Industrial Development Agency Public Hearing – August 24, 2017
NOTICE OF PUBLIC HEARING
ON PROPOSED FINANCIAL ASSISTANCE
BY THE CITY OF POUGHKEEPSIE INDUSTRIAL DEVELOPMENT AGENCY
Notice is hereby given that a public hearing pursuant to Section 859-a of the General Municipal Law will be held by or on behalf of the City of Poughkeepsie Industrial Development Agency (the “Agency”) on the 24th day of August, 2017 at 9:30 a.m., local time, at the Common Council Chambers, Third Floor, City Hall/Municipal Building, 62 Civic Center Plaza in the City of Poughkeepsie, Dutchess County, New York, regarding the consideration of proposed financial assistance by the Agency in connection with the Pok 23 Acad, LLC Project located at 23 Academy Street in the City of Poughkeepsie.
Pok 23 Acad, LLC, a New York limited liability company with offices at 93 Fourth Avenue, #1289, New York, New York, for itself, and/or on behalf of an entity to be formed (hereinafter and collectively, the “Company”), has submitted an application (the “Application”), a copy of which Application is on file at the office of the Agency, which Application requested that the Agency consider undertaking a project (the “Project”) for the benefit of the Company, said Project consisting of the following: (1) the acquisition by the Agency of a leasehold or other interest in an approximately 0.07-acre site at 23 Academy Street, Poughkeepsie, New York, Tax Map No. 6162-77-116026-0000 (the “Land”) including the existing vacant 5 story building; (2) the renovation of the existing building to create 15 residential units and the construction of approximately 2184 square feet of commercial/retail space (collectively, the “Improvements”); and (3) the acquisition and installation therein and thereon of related fixtures, machinery, equipment and other tangible personal property (collectively the “Equipment”)(the Land, the Improvements and the Equipment being collectively referred to as the “Project Facility”). The estimated total cost of the Project is $4,077,000.
The Application proposes the granting of certain “financial assistance” (within the meaning of Section 854(14) of the Act) with respect to the foregoing, including (1) exemption from real property taxes subject to payment of PILOT in the amounts specified in the Application and set forth in the attached schedule; and (2) exemption from deed transfer taxes and real estate transfer gains taxes on real estate transfers to and from the Agency with respect to the Project (collectively, the “Financial Assistance”); and the lease (with an obligation to purchase) or sale of the Project Facility to the Company or such other person as may be designated by the Company and agreed upon by the Agency. The Agency is considering whether to undertake the Project, and to provide the Financial Assistance with respect to the Project.
The proposed Financial Assistance deviates from the Agency’s Uniform Tax Exemption Policy. The proposed Project would qualify as a “Type 3” project under the Agency’s Uniform Tax Exemption Policy and the proposed Financial Assistance set forth in the Application deviates from the Uniform Tax Exemption Policy adopted by the City as follows: (1) the Uniform Tax Exemption Policy would permit the exemption from sales and uses taxes and from mortgage recording taxes, and the Project is not proposed to include such exemptions; and (2) the Uniform Tax Exemption Policy would permit the exemption from real property taxes subject to payment of PILOT in the amounts specified in the policy for a Type 3 application, starting with 75% in year 1 as further set forth in the policy, but the proposed exemption would start with 95% in the first year of completion as further set forth in the schedule attached to the resolution on file with the Agency, resulting in smaller PILOT payments to the affected taxing jurisdictions. The deviation is proposed in order to induce the completion of the redevelopment of the Project and in order to preserve the availability of other state and federal assistance committed to the Project. The Agency will accept comments regarding the proposed deviation at the hearing.
If the Agency determines to proceed with the Project, the Project Facility will be acquired, constructed, reconstructed and installed by the Agency and will be leased (with an obligation to purchase) or sold by the Agency to the Company or its designee pursuant to a project agreement (the “Agreement”) requiring that the Company or its designee make certain payments to the Agency.
The Agency has not yet made a determination pursuant to Article 8 of the Environmental Conservation Law (the “SEQR Act”) regarding the potential environmental impact of the Project.
The Agency will at said time and place hear all persons with views on the location and nature of the proposed Project, or the Financial Assistance being contemplated by the Agency in connection with the proposed Project. A copy of the Application filed by the Company with the Agency with respect to the Project is available for public inspection during business hours at the offices of the Agency. The Agency will present information at said such hearing on the proposed financial assistance, including the cost-benefit analysis for the proposed Project. A copy of the cost benefit analysis will be available 10 days prior to the date of the hearing. A transcript or summary report of the hearing will be made available to the members of the Agency.
Written comments may be submitted prior to or at the hearing to City of Poughkeepsie Industrial Development Agency, City Hall, 62 Civic Center Plaza in the City of Poughkeepsie, Dutchess County, New York, 12601, to the attention of Paul Ackermann, IDA Counsel. Additional information can be obtained from: Chair Paul Calogerakis, City of Poughkeepsie Industrial Development Agency, City Hall, 62 Civic Center Plaza, Poughkeepsie, New York, 12601, Telephone: (845) 451-4065, or the City of Poughkeepsie Industrial Development Agency website at http://cityofpoughkeepsie.com/ida/
Dated: July 27, 2017
CITY OF POUGHKEEPSIE INDUSTRIAL DEVELOPMENT AGENCY
Paul Calogerakis, Chair
IDA Meeting Notice: Industrial Development Agency Meeting – August 24, 2017