximately 1,300 acres to meet the
larger geographic footprint necessary to support future development. The investment in real property
balance of $30,756,703 at December 31, 2024 and 2023 represents the total purchase price of the land.
Operating Revenues and Non-Operating Revenues
The Statements of Revenues, Expenses, and Changes in Net Position distinguishes between operating and
non-operating revenues. Operating revenues, such as fee and rental income, result from exchange
transactions associated with the principal activities of the Agency. Exchange transactions are those in which
each party to the transaction receives or gives up essentially equal values. Non-operating revenues arise
from exchange transactions not associated with the Agency’s principal activities and from all non-exchange
transactions.
Revenue Recognition
Agency and other fee revenue are recognized by the Agency at the date of closing when the related bonds
are issued. Interest income is recorded when earned.
- 14 -
ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Notes to Financial Statements
2. Summary of Significant Accounting Policies (continued)
Net Position
GASB requires the classification of net position into three components. These classifications are displayed
in three components below:
a. Net investment in capital assets - capital assets including restricted capital assets, net of accumulated
depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or other
borrowings that are attributable to the acquisition, construction, or improvement of those assets.
b. Restricted net position - net position with constraints placed on their use either by (1) external groups
such as creditors or laws or regulations of other governments; or (2) law through constitutional
provisions or enabling legislation.
c. Unrestricted net position - all other assets that do not meet the definition of net investment in capital
assets or restricted net position.
It is the Agency’s policy to first apply restricted resources when an expense is incurred for purposes for
which both restricted and unrestricted net position is available.
3. Tax Abatement Programs
The Industrial Development Agency Act (the "Act") of New York State sets forth the powers that the Agency
can carry out. In accordance with the Act, the Agency was created to stimulate economic development,
growth, and general prosperity for the people of Onondaga County by using incentives, rights, and powers
in an efficient and cooperative manner. Qualified Agency projects are eligible for sales, mortgage, and real
property tax exemptions. The Agency many also assist a projects' financing by issuing taxable and tax
exempt bonds and by providing information on complementary financing such as fixed asset and working
capital lending programs.
The Agency has instituted a Uniform Tax Exemption Policy ("UTEP") (last revised 9/15/20) which provides
guidelines for the granting of real property, mortgage recording, and sales and use tax exemptions. To be
eligible for financial assistance, the recipient of the financial assistance must abide by the requirements of
this policy and complete an application process as instituted by the Agency.
In accordance with New York State General Municipal Law, the Agency has instituted a Recapture Policy
(last revised 9/15/20) which allows for the recapture of financial incentive assistance provided to recipients
for failure to comply with such Recapture Policy. New York State requires a mandatory recapture of the
New York State portion of sales and use taxes for recipients for which the recipient was a) not entitled to;
b) in excess of the amounts authorized by the Agency; c) for property or services not authorized by the
Agency; and/or d) for a recipient that has failed to comply with material term or condition to use of the
property or services in the manner required by any of the project documents between the recipient and
the Agency.
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ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Notes to Financial Statements
3. Tax Abatement Programs (continued)
With respect to all other financial assistance provided to the recipient, the Agency shall have the right to
suspend, discontinue, recapture or terminate financial assistance to any recipient to the extent that: a)for
projects that utilized local sales and use tax exemptions, the project was not entitled to such exemptions,
such exemptions were in excess of the amounts authorized by the Agency, and/or such exemptions were
for property or services not authorized by the Agency; b) the recipient, upon completion of their project,
fails to reach and maintain at least 75% of its employment requirements for job creation and/or retention;
c) the total investment actually made with respect to the project at the project's completion date is less
than 75% of its investment requirement; d) the recipient fails to provide annually to the Agency certain
information to confirm that the project is achieving the investment, job retention, job creation, and other
objectives of the project; or e) there otherwise occurs any event of default under any project document or
material violation of the terms and conditions of any project document.
