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Putnam County IDA outlines incentives and local retention successes at Philipstown meeting
Summary
Bill Nolp, chair of the county industrial development agency, told the board the IDA offers mortgage tax abatement, sales tax exemptions and PILOTs to attract and retain businesses; he cited Ascendico as a local success story and offered the agency’s assistance to Philipstown businesses.
Bill Nolp, introduced at the meeting as chair of the county industrial development agency, gave a briefing about the IDA’s purpose and tools and urged local businesses to contact the agency for assistance.
Nolp said the IDA (a seven-member volunteer board with representation from each town) does not give away cash but offers incentives such as mortgage tax abatements, sales-tax exclusions on construction materials and payment-in-lieu-of-tax (PILOT) schedules that typically start below full tax rates and phase up over time. He described PILOTs as tools that put the improved property on the tax rolls while providing structured abatements during an initial period.
As an example of retention work, Nolp highlighted Ascendico, a food-processing employer that expanded several times with IDA assistance and now operates with close to 900 employees, which he described as one of the county’s largest private employers. Nolp encouraged interested applicants to contact the IDA via putnamida.com and said the agency tries to work on projects appropriate to Putnam County and, by extension, to Philipstown.
Board members asked how local companies can engage the IDA; Nolp said the agency retains and attracts both new and expanding existing businesses and that contact information is available on the IDA website.
The presentation was informational; no formal action or vote was recorded on the IDA briefing.
