Ulster County IDA outlines housing matrix, job task force, hotel incentives and bond hearings

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 presentation.

The presentation highlighted a new housing policy and evaluation matrix the IDA board adopted late in 2024. Nichols said the matrix adds a new category for “commercial housing” (examples: mixed‑use developments) and gives projects points for job creation, wage levels, environmental sustainability and community investment. Municipalities will retain the ability to signal local affordability expectations; Nichols said the matrix allows the board to assess affordability “on a per‑project basis” rather than by a single formula she said previously created inconsistent outcomes.

Nichols also described a sustainable jobs task force the IDA formed to refine how it evaluates projects that promise clean‑tech, manufacturing or other “sustainable” employment. She said the task force expects to present recommendations to the IDA governance committee in early spring and that any UTEP (Uniform Tax Exemption Policy) changes would be followed by public notice and a hearing.

On projects, Nichols said the board recently approved incentives for the New Paltz Way Hotel, a boutique lodging project in the Village of New Paltz that will replace a vacant warehouse on Water Street, add pedestrian and rail‑trail access and include a living roof. Separately, Nichols said Woodland Pond has applied for tax‑exempt bond issuance; the IDA approved scheduling a public hearing tentatively for April 17 on that bond request.

Nichols reviewed recent outreach: a February 5 “Land Here Grow Here” event with SUNY New Paltz's School of Business that drew about 37 attendees, and a county municipal convening that brought about 25 municipal representatives to a “4 Communities, 4 Jobs” forum on pilots and taxing‑jurisdiction coordination. She said the IDA compiles an annual packet — including a PARIS report and audited financials — that will be made available to the Legislature and posted to the IDA website after the board's March presentation.

Committee members asked about supporting smaller nonprofits and businesses that face reimbursement‑style grants. Nichols said the CRC is exploring options to help small organizations that lack working capital, and that the IDA is watching the county's revolving loan fund to avoid duplicating services.

The committee did not take a formal vote on IDA policy at the meeting; Nichols' presentation was informational and the board's previously passed actions (housing matrix and recent approvals) were discussed for context. The IDA director encouraged municipalities and prospective applicants to contact the agency and to watch for UTEP and PARIS materials when the IDA posts them.

Ending

Nichols concluded by inviting committee members to upcoming IDA public events and the IDA annual report presentation. Committee members thanked Nichols for the briefing and raised follow‑up items on housing coordination, potential loan/bridge funding options for nonprofits and clarification on how pilot agreements affect municipal budgets.