The mission of the Putnam County Industrial Development Agency is to advance the job opportunities, health, general prosperity and economic welfare of the people of the Putnam County and to improve its recreation opportunities, prosperity and standard of living, through the promotion, development, encouragement and assistance for industrial operations, manufacturing, warehousing, commercial, research new businesses and recreation facilities, educational or cultural facilities, health care facilities and continuing care retirement communities, in Putnam County.
Our goal as the Putnam County IDA is to increase the present industrial tax base in Putnam County and help attract clean, environmentally sensitive manufacturing and industrial interests to the County.
The IDA strives to promote, develop, encourage and assist in the acquiring, constructing, reconstructing, improving, maintaining, equipping and finishing industrial, manufacturing, warehousing, commercial, research, educational or cultural facilities not to exclude commercial and retail facilities to advance job opportunities and enhance the health, general prosperity and economic welfare of the people in New York State and Putnam County.
Enabling Legislation:
The Putnam County Industrial Development Agency was formed under Article 18 A of the NYS General Municipal Law as a public benefit corporation. Section 858 of the Act provides that:
‘The purposes of the agency shall be to promote, provide, develop, encourage and assist in the acquiring, constructing, reconstruction, improving, maintaining, equipping, and furnishing industrial, manufacturing, warehousing, commercial, research and recreation facilities including industrial pollution control facilities, educational or cultural facilities, railroad facilities, horse racing facilities and continuing care retirement communities * * * and thereby advance the job opportunities, health, general prosperity and economic welfare of the people of the State of New York and to improve their recreational opportunities, prosperity and standard of living * * *.Generally construed as the promotion of economic development and job creation and retention.
In addition, the Agency is subject to compliance with the Public Authorities Accountability Act of 2005 and Public Authorities Reform Act of 2009 and subsequent legislation.
Stake Holders:
Putnam County and Local Governments, School Districts,
Citizens and businesses of Putnam County, The Mid-Hudson Region
Our Board Members
William H. Nulk – Chairman
Dr. Stephen J. Baranowski, CPA – Vice Chairman
Joseph Downey – Secretary
Sarina Tamanga – Treasure
Michael Karlsson – Director
Edward Cooke – Director
NOTE: The members of the Agency serve on the Governance and Audit and Finance Committees.
Staff
William Carlin – Chief Financial Officer
Teri Waivada – Consultant
William Shilling – General Counsel
What We Can Do For You
- The Putnam County IDA provides incentives for private sector business investments and job creation resulting in economic growth and improved quality of life.
- The Putnam County IDA coordinates these incentives for each project which are typically delivered in the form of real property tax exemption, sometimes offset by payment in lieu of taxes (PILOTS), sales tax exemption on project related construction materials and equipment, New York State Mortgage Recording tax exemption or other negotiated local incentives.
- The primary way the Putnam County IDA promotes economic growth is through the issuance of tax exempt or taxable industrial development revenue bonds for businesses that wish to locate or expand their operation in Putnam County.
- Machinery and equipment may be financed with Putnam County IDA bonds. The Putnam County IDA issues the bonds; it does not loan money directly to the Company seeking IDA assistance; rather, a financial institution loans the funds to the Company through the IDA. Most often a bank or underwriter will purchase the bonds and, in effect, make the loan to the Company.
- The bonds are secured by the financial strength and credit of the applicant and by a mortgage on the facility financed with the bonds. It is not unusual to request additional collateral to secure the bond issuance.
- A second way the Putnam County IDA can promote economic growth is through a Sale/Leaseback transaction.
- The Sale/Leaseback transaction or “Straight-Lease” option requires the applicant to secure project financing through banks or private sources without utilizing bond issuance.
- In this transaction, the Company conveys title to the project to the Putnam County IDA. The Putnam County IDA agrees to grant mortgages on and security interest in the project in favor of the lenders in behalf of the Company.
- The purpose of this kind of transaction is to make the tax management capabilities of the Putnam County IDA available to a project without including the Putnam County IDA in the financing for a project to reduce the complexity and expense involved in the transaction. The Putnam County IDA will re-convey title to the project or company at an agreed upon date; normally at the end of the PILOT (Payment in Lieu of Tax) abatement period for the project.