Peekskill IDA raises procurement thresholds to align with state rules
The IDA/PFDC voted Aug. 26 to raise its competitive‑bid thresholds: purchase contracts from $10,000 to $20,000 and public works from $20,000 to $35,000, with adjusted approval tiers and quote requirements; staff will confirm exact statutory phrasing before finalizing language.
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Abby (speaker 8) presented recommended updates to the agencies' procurement policy at the Aug. 26 meeting, saying the changes are intended to align local practice with state regulation. She described a three‑tiered approach: competitive bidding for purchases above $20,000, executive‑director discretion up to $4,999, and required verbal or written quotes in intermediate bands. For public works and construction services she proposed increasing the competitive‑bid threshold from $20,000 to $35,000 and raising the executive‑director discretionary threshold to $10,000.
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