The Agency has not made any commitments as part of the agreements other than to reduce taxes. The
Agency has chosen to disclose information about its tax abatement agreements individually. The Agency
has listed all of its projects that were approved for the periods ended December 31, 2024 and 2023:
December 31, 2024
Abatement
Project Mortgage Sales PILOT Total
TTM Technologies, Inc. $ 825,000 $ 4,500,000 $ 10,612,385 $ 15,937,385
Clinton's Ditch Co-Operative Company, Inc. 229,213 3,262,936 381,609 3,873,758
Old Thompson Road, LLC 83,100 640,000 830,698 1,553,798
Homegrown2, LLC 105,000 765,920 884,812 1,755,732
$ 1,242,313 $ 9,168,856 $ 12,709,504 $ 23,120,673
December 31, 2023
Abatement
Project Mortgage Sales PILOT Total
Wallace Supply, LLC d/b/a JSWG Supply, LLC $ 24,000 $ 182,000 $ 161,989 $ 367,989
QP2 Properties, LLC 166,418 1,347,857 - 1,514,275
Syracuse Haulers Waste Removal, Inc. 10,804 205,167 124,163 340,134
CVE US EI4 North, LLC 31,725 188,000 - 219,725
CVE US EI5 Manlius East, LLC 111,375 660,000 - 771,375
CVE US EI6 Manlius West, LLC 99,394 589,000 - 688,394
$ 443,716 $ 3,172,024 $ 286,152 $ 3,901,892
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ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Notes to Financial Statements
4. Deposits with Financial Institutions and Investments
The Agency follows an investment and deposit policy, the overall objective of which is to adequately
safeguard the principal amount of funds invested or deposited; conform with federal, state and other legal
requirements; and provide sufficient liquidity of invested funds in order to meet obligations as they become
due. Oversight of investment activity is the responsibility of the Executive Director.
Monies must be deposited in Federal Deposit Insurance Corporation (FDIC) insured commercial banks or
trust companies located within and authorized to do business in New York State (the State). Collateral is
required for deposits and certificates of deposit not covered by FDIC insurance. Obligations that may be
pledged as collateral are those identified in New York State General Municipal Law, Section 10 and outlined
in the New York State Comptroller’s Financial Management Guide.
Interest Rate
Risk Interest rate risk is the risk that the fair value of investments will be affected by changing interest rates.
The Agency has an investment policy that limits investment maturities as a means of managing its exposure
to fair value losses arising from increasing interest rates.
Credit Risk
The Agency’s policy is to minimize the risk of loss due to failure of an issuer or other counterparty to an
investment to fulfill its obligations. The Agency’s investments and deposit policy authorizes the Agency to
purchase the following types of investments:
Obligations of the United States of America;
Obligations where payment of principal and interest are guaranteed by the United States of America;
Obligations of New York State;
Special time deposit account; and
Certificates of deposit.
Custodial Credit Risk
Custodial credit risk is the risk that, in the event of a failure of a depository financial institution, the reporting
entity may not recover its deposits. In accordance with the Agency’s investment and deposit policy, all
deposits of the Agency including certificates of deposit and special time deposits, in excess of the amount
insured under the provisions of the Federal Deposit Insurance Act (FDIA) shall be secured by a pledge of
securities with an aggregate value equal to the aggregate amount of deposits.
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ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Notes to Financial Statements
4. Deposits with Financial Institutions and Investments (continued)
The Agency restricts the securities to the following eligible items:
Obligations issued, or fully insured or guaranteed as to the payment of principal and interest, by the
United States of America, an agency thereof or a United States government sponsored corporation;
Obligations partially insured or guaranteed by an agency of the United States of America;
Obligations issued or fully insured or guaranteed by the State of New York;
Obligations issued by a municipal corporation, school district or district corporation of New York
State;
Obligations issued by states (other than New York State) of the United States of America rated in one
of the two highest rating categories by at least one Nationally Recognized Statistical Rating
Organization (NRSRO).
