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We invite you to consider Greater Binghamton
- We are home to BAE Systems, Lockheed Martin, Endicott Interconnect, Frito Lay, and a range of smaller firms.
- We are located 3 hours from Midtown Manhattan and less than 5 hours from Boston, Philadelphia, Scranton, and Ottawa.
- Our commute averages less than 20 minutes. Spend the day at work and be home in no time to see the kids perform in a show or play a sport.
- We were named by the Milken Institute along with Cambridge, Austin, and San Jose, one of the top 15 high technology communities in the U.S.
- We are a short drive from the Adirondacks, the Poconos, the Finger Lakes, and the Hudson Valley.
BCIDA Incentive Programs
Tax Exempt Industrial Development Bonds
Manufacturing related expansion projects that anticipate fixed asset financing in excess of $1 million can expect substantial advantages through the use of tax-exempt industrial development bonds. (Interest from bonds is exempt from federal and state income tax).
Features:
- Real Estate/equipment loans - 80% of prime
- 15-20 yr. term on real estate
- Practical minimum of $1.5 MM
- Real property tax abatement
- State & local sales tax abatement
- Mortgage recording tax exemption
- Some restrictions on use
- Total issuance cost 3-4%
- 3-4% Application to closing = 90 days
Taxable Industrial Development Bonds
Manufacturing, industrial and some commercial projects in Broome County can receive considerable benefits by using this tool for fixed asset related expansion projects. Many non-retail uses permitted. Interest from bonds in exempt from NYS income tax but is fully subject to federal taxation.
Features:
- Real Estate/equipment loans - At or near conventional rates
- 15-20 yr. term on real estate
- Practical minimum - $500,000
- Real property tax abatement
- State & local sales tax abatement
- Mortgage recording tax exemption
- Total issuance cost 1.5 - 2%
- Application to closing = 60 days
Sale Lease Back Transactions
In instances where the Broome County Industrial Development Agency is not requested to play a role in the issuance of bonds, many of the above incentives can be accessed by eligible firms through the development of a simple sale/lease-back agreement between the project sponsor and the BCIDA.
Features:
- IDA accepts nominal title to subject property - up to 15 yrs.
- No practical minimum value
- Real property tax abatement
- State & local sales tax abatement
- Mortgage recording tax exemption (if any)
- IDA Fees = 1% of value of project cost
- Application to closing = 60 days
Binghamton, New York - Community Profile
Binghamton MSA population: 245,189
Source: U.S. Census Bureau Estimate, July 2008
The Greater Binghamton economy is Upstate New York's sixth largest generating nearly $7 billion in economic activity per year. The region is ranked in the top 10 for creativity among communities our size in the United States.
Major employers:
Binghamton University
Lockheed Martin
United Health Services
Gannett
Lourdes Hospital
IBM
Endicott Interconnect Technologies
BAE Systems
Maines Paper & Food Service, Inc.
NYSEG
Matco Electric Corporation
Sanmina
Universal Instruments Corp.
Frito-Lay Inc.
NCI
Binghamton NY Top Employers:
Top 25 Employers 2008
Demographics:
20-24 yrs, 6.7%, 16,883
25-34 yrs, 11.3%, 28,450
35-44 yrs, 16%, 40,265
45-54 yrs, 13.6%, 34,221
55-59 yrs, 5.1%, 12,844
60-64 yrs, 4.4%, 11,042
Labor Market Profile:
Binghamton MSA, July 2009
Average wages:
Bureau of Labor Statistics, Binghamton, NY
Utilities:
NYSEG Programs & Incentives
Crime:
The Farmers Insurance Group ranks Greater Binghamton as the 11th most secure city among places with populations between 150,000 and 500,000.
Education:
Binghamton University is ranked among the nation's top 50 public universities, and was recently named the number one out of state value by Kiplinger's. Our K-12 system includes some top ranked schools in New York and the U.S.
Broome Community College is recognized as one of the finest community colleges in the United States.
Arts/recreation:
Greater Binghamton offers the Tri-Cities Opera, a symphony, Champions Tour Golf, strong minor league baseball and hockey, Division I collegiate athletics, and a fast-growing arts scene. We are close to the Adirondacks, the Poconos, and the tremendous fly-fishing along the Delaware River. We are also a short distance from the Finger Lakes, featured by Wine Spectator as one of the emerging wine regions in the world.
Real Estate:
The Greater Binghamton commercial market has 31.8 million SF of industrial space and 5.5 million SF of office space.
2009 Real Estate Market Review
Residential Real Estate:
The median sale price for an existing single family home in 2008 was $110,000, up 1.4% from 2007 and 15.9% from 2006. Greater Binghamton is among the top ten U.S. cities with the highest increase in home values over the last decade. Binghamton's rate of home foreclosures remains well below the national average.
Greater Binghamton Association of Realtors, Inc
Transportation:
The average commute time in Greater Binghamton is 19 minutes. (U.S. Census Bureau, 2000)
The Greater Binghamton Airport offers convenient flights each day to and from Detroit, Philadelphia and Washington Dulles.Interstates 81 & 88 meet in Binghamton. Route 17 (soon to be I-86) also runs through the region.
Rail:
Norfolk Southern, Canadian Pacific, CSX, and New York Susquehanna & Western (NYS&W) all serve Binghamton.
Weather:
Average Temperatures:
Spring, 39-49
Summer, 64-70
Fall, 44-52
Winter, 18-31
Source: National Weather Service Binghamton
Average precipitation:
Spring, rain 10”, snow 19”
Summer, rain 11”
Fall, rain 10”, snow 9”
Winter, rain 9”, snow 54”
Source: National Weather Service Binghamton |
