County of Putnam Industrial Development Agency
Mission Statement and Performance Measurements
Reviewed and Re-adopted for the 2022 Program Year
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 recreational a prosperity and standard of living, as well as fostering application of energy alternatives and conservation through the promotion, development, encouragement and financial assistance for industrial operations, manufacturing, warehousing, commercial, research, new businesses and recreation facilities, educational and cultural facilities, health care facilities, and continuing care retirement communities in the Putnam County.
The Putnam County Industrial Development Agency was formed under Article 18 B Title 937-F of the NYS General Municipal Law as a public benefit corporation. It can provide financial assistance consistent with the aforementioned law. It is subject to compliance with the Public Authorities Accountability Act of 2005 and Public Authorities Reform Act of 2009 and all subsequent and applicable regulations and laws of the State of New York.
Stakeholders: Putnam County Government, Local Governments, School Districts Putnam
County Residents and Businesses Performance Goals and Measures:
Goal #1: Promote private investment for development, job creation and retention.
• Support attraction of business, business retention/expansion and job generation through coordination
with the Putnam Economic Development Corporation and county and local governments.
• Respond to leads and requests from existing business to determine eligibility for IDA financing and
other business assistance, make referrals, and support/ facilitate local and regional economic development initiatives.
• Induce and execute eligible projects that generate private investment and create or retain jobs.
• Update the IDA Website
• Educate businesses, Realtors and banking officials on IDA assistance.
Goal # 2: Maintain the Agency in Compliance will all applicate New York State requirements
• Hold at least two Governance and Audit Committee Meetings a year.
• Annually review and re-adopt policies and operations.
• Monitor economic data.
• Conduct open monthly meetings as need.
• Complete an annual Audit.
• Monitor projects.
• Complete PARIS reporting.
• Maintain and update website.
• Manage the Agency in conformance with all applicable state laws and regulations.
1. Have the board members acknowledged that they have read and understood the mission of the public authority?
2. Who has the power to appoint the management of the public authority?
The Members of the Agency approve appointment of management following full board
interview and review of the applicant’s experience by the Governance Committee.
3. If the Board appoints management, do you have a policy you follow when appointing
the management of the public authority?
Yes, the Agency’s by-laws establish responsibilities and experience required for its management positions. The Agency reviews resume of candidates and forward to the Legislature for review and appointment making.
4. Briefly describe the role of the Board and the role of management in the implementation of the mission.
The Board makes policy, establishes best practices, and directs the management of the Agency.
The Board establishes Agency goals, and monitors achievements/completion of tasks through
email discussion and review of activities at monthly meetings.
Although the Agency functions on a part-time basis, the Chairman (with assistance from the
CFO, legal staff and Compliance Officer) responds to leads, promotes the Mission of the
Agency to economic development facilitators and real estate brokers, provides leadership
for the day-to-day operations of the Agency and for compliance with state laws, regulations
and best practices, and maintaining ongoing communication. The Chair and Board members
electronically communicate as needed between meetings. The Board approves all expenditures.
5. Has the Board acknowledged that they have read and understand the responses of each
of these questions?
Our Board Members
William H. Nulk – Chairman
Appointed 5/2016 |Retired, Volunteer CofC Officer | Resident of Kent, New York
Edward Cooke – Vice Chairman
Appointed 8/2018 | Business Representative, North Atlantic States Regional Council of Carpenters | Resident Carmel, New York
Michael Karlsson – Treasurer
Appointed 3/2018 | Attorney | Resident of Southeast, New York
Joseph Downey – Secretary
Appointed 6/2016 | Owner, Downey Auto Repair, Town of Patterson Planning Board | Patterson, New York
Simon Carey – Board Member
Appointed 5/2022 | Field Surveyor, Member Town of Kent Planning Board | Kent, New York
Ben Cheah – Board Member
Appointed 5/2022 | Film and TV Sound Business, Real Estate investment | Phillipstown, New York
Abigail O’Brien – Board Member
Appointed 5/2022 | Office Administrator – Active in local CofC | Putnam Valley, New York
Audit & Finance Committee
Michael Karlsson – Chair
Edward Cooke – Board Member
Joseph Downey – Board Member
William Nulk – Board Member
Governance Committee Members
Joseph Downey – Chair
Edward Cooke – Board Member
William Nulk – Board Member
Michael Karlsson – Board Member
William Carlin – Chief Financial Officer
Putnam County Chief Deputy Commissioner of Finance
Teri Waivada – Consultant
Previously with Westchester County IDA
William Shilling – General Counsel
Law Office of Shilling & Smith P.C.
Past Board Members
Stephen J. Baronowski, CPA | Appointed – 5/2016 -8/26/2021
Sarina Tamanga, | Appointed – 3/2018 – 11/16/2021
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.