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Ulster County IDA outlines housing matrix, job task force, hotel incentives and bond hearings
Summary
Ulster County Industrial Development Agency Executive Director Hilary Nichols presented the IDA's powers, a new housing evaluation matrix, a sustainable jobs task force and recent project approvals — including incentives for a New Paltz boutique hotel — to the county legislature's economic development committee.
Hilary Nichols, executive director of the Ulster County Industrial Development Agency, told the Legislature's Economic Development, Planning, Education, Employment, Arts and Agriculture Committee on March 4 that the IDA is focused on “advance[ing] job opportunities, general prosperity, and long term economic vitality of Ulster County residents” through tax incentives, pilot agreements and bond issuance.
Nichols gave a roughly 10‑minute presentation explaining what the IDA can and cannot do under New York State municipal law, then answered questions from committee members about housing policy, loans and local outreach. She said the IDA can abate three taxes (sales and use tax on construction, mortgage recording tax and certain real property taxes via PILOT agreements), can serve as a conduit for tax‑exempt bond issuance through its sister Capital Resource Corporation (CRC), but “the IDA has no ability to loan or grant money,” a restriction Nichols emphasized during the…
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