The Agency maintained cash balances of $10,429,328 and $6,365,448 in cash and cash equivalents at
December 31, 2024 and 2023, respectively, with financial institutions insured by the Federal Deposit
Insurance Corporation (FDIC) up to $250,000 per bank for interest bearing and non-interest bearing
accounts. The remaining balance was collateralized by a third party in accordance with New York State
General Municipal Law, Section 10 and the Agency’s policies.
5. Capital Assets
Capital asset activity for the year ended December 31, 2024 was as follows:
Beginning Ending
Balance Increases Decreases Balance
Non depreciable land:
White Pine Science and Technology Park $ 2,140,557 $ - $ - $ 2,140,557
800 Hiawatha 604,840 - - 604,840
Subtotal 2,745,397 - - 2,745,397
Depreciable:
Furniture and Fixtures 6,018 - - 6,018
Subtotal 6,018 - - 6,018
Total capital assets 2,751,415 - - 2,751,415
Accumulated depreciation:
Furniture and Fixtures 5,042 976 - 6,018
Total 5,042 976 - 6,018
Net capital assets $ 2,746,373 $ (976) $ - $ 2,745,397
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ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Notes to Financial Statements
5. Capital Assets (continued)
Capital asset activity for the year ended December 31, 2023 was as follows:
Beginning Ending
Balance Increases Decreases Balance
Non depreciable land:
White Pine Commerce Park $ 3,621,793 $ - $ (3,621,793) $ -
White Pine Science and Technology Park - 2,140,557 - 2,140,557
435 North Salina 17,084 - (17,084) -
800 Hiawatha 604,840 - - 604,840
Subtotal 4,243,717 2,140,557 (3,638,877) 2,745,397
Depreciable:
Buildings 634,422 - (634,422) -
Furniture and Fixtures 6,018 - - 6,018
Subtotal 640,440 - (634,422) 6,018
Total capital assets 4,884,157 2,140,557 (4,273,299) 2,751,415
Accumulated depreciation:
Buildings 113,870 6,100 (119,970) -
Furniture and Fixtures 4,124 918 - 5,042
Total 117,994 7,018 (119,970) 5,042
Net capital assets $ 4,766,163 $ 2,133,539 $ (4,153,329) $ 2,746,373
The Agency owns the White Pine Commerce Park, which is a business park located in the Town of Clay,
northern Onondaga County. The Agency is developing the business park to be a build-ready site suitable
for an array of local and global market sectors. Land acquisition related to the White Pine Commerce Park
is included in investment in real property. As discussed in Note 2, the Agency expenses capitalized costs
incurred and to be incurred that exceed the estimated value of any revised development when it is
substantially complete and ready for its intended use.
6. Agency-Induced Financings
The total amount of industrial development, civic facility and pollution control financing issued through the
Agency outstanding as of December 31, 2024 amounted to approximately $41,210,583. These financing
obligations are not obligations of the Agency as the Agency acts a conduit for the obligations. The Agency
does not have the obligation to repay the principal and interest of such obligations, as such, the obligations
are not reflected as long-term obligations of the Agency.
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ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Notes to Financial Statements
7. Due to Onondaga County
The Agency will reimburse the County for a portion of the cost of operation of the Onondaga County Office
of Economic Development. In exchange for this funding, the staff of the office provides operational and
project implementation support services for the Agency. During 2024, the Agency incurred $811,754 of
operational costs, wholly due to the County as of December 31, 2024. There were no funds committed by
the Agency during 2023 or outstanding support service expenses due at December 31, 2023.
8. Property Leases and Bonds Payable
In accordance with its corporate purpose, the Agency has issued bonds to promote and develop various
businesses within the County. The Agency holds legal title to the properties, under which such bonds were
issued in order for business to acquire or renovate various facilities. The Agency’s primary function is to
arrange financing between borrowing companies and bondholders (conduit debt). For providing this
service, the Agency receives administration fees from the borrowing companies. Total bonds outstanding
were $41,210,583 and $64,797,397 at December 31, 2024 and 2023, respectively, which represent non-
recourse debt of the Agency. The Agency does not have the obligation to repay the principal and interest
of such obligations, as such, the obligations are not reflected as long-term obligations of the Agency.
