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Middletown IDA presents project roundup; speakers highlight jobs, PILOTs and senior housing
Summary
A representative for the Middletown Industrial Development Agency summarized recent projects and incentives, describing job creation, pilot (PILOT) payments and tax-exempt bond conduit financing used for local projects including Touro University and senior affordable housing.
A representative of the Middletown Industrial Development Agency (IDA) gave a summary of recent projects and the agency's role in local economic development during the March 4 Common Council meeting.
The IDA representative described the agency as a public-benefit corporation empowered by New York State to promote economic development and listed projects the IDA has supported through PILOT (payment-in-lieu-of-taxes) agreements, sales tax exemptions during construction and conduit tax-exempt bond financing.
The presentation cited Touro University's rehabilitation of a former hospital building into educational facilities and dormitories, a project the speaker said cost about $65 million and currently generates roughly $151,000 per year in PILOT payments; the speaker said that pilot is scheduled to end in 2028 and the property would then be fully taxable. The representative also described brewery and manufacturing projects, assisted-living and senior affordable housing projects, and a Southeast Towers senior affordable rental project they said was financed with approximately $7.44 million in tax-exempt bonds and provides 106 affordable units for seniors.
The speaker said the IDA requires public hearings on projects, conducts independent annual audits, posts reports to the city website and files activity reports with the New York State Authorities Budget Office, the State Controller and the Department of Taxation and Finance.
Council members thanked agency volunteers and asked questions about transparency after a council member referenced a public accusation on social media. Council President Rodriguez asked whether an allegation that the IDA lacks transparency was true; the IDA representative answered, "Absolutely false, yes," and confirmed the agency does not gift properties.
The IDA representative closed by encouraging the public to consult posted reports and announced that IDA meetings are held monthly and available live on channel 20 and on the city website.
