NORWICH – The Chenango County Industrial Development Agency agreed last week to postpone taking steps that would alter a 1982 tax agreement held with the New York Susquehanna & Western Railroad.

Consulting attorney James Downey said if the agency wanted to change or terminate the payment-in-lieu of taxes agreement this year, it would have to do so by March 1. “Do it today or don’t do it,” he said during the meeting Feb. 20.

The IDA’s economic development activities have been thwarted ever since the 2006 flood shut down rail transportation through most of the county. And, because of its inactive status, officials have been revisiting the agreement which exempts the railroad from taxation.