Poughkeepsie IDA approves incentives for Rip Van Winkle redevelopment; board member recuses

The Poughkeepsie Industrial Development Agency voted April 9 to authorize financial incentives for the Rip Van Winkle redevelopment, including a PILOT (payment-in-lieu-of-taxes) arrangement and sales and mortgage tax relief; Board member Matt Diggins recused himself from the vote citing a conflict of interest.

The resolution authorizes the IDA to offer tax and mortgage relief to the Rip Van Winkle project, a large affordable-housing rehabilitation the developer said would include an estimated $90,000,000 in reinvestment to preserve 179 units across roughly 221,000 square feet. ‘‘I will not be voting on this. I have a conflict with this,’’ said Matt Diggins before leaving the room and returning after the vote.

The developer representative, identified in the meeting as Nick of Relayered Affordable, told the board and public that tenants temporarily relocated during renovations will be returned to their same units and that affordability restrictions and clawbacks will remain in any legal agreements. ‘‘We specifically spelled out ... tenants that are in this building are put back into the same unit when they’re temporarily relocated,’’ Nick said, adding that the project team has committed to MWBE targets and a…