9. Payments in Lieu of Taxes Agreements (PILOT)
The Agency has entered into PILOT agreements with various companies whereas the company will make
annual payments in lieu of taxes to the Agency and the Agency will remit the annual payments to the
appropriate tax jurisdictions. The Agency records a liability for any amounts paid by companies to the
Agency but not distributed to the tax jurisdictions as of yearend. A total of $10,211,628 and $9,524,968 of
PILOT payments passed through the Agency for the years ended 2024 and 2023, respectively. PILOT
payments due to other governments totaled $24,221 at December 31, 2024. At December 31, 2023, there
were no PILOT payments outstanding.
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ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Notes to Financial Statements
10. Note Payable to Onondaga County
On October 7, 2021 the Agency entered into an Optional Advance Limited Recourse Demand Promissory
Grid Note (the Note) with Onondaga County (the County). The County made available $20,000,000 to assist
the Agency in funding its program incentives, projects, asset development, and work related improvements.
The Note bears interest at an annual rate of the greater of 0.91% per annum or the applicable federal rate,
capitalized on an annual basis. The unpaid principal balance and accrued interest is payable in full on
demand, which is to be a minimum of five years from the commencement of the Note, absent the
occurrence and continuance of an event of default. Prepayments must be made in the amount of excess
application fees generated and received by the Agency, and are to be applied first to any unpaid interest.
On October 27, 2022, the Note was amended whereby the total available was increased to $45,000,000.
The Note requires the Agency to comply with certain federal regulations as the monies from Onondaga
County were from the American Rescue Plan Act (“ARPA”). The Agency is deemed a contractor as evidenced
by the Note, therefore the Note is not classified as a subaward under 2 CFR §200.1.
During 2024, the Agency incurred $1,272,008 of interest and did not receive advances on the Note. The
Agency received advances of $2,679,473 and incurred $1,334,395 of interest during 2023. The annual mid-
term applicable federal rates for December 2024 and 2023 was 4.53% and 5.03%, respectively. No excess
application fees were received, therefore no payments were required. The entire principal received and
interest incurred as of December 31, 2024 and 2023 are recorded as non-current liabilities on the statement
of net position as the earliest demand date available to the County is October 2026.
The unpaid Note principal and accrued interest as of December 31, 2024 and 2023 is as follows:
2024 2023
Note principal $ 28,079,657 $ 28,079,657
Accrued interest 3,095,059 1,823,051
Total $ 31,174,716 $ 29,902,708
11. Concentration of Credit Risk
Financial instruments that potentially subject the Agency to credit risk consist principally of receivables.
12. Subsequent Events
In preparing the financial statements, management of the Agency has evaluated events and transactions
for potential recognition or disclosure through March 6, 2025, the date the financial statements were
available to be issued. There were no additional events or transactions that were discovered during the
evaluation that required further disclosure.
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ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Supplemental Schedule of Revenue Bonds and Other Bonds (Conduit Debt Obligations)
For the Year Ended December 31, 2024
Bonds
Bonds Outstanding at
Project Interest at Current Outstanding at Incurred Paid During December 31, Term Ending
Number Description of Financing Closing Date issuance Interest Rate January 1, 2024 During 2024 2024 2024 Date
OCIDA Pollution Control Revenue Bonds
3101-06-10-C (Anheuser-Busch Project) 2006 Series B July 21, 2006 4.95% $ 2,200,000 $ - $ - $ 2,200,000 7/1/2036
OCIDA Civic Facility Revenue Bonds (Discovery
Center of Science and Technology Project) Series
3101-95-01A 1995 July 1, 1995 4.00% 2,124,115 - 112,244 2,011,871 7/1/2025
OCIDA Variable Rate Demand Industrial
Development Revenue Bonds (G.A. Braun, Inc.
