Ulster County Development Corporation (UCDC)

Lance Matteson, President

5 Development Court
Kingston, NY 12401
Phone: 845-338-8840
Fax: 845-338-0409
E-mail: lmatteson@ulsterny.com
Website: www.ulsterny.com
Office Hours: 9:00 AM to 5:00 PM Mon-Fri

The Ulster County Development Corporation, a private not-for-profit organization, is the lead economic development agency for the County with a mission of creating and maintaining jobs through the attraction of new business or the retention and expansion of existing business. In order to accomplish this objective, UCDC offers and administers financial programs and loan funds, assists with site selection, and provides overall guidance and assistance with general and specific business problems, issues and opportunities.

Within the UCDC exists the Ulster County Industrial Development Agency.

The Ulster County Industrial Development Agency (UCIDA) is authorized to issue taxable and tax-exempt industrial development revenue bonds for qualified projects. Qualified projects include commercial, industrial, manufacturing, tourism and certain types of projects for not-for-profit corporations. The financing for qualified projects is provided with the proceeds of the sale of bonds by UCIDA. The bonds are purchased by banks, investment bankers, insurance companies and other financial institutions selected by the benefited company. The lease or purchase payments equal the debt service payments due on the bonds. This structure enables the benefited company to realize significant exemptions from certain New York State taxes. This structure also provides substantially the same security to the financial institution purchasing the bonds as in a conventional financing.

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