How else may a company benefit from COMIDA Assistance?
First, COMIDA is tax exempt, and because the company is an agent of COMIDA, it is sales tax exempt on equipment and materials purchased during the construction period. The company is also eligible for a 1% mortgage tax exemption and may in addition receive a tax-exempt interest rate if it qualifies for tax exempt financing. Because COMIDA is a tax-exempt organization, it pays no real estate taxes, and this benefit is passed on in part to the company. The company, however, as agent, must execute a payment in lieu of tax (PILOT) agreement with COMIDA. The payment amounts in the JobsPlus and Enhanced JobsPlus PILOT agreements are based on increasing percentages.
