IDA – City of Poughkeepsie Industrial Development Agency » IDA » Industrial Development Agency Meeting – November 14, 2018

Industrial Development Agency Meeting – November 14, 2018

PLEASE TAKE NOTICE that the Industrial Development Agency of the City of Poughkeepsie, will meet on Wednesday, November 14th, 2018 at 6:30 p.m., in the Common Council Chambers, Third Floor, City Hall/Municipal Building, 62 Civic Center Plaza, Poughkeepsie, New York.

Notice of Public Hearing

NOTICE IS HEREBY GIVEN that a public hearing pursuant to Title 1 of Article 18-A of the New York State General Municipal Law (the “Act”), will be held by the City of Poughkeepsie Industrial Development Agency (the “Agency”) on Wednesday, November 14, 2018, at 6:30 p.m., local time, at Common Council Chambers, Poughkeepsie City Hall, 62 Civic Center Plaza, 3rd Floor, Poughkeepsie, New York 12601, in connection with the following matters:

MPI Incorporated, a New York corporation or an entity formed or to be formed by or on behalf of the foregoing (the “Company”), has applied to the Agency to enter into a transaction (the “Project”) consisting of: (i) the Agency taking title, possession or control (by deed, lease, license or otherwise) of certain land located at 165 Smith Street, City of Poughkeepsie, Dutchess County, New York, and potentially, in the future, at (x) certain CSX-abandoned property at Smith Street and Cottage Street, City of Poughkeepsie, Dutchess County, New York, and/or (y) certain property owned by the City of Poughkeepsie that adjoins the Company’s property at 165 Smith Street and commonly referred to as Cottage Street Rear, (tax parcel number 131300-6162-73-503214-0000) (collectively, the “Land”), and the existing improvements located thereon consisting principally of the Company’s existing wax and ceramic casting campus (the “Existing Improvements”); (ii) the construction on the Land of approximately 14,000 square feet of new manufacturing space (allowing for the reorganization of the Company’s operations for increased efficiency and flow), with the roof structure acting as an overhead crane to move mega-ton systems as they are built and shipped; (iii) the renovation and refurbishment of approximately 1,000 square feet of office space;  (iv) the augmenting of the power infrastructure with varied-voltage test capacity; (v) the expansion of paint prep; (vi) the installation of automated vertical inventory storage units, transitions and connections between buildings, and a sandblasting booth (collectively, the “Improvements”), all as more fully detailed in the Company’s Application on file with the Agency); and (vii) the acquisition and installation by the Company in and around the Land, the Existing Improvements and the Improvements of items of equipment, machinery and other tangible personal property (the “Equipment”; and, together with the Land, the Existing Improvements and the Improvements, the “Facility”).

The Agency will acquire a fee or leasehold interest in the Facility, and will lease or sublease the Facility and the furnishings, fixtures and equipment located therein to the Company.  The Agency contemplates that it will provide financial assistance to the Company in the form of (i) exemptions from sales and use taxes otherwise payable upon the purchase or lease of materials, furnishings, fixtures and equipment, and other taxable personal property, (ii) exemptions from mortgage recording taxes to the extent permitted by applicable law in connection with the acquisition, financing, construction financing and/or permanent financing, or any subsequent refinancing, of the costs of the acquisition, renovation, construction, reconstruction, refurbishing and equipping of the Facility, and (iii) an abatement of real property taxes in such amount as the Agency may determine in order to accomplish the purposes of the Project (collectively, the “Financial Assistance”).

A representative of the Agency will, at the above-stated time and place, hear and accept written comments from all persons with views in favor of or opposed to either the proposed Financial Assistance to the Company or the location or nature of the Facility.  At the hearing, all persons will have the opportunity to review the application for Financial Assistance filed by the Company with the Agency and an analysis of the costs and benefits of the proposed Facility.

CITY OF POUGHKEEPSIE INDUSTRIAL DEVELOPMENT AGENCY

Dated:  November 1, 2018
By:     Bradley Tyler Jones
Title:  Chairman

Agenda

  1. Call to Order by Chairman
  2. Roll Call
  3. Approval of agenda
  4. Approval of minutes
  5. Public comment
  6. Remarks from area Building Trades Council
  7. MPI Inc. proposal
    1. Project summary (update)
    2. Public hearing
  8. Resolution appointing Executive Director
  9. Academy Street Market / Poughkeepsie Hive project
    1. Project summary
    2. Resolution of inducement
  10. Legal Issues
  11. Agenda items for Dec. 12, 2018 meeting
  12. Other Business
  13. Adjournment
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November 14, 2018 - Agenda

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Notice of Public Hearing - November 14, 2018

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Resolution - Appointing Executive Director

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Inducement Resolution - 35 Academy Realty

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Executive Director Consulting Contract

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