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Glens Falls IDA approves five-year PILOT for 178–180 Maple Street redevelopment
Summary
The Glens Falls Industrial Development Agency voted to approve a five-year payment-in-lieu-of-tax agreement for 178–180 Maple Street, clearing a key financing step for a planned renovation that will convert the long-underused building into residential and commercial space.
The Glens Falls Industrial Development Agency voted to approve a five-year payment-in-lieu-of-tax agreement for 178–180 Maple Street, clearing a key financing step for a planned renovation that will convert the long-underused building into residential and commercial space.
The resolution, approved during a special board meeting and public hearing, authorizes a property tax PILOT estimated at $96,360 over five years, a sales and use tax exemption of $63,981 and a mortgage tax exemption of about $30,500 — for a total estimated benefit of roughly $199,008. The board also directed staff to prepare a separate agreement under which the developer will submit annual rent rolls and occupancy reports for the…
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