ECIDA invokes clawback clause against Derrick Corp. - Buffalo Business First
http://www.bizjournals.com/buffalo/n...p.html?ana=fbkTougher 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.
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?“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.”
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