Summary
The agency granted preliminary approval for tax exemptions and a five‑year property tax reduction for True Storage Utica LLC and authorized a public hearing on the inducement resolution.
The Industrial Development Agency granted preliminary inducement for True Storage Utica LLC, authorizing staff to proceed toward a public hearing and to finalize documents subject to counsel review.
Agency staff described the inducement resolution as providing sales tax exemptions valued at $262,500, mortgage recording tax exemptions valued at $37,500 and a five‑year real property tax reduction valued at $242,042. Staff said that, if approved after the public hearing, the assistance would be consistent with the agency's uniform tax exemption policy.
Ben Kafouri, appearing online as a representative of True Storage Utica LLC, told the board the company converts older industrial buildings into self‑storage facilities and has completed about 50 similar projects nationwide. "We are self storage converters. We've done about 50 of these projects across the country. We're excited about this rehab in Utica," Kafouri said.
Staff moved the inducement resolution and the board voted by voice to authorize the public hearing and to direct staff to finalize forms and related documents subject to counsel review. A subsequent related "secret" resolution was also moved and approved; the meeting record lists that action without additional public detail.
Agency staff said True Storage plans interior conversions of the first floor and underground parking areas and intends to hire local construction and facility staff during implementation.
