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Thread: ECIDA invokes clawback clause against Derrick Corp. - Buffalo Business First

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    Tony Fracasso - Admin
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    ECIDA invokes clawback clause against Derrick Corp. - Buffalo Business First

    ECIDA invokes clawback clause against Derrick Corp. - Buffalo Business First

    Tougher standards for companies receiving public-sector tax breaks and incentives have come to home to roost for a Cheektowaga manufacturer.

    The Erie County Industrial Development Agency’s officers have enforced an incentive recapture clause on Derrick Corp., a firm hard hit by the slowdown in the energy and oil drilling industries.
    http://www.bizjournals.com/buffalo/n...p.html?ana=fbk


    “If we don’t, we are basically saying all policies passed by the IDA are moot,” said Erie County Executive Mark Poloncarz. “We run the risk of saying everything we’ve done in the past doesn’t mean anything.”
    So think if they pull the breaks to Derrick they will also pull the breaks from every business that also hasn't hit their goals? Can't play favorites. If you pull the breaks on one company you need to pull the tax breaks for all the other businesses that haven't hit their goal. Correct?

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    Member gorja's Avatar
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    Quote Originally Posted by WNYresident View Post
    ECIDA invokes clawback clause against Derrick Corp. - Buffalo Business First



    http://www.bizjournals.com/buffalo/n...p.html?ana=fbk




    So think if they pull the breaks to Derrick they will also pull the breaks from every business that also hasn't hit their goals? Can't play favorites. If you pull the breaks on one company you need to pull the tax breaks for all the other businesses that haven't hit their goal. Correct?
    Yes, they should but will they? I noticed that the Lancaster IDA proposed a recapture policy at their last meeting. It's about time.

    Georgia L Schlager

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