Mayor Marc Nelson has directed the city’s Industrial Development Agency to delay action on a pending application for certain tax benefits related to the Rip Van Winkle Apartments at 10 Rinaldi Boulevard. Effective Sept. 8, the mayor asked for a 90-day delay so that the city’s commissioner of Finance can prepare a fiscal impact statement and report the fundings to the administration and Common Council.
An application for such tax benefits -- referred to as a PILOT or "Payment in Lieu of Taxes" -- is pending before the city's IDA.
In an executive order, the mayor pointed out the PILOT application is being made by prospective owners, not the current owners, of the property, and the proposed sales price of the property is unknown to the city at this point.
The mayor said the application seeks certain significant tax concessions by the City of Poughkeepsie, and the PILOT also would have a potential tax impact on the Poughkeepsie City School District and Dutchess County.
In the executive order, Mayor Nelson said, “the application proposes that said tax concessions, spanning a number of years, are necessary in order to assure the ability of the potential new owner to make certain renovations which, in my view, should have been made years ago and at the current owners' cost solely.”