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Utica agency OKs tax exemptions and assignable PILOT for Red Adirondacks LLC
Summary
The Utica agency approved a final authorizing resolution for Red Adirondacks LLC, granting sales and mortgage-recording tax exemptions and a 10-year real property tax reduction; the agency noted the assistance deviates from its uniform tax exemption policy and the pilot agreement is assignable to unit purchasers.
The Utica Industrial Development Agency on Aug. 20 approved a final authorizing resolution providing financial assistance to Red Adirondacks LLC, including exemptions from sales and mortgage-recording taxes and a 10-year real property tax reduction that the agency said is assignable to purchasers of units.
In the meeting record the agency…
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