The Cortland County IDA is a public benefit corporation of the State of New York, created by the Cortland County Legislature. The Cortland County IDA has the powers and duties conferred on industrial development agencies by Article 18-A of the New York General Municipal Law. The Cortland County IDA coordinates incentives for larger scale projects that produce significant investment and job creation, as outlined in its development policy. These incentives are typically delivered in the form of payments in lieu of taxes (PILOTS) to companies, or other negotiated local incentives. PILOT agreements must be approved by local municipalities, and projects must be consistent with New York State laws that govern IDAs. In general, IDA projects are manufacturing related, although other activities that produce significant positive economic impact may also qualify for incentives.
The Cortland County IDA has no paid staff. The staff of the Cortland County Business Development Corporation serves on a voluntary, unpaid basis, as the administrative support staff to the IDA. Staff receives no compensation for performing IDA services. The IDA receives no county funding. The IDA operates with a minimal budget, with no allocation for salaries and very limited operating expenses.
The IDA is governed by a seven member board of directors appointed by the Cortland County Legislature. While not a recipient of county funding, it is the practice of the IDA to furnish monthly financial and program reports to the Chairman of the Cortland County Legislature, the Cortland County Administrator and the Cortland County Director of Real Property Tax Services. The IDA also makes periodic presentations and updates to the planning committee of the Legislature, budget committee of the Legislature, or the full Legislature, upon invitation by the committee chairs, Chairman of the Legislature or Cortland County Administrator.