Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the South Street Development topic
No spam. Unsubscribe anytime.
Developers seeking IDA support for South Street projects; Market Center ribbon cutting set for May 16
Summary
IDA members discussed several South Street development proposals, including Chris Patton's work at 4656 South Street and adjacent sites, the role of historic tax credits, shared parking plans and a tentative May 16 ribbon cutting for the Market Center.
Members of the Glens Falls Industrial Development Agency spent substantial time at the February meeting discussing several South Street redevelopment projects and how the IDA might support them.
Jeff, a staff member, described conversations with local developer Chris Patton, who is working on multiple properties including 4656 South Street and a former Rite Aid site. “His costs are beyond what he had expected,” Jeff said, and the developer has asked whether IDA assistance such as a pilot mortgage‑tax abatement or sales‑tax abatement might be appropriate.
Jeff said Patton is considering using parking under one building to serve tenants of two adjacent structures and that question raises whether the two properties would be treated as one project for IDA eligibility or would need to be considered separately. The board discussed that, if buildings are aggregated as one project the IDA could consider tax‑support mechanisms; if they are separate, eligibility would depend on the presence of a commercial component.
The board also reviewed challenges tied to historic tax credits. Staff said federal historic tax‑credit rules can be restrictive for small rehabilitation projects and that New York State and federal credits are typically paired; the governor has proposed decoupling state and federal credits, which could change feasibility for some projects. Board members cited prior local projects—several phases of work on South Street led by developer Bonaccio—that relied on complex tax‑credit work and took extended time to close financing.
Separately, staff reported that the Market Center ribbon cutting has been tentatively scheduled for May 16; the date would coincide with the opening of the farmers market and the IDA expects contractors to finish punch‑list items if asphalt plants and weather conditions permit. Staff said Market Square financing remains under review by HCR, which has led to some schedule overlap between phases of certain projects.
Board members agreed to ask developers who want IDA support to submit draft applications and budgets for staff review before an official submission so the board can evaluate numbers and financing needs. No formal action was taken at the meeting on any specific tax‑support package; staff will continue discussions with applicants.
