The New Rochelle Industrial Development Agency (NRIDA) is the local entity, empowered under State law, to provide tax incentives for private investment and job creation. Working in close partnership with the City Council and Administration, it has often played an essential and positive role in stimulating local economic development.
Earlier this year, the Office of the State Comptroller completed an audit of the NRIDA recommending several changes in procedure. In response, the NRIDA has just submitted a Corrective Action Plan (CAP) that outlines steps related to data collection, cost-benefit analysis, and monitoring of projects that receive IDA benefits. These changes will help ensure that the NRIDA remains a vital contributor to New Rochelle’s overall economic development strategy and will facilitate greater public understanding of the NRIDA’s actions and objectives.
You can read the full Corrective Action Plan and a cover memo from the Commissioner of Development.