Ulster County IDA reports $89 million Marlborough resort and other projects, board readies member renewals

Hillary Nichols, executive director of the Ulster County Industrial Development Agency, told the county legislature’s Economic Development committee on Aug. 5 that the IDA approved the Marlborough Resort project, an $89,000,000 tourism development that the agency estimates will create about 125 jobs and was granted a 15-year PILOT (payment-in-lieu-of-taxes) inducement. Nichols said the IDA’s cost-benefit analysis for that project produced a benefit-to-cost ratio of 29-to-1 and that the applicant expects to close in the third quarter of 2025 to align with bank financing and to claim a mortgage recording tax exemption.

The IDA has also approved the Arizona Hudson Valley Project LLC, a roughly $36,000,000 redevelopment of the former Twin Lakes Resort in the Town of Hurley, which Nichols said is projected to yield about 24 full‑time jobs plus part‑time and seasonal positions; the agency reported a 26-to-1 local cost‑benefit ratio for that…