InBN dictionary: Property tax abatement

Property tax abatement: a reduction or exemption on property taxes from the government for a company.  Often used for in exchange of new, expansion, or rehab construction.

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Tradable sector -- Or traded sector. A term that labels industries, or sectors of an industry, that can sell their goods or services in an international marketplace.  The most commonly used example of a tradable sector is manufacturing, whose inputs and outputs, can span the globe. 

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Shovel Ready – In New York State shovel ready, refers to a site that is “certified” under the Build Now-NY Program. A certified shovel ready site is one where a developer and/or municipality has proactively worked with Empire State Development and undergone required zoning considerations, completed necessary environmental surveys and studies, received proper permits and installed utility infrastructure sufficient for the proposed development.

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Lead: An economic development opportunity with a specific company (or company representative) in a specific industry with one or more defined parameters (potential jobs, capital investment, etc.). Leads require more customized data fulfillment because they require specific information based on detailed requests (real estate, workforce, incentives, etc.). At the lead stage, a company is “interested” in Buffalo Niagara for its business expansion or relocation. Leads may or may not have participated in the first round of due diligence meetings.

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Inquiry: Expression of interest or requests for information by a company or an external representative of a company (site selector, consultant, etc.). At the inquiry stage, a company is “considering” Buffalo Niagara for its business expansion or relocation by gathering data for its due diligence process. Inquiries are provided with general regional data/brochures and introductory worksheets.  

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