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Rotterdam dissolves IDA

Assets transferred to town; ability to recover stipends paid unclear

— The Rotterdam Town Board has complied with a state Authorities Budget Office recommendation to dissolve the town Industrial Development Agency, despite the objections of some local officials.

During the board’s meeting on Wednesday, Feb. 22, it approved starting the process to dissolve the Rotterdam IDA and accept ownership of the Curry Road Plaza property. Remaining IDA funds will be handed over to the town and earmarked for economic development. Eight payment in lieu of taxes (PILOT) agreements will also be transferred to the town, with plans to later transfer each to the Schenectady County IDA.

IDA Chairman Robert Mallozzi and Schenectady Metroplex Development Authority Chairman Ray Gillen ceremoniously handed a check for $175,000 to Town Supervisor Harry Buffardi. The funds will be placed in the town’s general fund.

Gillen said the check represented the minimum amount being transferred to the town. The exact amount is unknown since the IDA still has to pay all remaining obligations before its bank account balances are transferred.

“The Rotterdam IDA is very proud of the work we have done,” Mallozzi said. “We ran this organization as honestly and diligently as possible.”

Town resident Kevin March said the funds being transferred back to the town was “wonderful,” so work can begin at the longstanding vacant former Kmart site at Curry Road Plaza.

“I think this is a great first step in order to getting something done with it,” March said.

The DEC recently issued a notice that cleanup at Curry Road Plaza is complete.

“Cleanup is complete, which opens us up for other forms of development there,” Supervisor Harry Buffardi said. “Unfortunately, the Rotterdam IDA is in the process of dissolving and they won’t be able to continue that effort that they have put together. I certainly would like to thank them for their efforts for what they’ve done.”

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