The Putnam IDA has a specific application and approval process for commercial projects that best ensures a timely and efficient consideration and implementation of incentives for approved projects.
The following is a general guideline:
Prior to Formal Application:
The Company interested in applying for incentives are strongly urged to contact the IDA prior to submitting an application for financial incentives. Doing so will serve to:
Formal Submission of Application:
• Fees: Upon a formal application being submitted, the IDA will provide a detail of the agency’s fees. Incentive recipients are required to pay both the agency and agency counsel fees, both due at project closing and an annual fee of $250 to comply with State reporting requirements
Steps for Incentives and Project Approvals:
Project Authorization:
Note: Apart from the IDA’s project agreements, a PILOT agreement (if applicable) must be approved by all participating parties (including the involved taxing entities). Given the timing of the taxing entities approval process, the PILOT closing need not be finalized at the time of the project closing date.