The Town of Islip Economic Development Corporation (TOIEDC) is a not-for-profit public benefit corporation that was formed under the Not-for-Profit Corporation Law, Section 201. The TOIEDC was created to actively promote, encourage, attract and develop job and recreational opportunities for the Not-for-Profit sector and to encourage the development of Civic Facilities in Islip Town. The mission of the TOIEDC is to promote and foster economic growth, provide employment opportunities and to improve the overall quality of life of the residents of the Town of Islip. TOIEDC accomplishes this mission by assisting the Not-for-Profit sector in obtaining low-cost financing for much needed capital projects through the issuance of tax-exempt Civic Facility Bond Financing.
TOIEDC is the legal entity through which not-for-profit corporations can secure federally tax-exempt and taxable revenue bonds, and sales tax exemptions for construction materials and equipment, for qualified projects.
