About Riverhead IDA: Mission
Mission of the Riverhead IDA
Created and established in 1980 as a public benefit corporation, the Riverhead Industrial Development Agencys mission is to attract new businesses to Riverhead and to help existing Riverhead businesses expand their operations and remain in Riverhead.
In doing so, the Riverhead Industrial Development Agencys seeks to advance the job opportunities, health, general prosperity and economic welfare of the people of the Town of Riverhead and to improve their standard of living.
The Agency serves businesses by providing financial assistance and incentives. It acts as the conduit through which transactions take place and as an aggressive pathfinder through the government/financial maze.
It has the authority to issue tax exempt or taxable Industrial Development Bonds, offer real property tax abatements, sales and compensating use tax exemptions, and mortgage recording tax exemptions. In addition, it assists business owners and developers in locating suitable sites for development.