Glens Falls IDA approves five-year PILOT for 178–180 Maple Street redevelopment

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 five-year term.

The project proposer, Brian Green of Green Springs Capital Group LLC, told the board the plan calls for 19 apartments and one commercial space. “We needed more density in apartments in order to kind of make the project work,” Green said, adding that financing is largely in place and Capital Bank is the lending partner. Green said the team has submitted Part 1 of a historic tax-credit application and expects to file Part 2 when final drawings are complete; construction is targeted to begin in January, pending permits.

Staff described the building as long underused and located within the Lawrence Street brownfield/opportunity area near other downtown investments. As staff explained, the IDA’s support is intended to provide temporary relief to help attract capital; the agency proposed a shorter five-year pilot rather than a typical seven- to ten-year term because the project will also receive other public and private support, including Restore New York grant assistance the city has secured.

During discussion board members pressed the developer about rent levels and whether units would be held to an affordability standard. The developer declined to cap rents, citing lender covenants and project economics, but agreed to provide annual rent and occupancy reports to the IDA’s office during the pilot to support monitoring. A public commenter questioned apparent discrepancies in the packet numbers; the board confirmed the resolution text lists the $96,360 property tax figure and said public comments would be recorded.

The board closed the public hearing for 178–180 Maple Street and passed the resolution. Staff said the signed resolution and the separate reporting agreement will be finalized in the coming days.

Why this matters: The pilot reduces near-term tax obligations to improve project capital stacking and aims to bring an underused historic building back into productive use while preserving its character under the proposed historic tax-credit work. The annual reporting requirement gives the IDA data on rents and occupancy while the shorter five-year term limits the duration of the agency’s tax benefit.