The New Rochelle Industrial Development Agency unanimously adopted its 2026 budget and multi‑year projections for fiscal years 2027–2029 at a meeting on Oct. 29 in the City Council conference room. The resolution, presented by IDA Executive Director Adam Salgado, was approved following a review by the finance committee.

Katrina Shivers, the IDA manager, told the board that revenue for 2025 came in slightly below earlier forecasts because several projects that had been expected to close in 2024 or 2025 shifted their timelines. "Revenues are slightly less than originally projected," Shivers said, adding that some deals originally forecast to close in 2024 closed in 2025 while other 2025 transactions moved into 2026. She described a "closing" as the point when a developer secures financing and the agency collects its closing or transaction fee, which is the primary source of transaction revenue.

The budget packet includes a conservative revenue forecast for 2026 on page 10 of the agenda and multi‑year projections on page 12, provided in accordance with Section 2800 of the New York Public Authorities Law. Staff said they will monitor developers' financing progress and may scale back noncontractual expenditures if anticipated deals do not close on schedule.

Board members asked for clarification on the timing and mechanics of closings. Shivers explained, "Until closing, we don't get that pull down on fee. We only have the application fee as one piece the developers pay." Adam Salgado and the finance committee emphasized that the committee had reviewed the budget in detail before bringing it to the full board.

The motion to adopt the budget was moved and seconded and carried unanimously. Chair and staff noted the next IDA meeting is scheduled for Nov. 19, 2025, and that a public hearing related to the long‑running Pratt project may be scheduled as cost‑benefit analysis and consultant communications continue.

The IDA meeting included Executive Director Adam Salgado; IDA Manager Katrina Shivers; IDA consultant Roshi Pangshay; transaction counsel Darius (Daresh) Azaya of Harris Beach; and board members identified in the roll call. No other formal actions were taken.