Rockland IDA gets $145,000 back from WMC Mortgage
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- March
- 18
The Rockland Industrial Development Agency has collected $145,000 in tax incentives and related fees from a California mortgage company that opened an office in Orangeburg which it later shut down, the IDA’s top officer said.
WMC Mortgage Inc. of Burbank refunded $97,000 in sales tax breaks to the IDA, plus 18 percent interest and attorneys’ fees, said Ronald Hicks, who also serves as president and chief executive of the Rockland Economic Development Corp.
The IDA and Empire State Development Corp. provided a package of incentives to lure WMC to Rockland in 2004. The company had an agreement to hire 300 workers within three years and keep them in place through 2010, but subprime mortgage problems led to financial difficulties that caused the company to close the Orangeburg office last year.
This was the first time that the IDA has had to recapture tax incentives after a business deal went awry, Hicks said. In January, Empire State Development said it recovered 60 percent of an $800,000 grant it provided to WMC.
This entry was posted
on Tuesday, March 18th, 2008 at 5:19 pm by Jerry Gleeson.
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