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Glens Falls IDA reports Market Center progress; planning board approved projects include about 128 apartments
Summary
At the Jan. 9 meeting the Greater Glens Falls Industrial Development Agency reviewed year-end finances, closed tax benefits for a Phase 1 project, heard updates on Crew Coffee financing and South Street timing, and discussed recent planning-board approvals for roughly 128 apartments.
The Greater Glens Falls Industrial Development Agency on Jan. 9 approved routine minutes and year-end financial reporting, and members received project updates on Market Center, Bon Appetito’s Phase 1 tax benefits, Crew Coffee and several recent housing approvals by the city planning board.
Staff reported the IDA closed tax benefits tied to Bon Appetito’s Phase 1 of a DRI-backed project last year and received a related fee. Agency staff said construction for that project is expected to proceed and that associated tax benefits will commence when the project is completed, with a likely target of fall 2025.
The IDA heard that Crew Coffee is moving forward but remains in the bank-financing stage; staff said the project has not yet closed and that the developer is working through the bank’s and SBA submittal requirements. The IDA received a partial administrative-fee payment related to that project; the board recorded a partial fee payment described in the meeting as $35,100 for release of sales-tax documents.
On a separate downtown matter, agency staff said Venaccio (represented in the discussion by Steve Liccardi) is targeting a Feb. 1 closing for the South Street parking-lot property; construction is expected to begin within two weeks of closing, though no final date was confirmed. The IDA also discussed recent planning-board approvals for three housing projects, including a replacement building at 579 Sherman and multiple projects by developer Chris Patton. One planning-board member referenced a combined total of about 128 apartments approved at the most recent planning-board meeting.
Staff told IDA members that Patton has inquired whether the IDA could provide support for the South Street/Rite Aid property redevelopment, and the agency said it would consider any formal request if one is submitted.
Ending: The IDA approved payment of its listed bills and set its next regular meeting; staff said the audit will be reviewed in April.
