County of Putnam Industrial Development Agency
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 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. - 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 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 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:
- Have the board members acknowledged that they have read and
understood the mission of the public authority? YES - Who has the power to appoint the management of the public authority?
The Members of the Agency approve appointments of management following full
board interview and review of the applicant’s experience by the Governance Committee. - 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. - 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, prepares the annual budget, approves all contracts and directs the management of the Agency. 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. - Has the Board acknowledged that they have read and understand the responses of each of these questions? YES.
Date Adopted: April 16, 2024
Organization Structure
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
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
Staff
Michael Lewis – 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
Ben Cheah | Appointed – 5/2022 – 9/2024
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.