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Glens Falls IDA sets Nov. 13 public hearing for Cooper Properties’ 76 Lawrence St. project
Summary
The Glens Falls IDA authorized a public hearing for Cooper Properties’ proposed conversion at 76 Lawrence Street, directing staff to post notices and prepare materials; the hearing was scheduled for Nov. 13 at 8 a.m.
The Glens Falls Industrial Development Agency voted to set a public hearing for Cooper Properties, New York, LP, regarding a proposed pilot for 76 Lawrence Street, scheduling the hearing for the agency's November meeting on Nov. 13 at 8 a.m.
IDA staff (Jeff Greenlee and others) described the Cooper Properties proposal as a mixed-use conversion of a property that would include roughly 18 apartments and a small retail space. Staff told the board the project faces financing constraints, including an existing mortgage of about $3,000,000 and a roughly $825,000 short-term loan, and that the property likely does not qualify for historic tax credits. To limit any future PILOT to the area being redeveloped, staff proposed working with the assessor to create a billing parcel for the IDA portion and to run valuation scenarios for that parcel.
The board moved, seconded and passed a resolution to set the public hearing; staff were directed to post the resolution on the city website, send required mailed notices and ensure the developer or a representative attends the hearing. Staff said they will circulate completed application materials, including the signature page, once the applicant provides required documents.
