The board of the Niagara County Industrial Development Agency approved a five-year contract renewal for Executive Director Samuel M. Ferraro Wednesday.
Ferraro doubles as Niagara County's economic development commissioner, and the county government and the IDA share the cost of his salary and benefits 50-50.
Ferraro's base salary this year is $121,563, a raise of almost $3,000 from last year. The cost-sharing arrangement has been in effect since 2003, when Ferraro, who already had the economic development job, took over at the NCIDA.
The NCIDA spent $85,617 on Ferraro's pay and benefits last year. NCIDA attorney Mark J. Gabriele said the agency bears some extra cost because it covers Ferraro's 10 percent share of his county health insurance premium.