The Utica Industrial Development Agency on Aug. 20 approved a statement of retail findings and a final authorizing resolution to provide financial assistance to True Storage Utica LLC, including sales-tax and mortgage-recording-tax exemptions and a five-year reduction in real property tax, contingent on a certificate from the chief executive officer and subsequent council approval.

Agency members said the item comprised two parts: acceptance of retail findings and final approval of a package of financial assistance. "Consider a statement of retail findings relating to the True Storage Utica LLC facility and directing the agency to request the mayor of Utica to execute a certain certificate of [the] chief executive officer confirming financial assistance to a retail facility," one member said during the meeting.

The final authorizing resolution approved exemptions described in the meeting as: sales tax exemptions valued at $206,262,500; exemptions from mortgage-recording tax valued at $37,500; and a reduction of real property tax for five years valued at $242,042. The resolutions and any related documents were approved "subject to council approval and all subject to obtaining the certificate of the chief executive officer," a member said.

Board members moved and seconded the items and the agency adopted both measures by voice vote with no recorded opposition in the transcript. The meeting record shows no public comments were received during the project's public hearing.

The agency provided no further fiscal detail in the meeting record about how the exemption valuations were calculated, the projected tax revenue impact over time, or specific conditions tied to developer performance. Those details may appear in council-level review or in documents subject to the CEO certificate and council approval.

The agency adjourned after completing new-business items and scheduling next steps for follow-up as required by the agency's process.