Local News

Over $53K in PILOT Payments Received by IDA From Increased Rail Traffic


The Cortland County Industrial Development Agency had recently announced late last week that taxing jurisdictions in and outside Cortland County will be receiving a check from the IDA after the IDA received $53,056 dollars in PILOT payments by NY Susquehanna & Western Railroad.

The money will be disbursed to the taxing jurisdictions from a result of the IDA’s lease agreement with the railroad company. The terms of the agreement between the IDA and railroad are payments to local taxing entities are required when rail on the line running through the county exceeds 7,000 cars per year.

This threshold was crossed for the first time since 2016 and every year since due to the continued growth at Suit-Kote, which is a major asphalt product manufacturer that uses the rail line to transport the materials to their operations in Polkville.

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