3101-07-16A Project) Series 2007 December 20, 2007 2.27% 4.17% 4,390,000 - 320,000 4,070,000 6/1/2034
OCIDA Multi-Modal Revenue Bonds (G.A. Braun,
3101-15-08B Inc. Project) Series 2015A December 15, 2015 2.03% 5.46% 2,847,000 - - 2,847,000 12/1/2041
OCIDA Multi-Modal Revenue Bonds (G.A. Braun,
3101-15-08B Inc. Project) Series 2015B (Taxable) December 15, 2015 2.97% 7.74% 934,077 - 308,697 625,380 12/1/2026
OCIDA Tax-exempt Multi-Modal Revenue Bonds
(Syracuse Label Co., Inc. Project) Series 2015
3101-15-04A (reissued) November 16, 2016 1.92% 6.2876% 3,992,347 - 408,873 3,583,474 12/1/2041
OCIDA Multi-Modal Variable Rate Civic Facility
Revenue Bonds (YMCA of Greater Syracuse, Inc.
3101-02-08A Project) Series 2003A November 9, 2003 1,280,000 - 620,000 660,000 11/1/2025
OCIDA Tax-exempt Revenue Bonds (Old
3101-17-04B Thompson Road, LLC Project) Series 2017A/B December 1, 2017 5.42% 8,872,858 - 208,601 8,664,257 12/1/2042
Subtotal $ 26,640,397 $ - $ 1,978,415 24,661,982
The accompanying notes are an integral part of these financial statements
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ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
(A Discretely Presented Component Unit of the County of Onondaga, New York)
Supplemental Schedule of Revenue Bonds and Other Bonds (Conduit Debt Obligations)
For the Year Ended December 31, 2024
Bonds
Bonds Outstanding at
Project Interest at Current Outstanding at Incurred Paid During December 31, Term Ending
Number Description of Financing Closing Date issuance Interest Rate January 1, 2024 During 2024 2024 2024 Date
OCIDA Civic Facility Revenue Bonds (Manlius
3101-04-11A Library Project) Series 2005 April 28, 2005 4.00% 4.5%-4.625% $ 585,000 $ - $ 195,000 390,000 12/15/2029
OCIDA Civic Facility Revenue Bonds (Marcellus
3101-07-13A Free Library Project) Series 2007 June 29, 2007 4.00% 4.6% 680,000 - 160,000 520,000 4/1/2027
OCIDA Civic Facility Revenue Bonds (Minoa Free
3101-03-07A Library Project) Series 2004A February 1, 2004 5.00% 5.25-5.375% 500,000 - 35,000 465,000 2/1/2034
OCIDA Civic Facility Revenue Bonds (Onondaga
3101-07-21A Free Library Project) Series 2008 March 1, 2008 4.00% 0.80-4.00% 1,855,000 - 115,000 1,740,000 3/1/2037
OCIDA Civic Facility Revenue Bonds (Salina Free
3101-02-01A Library Project) Series 2002A December 1, 2002 5.20% 185,000 60,000 125,000 12/1/2026
OCIDA Variable Rate Demand Civic Facility
Revenue Bonds (Syracuse Research Corporation
3101-05-15B Project) Series 2005 December 14, 2005 7.70% 3.72% 7,155,000 805,000 6,350,000 12/1/2031
OCIDA Variable Rate Demand Civic Facility
Revenue Bonds (Syracuse Home Association
3101-06-11B Project) Series 2007 June 21, 2007 4.00% 3.64% 7,110,000 - 360,000 6,750,000 6/30/2027
OCIDA Multifamily Housing Revenue Bonds
(Baldwinsville Senior Housing Preservation, LLC
3101-19-07A Project), Series 2022 May 18, 2022 4.00% 4.00% 20,087,000 - 20,087,000 - 12/1/2024
Subtotal $ 38,157,000 $ - $ 21,817,000 $ 16,340,000
Carryforward subtotal - previous page 26,640,397 - 1,978,415 24,661,982
Grand Total $ 64,797,397 $ - $ 23,795,415 $ 41,001,982
The accompanying notes are an integral part of these financial statements
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