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Glens Falls IDA approves five-year pilot for 178 Maple Street redevelopment
Summary
The Glens Falls Industrial Development Agency on Oct. 9 approved a five-year pilot tax-relief package to help finance a 19-unit conversion at 178 Maple Street while developers await historic tax credits and other funding.
The Glens Falls Industrial Development Agency on Oct. 9 approved a five-year pilot tax-relief package for the redevelopment of 178 Maple Street to bridge a funding gap while project owners work to monetize historic tax credits and grant awards.
City and project representatives told the IDA the total project budget is about $4.4 million and that the conversion now calls for 19 residential units and one commercial space after the owners bought a rear lot to add parking. Tom Morelli, a project representative, said finishing construction financing is contingent on the pilot agreement and other items needed to close the deal.
Why it matters: The developer and IDA staff said the project qualifies for historic tax credits and other public funding, but those benefits create a timing lag. The pilot will provide near-term tax…
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