Summary
The agency approved an inducement resolution for REB/RED Adirondacks LLC — a multi‑parcel redevelopment that includes loft apartments, potential hotel space, interior parking and street‑level retail — after the applicant outlined remediation and conversion work.
The Industrial Development Agency approved an inducement resolution granting preliminary financial assistance to RED (REB) Adirondacks LLC for a multi‑parcel redevelopment that the applicant described as loft apartments, a potential future hotel parcel and mixed‑use ground‑floor retail and food‑court space.
Anthony Murali, the project's architect and developer partner, described a plan to create 35 live‑work loft apartments with indoor heated parking (70–80 spaces) and a courtyard with food‑court amenities. Murali said the building required extensive environmental remediation—largely asbestos abatement—and that he spent about $150,000 on remediation and monitoring. He said the project includes energy‑efficiency upgrades (triple‑glazed tall windows, R‑50 ceiling insulation) and split‑system heat pumps for individual units; gas would be used only to temper the garage.
Agency staff presented a package that included sales tax exemptions valued at $183,750, mortgage recording tax exemptions of $30,000 and a 10‑year real property tax reduction valued at $100,559,968 (figure stated in the meeting record). Staff said the assistance constitutes a deviation from the agency's uniform tax exemption policy and stated a finding that the project would prevent economic deterioration and promote employment opportunities. The board voted to authorize a public hearing and approved the inducement resolution, and a related confidential resolution moved later in the block was also adopted.
Murali described capital needs including elevator modernization (approx. $180,000), electric and plumbing upgrades (each in the high five figures), triple‑glazed windows and security and site improvements. He said he is planning heated indoor valet‑style parking, small food vendors in a food‑court format and lounge and fitness amenities for tenants. He said some tenants and commercial occupants were in preliminary conversations but that the 5‑job estimate in the application derives from small commercial leases and parking operations.
Board members asked a number of project‑management and financing questions; one board member noted the two‑year rental/ownership conversion period that the attorney general requires for some projects. The inducement was approved by voice vote; staff will conduct counsel review and hold the public hearing before final agreements are executed.
