Glens Falls IDA approves tax relief for Patton Property Management’s South Street renovation

Glens Falls — The Glens Falls Industrial Development Agency on May 15 voted to offer Patton Property Management LLC a tax incentive package — including a PILOT agreement, a sales tax exemption on future material purchases and a mortgage-recording-tax exemption — for a proposed conversion of the building at 45-56 South Street into residential and commercial space.

The action, taken after a public hearing, applies to a project the developer said will create roughly 20 apartments plus multiple commercial units including a restaurant in the building identified on the city tax map as parcel 309.28-2-6. Agency staff recorded a proposed base assessed value for the PILOT of $577,500 and described the draft PILOT schedule as 100% exemption on assessable improvements for the first five years and 50% exemption for the subsequent five years of a 10-year term.

The incentives matter because the project…