About the IDA
The City of Rensselaer Industrial Development Agency is a not-for-profit public benefit agency established by an act of the New York State Legislature under Article 18-A Title 2 Section 903-c of the General Municipal Law. The IDA can help qualified businesses and not-for-profit organizations relocate, expand, and build in the city. Using financing incentives and tax abatement's, we can assist eligible companies cut the cost of acquiring, equipping, and constructing industrial, commercial, manufacturing and civic projects. The IDA can also assist new and expanding businesses with site selection, permits, approvals and market information.
The mission of the IDA is to promote economic development and quality of life in the City of Rensselaer by offering financial support to eligible businesses and not-for-profits to locate and expand in the City.
The City of Rensselaer IDA can provide financial assistance in connection with property acquisition, construction and purchasing of equipment. Tools available to the include discretionary mortgage and sales tax exemptions, payments in lieu of taxes (PILOTs), and bonds for the tax exempt financing of business development. In addition, the IDA is able to assist eligible businesses and not-for-profits with permitting, site selection, market and demographic data.
The IDA programs can make it possible for businesses to thrive in the City of Rensselaer, which grows the City’s tax base, increases job opportunities, and improves the quality of life for all City residents.
A five member board oversees the activities of the City of Rensselaer Industrial Development Agency. Pursuant to a Common Council resolution adopted June 21, 1982, the board is comprised of the mayor as chairman, the chairs of the Zoning Board of Appeals and the Planning Commission, and the Common Council minority leader and majority leaders.
- Chairman: Michael Stammel, Mayor
- Vice Chairman: John DeFrancesco, Common Council President
- CEO/Treasurer: Jack Bonesteel, Economic Development Director
- Assistant Treasurer: Paul Godman, Esq.
- Secretary: Philip Daneher, Esq.
- William Bulnes, Zoning Board of Appeas Chairperson
- James Casey, Fourth Ward Alderperson
- Ray Stevens, Planning Commission Member
- Compensation Reimbursement and Attendance Policy
- Defense and Indemnification Policy
- Disposition of Property Guidelines
- Investment Policy
- Procurement Policy
- Travel Policy
- Uniform Criteria For Project Evaluation (1)
- Whistleblower Policy
- Certification for Annual Report
- Certificate of Independence for Members
- Code of Ethics
- Annual Financial Disclosure Form
- ByLaws (1)
- City of Rensselaer IDA Budget 2018 (1)
- IDA Budget 2017
- IDA Budget 2016
- IDA BUDGET 2015
- CRIDA - Form of Application for Financial Assistance (1)
Board meeting minutes
- October 25, 2016
- April 16, 2018
- May 2, 2018
City of Rensselaer Industrial Development Agency
Department of Planning and Development
62 Washington St. Rensselaer, NY 12144