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.
About Us
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Putnam County Industrial Development Agency (IDA)
Welcome to the Putnam County IDA
Thank you for your interest in Putnam County and the Industrial Development Agency. On behalf of our Board Members, we invite you to explore our website.
Enabling Legislation: Article 18-A and Section 937-f of the General Municipal Law of the State of New York, as amended.
Public Authority & Mission Statement:
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 the Putnam County.
Goal # 1: Promote private investment for development, job creation and retention measures.
• Support attraction of business, business retention/expansion and job generation
through coordination with the Putnam Economic Development Corporation, 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.
• Transparency: Maintain the IDA Website
Educate businesses, Realtors and banking officials on IDA assistance.
• Foster renewable energy and energy conservation.
Goal # 2: Maintain the Agency in Compliance With All Applicable 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 needed
• 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.
Additional Questions
Organization Structure
Our Team
Our Board Members
William H. Nulk
Chairman / CEO
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
Joseph Downey
Secretary / Chair, Governance Committee
Appointed 6/2016 | Owner, Downey Auto Repair, Town of Patterson Planning Board | Patterson, New York
Michael Karlsson
Board Member / Chair, Audit & Finance Committee
Appointed 3/2018 | Attorney | Resident of Southeast, New York
Simon Carey
Board Member
Appointed 5/2022 | Field Surveyor, Member Town of Kent Planning Board | Kent, New York
Abigail O’Brien
Board Member
Appointed 5/2022 | Office Administrator – Active in local CofC | Putnam Valley, New York
Vacant
Board Member Opportunity
Putnam IDA Committees
PCIDA Audit & Finance Committee and Governance Committee are made up of all board members with the following members as Chair:
Michael Karlsson
Chair - Audit & Finance Committee
Joseph Downey
Chair - Governance Committee
Staff
Michael Lewis
Chief Financial Officer
Paula Hernandez
Part-Time Executive Director
Heidi Ferrara-Nardelli
Bookkeeper/Administrative Consultant
Why Work with the Putnam County IDA
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 Putnam County IDA provides incentives for private sector business investments and job creation resulting in economic growth and improved quality of life.
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 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.
A second way the Putnam County IDA can promote economic growth is through a Sale/Leaseback transaction.
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.
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 Sale/Leaseback transaction or “Straight-Lease” option requires the applicant to secure project financing through banks or private sources without utilizing bond issuance.
