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Glens Falls IDA accepts application, schedules public hearing for 4656 South Street pilot request
Summary
At a special meeting the Glens Falls Industrial Development Agency accepted an application from Patent Property Management LLC for 4656 South Street and authorized a public hearing to consider financial assistance including a tax pilot; the board tentatively set the hearing for May 15 at 8 a.m.
The Glens Falls Industrial Development Agency on Thursday accepted an application from Patent Property Management LLC for financing assistance tied to the renovation of 4656 South Street and authorized a public hearing on the request, tentatively scheduled for May 15 at 8 a.m.
The decision begins a formal review of a pilot tax agreement and related benefits (sales- and mortgage-tax considerations) the agency could offer to help restore the long-neglected downtown building into commercial space and about 20 apartments. The board said it will analyze the likely sales-tax and mortgage-tax benefits and return to the public hearing with projected numbers.
Applicant Chris Patton, who said he now owns the property through Patent Property Management LLC, described extensive structural and…
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