Utica agency OKs tax exemptions and assignable PILOT for Red Adirondacks LLC

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 described the assistance as: sales-tax exemptions valued at $183,750, mortgage-recording tax exemptions valued at $30,000, and a 10-year real property tax reduction valued at $1,059,968. The resolution also notes the financial assistance represents a deviation from the agency's uniform tax-exemption policy.

Agency members said a public hearing had been held for this project with no comments. The item was moved, seconded and adopted by voice vote with no opposition recorded in the transcript.

The transcript includes an anecdotal remark that public attendance at such hearings has been low, citing a prior Deerfield project that drew around 20 people who wore high-visibility clothing. The agency did not provide further detail in the meeting record about the basis for the deviation from policy, specific performance conditions, or projected fiscal impact of the exemptions beyond the stated exemption values.

Members approved the resolution and proceeded to other agenda items, with formal execution of documents to follow subject to council approval.