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Glens Falls IDA approves five-year PILOT and tax exemptions for 178–180 Maple St.
Summary
The Glens Falls Industrial Development Agency approved a five-year payment-in-lieu-of-taxes (PILOT) and related sales and mortgage tax exemptions for a Green Springs Capital Group LLC redevelopment at 178–180 Maple Street. The board required annual rent and occupancy reports during the PILOT term.
The Glens Falls Industrial Development Agency on Monday approved a five-year PILOT agreement and associated sales and mortgage tax exemptions for 178–180 Maple Street, the site of a planned 19-unit apartment conversion by Green Springs Capital Group LLC.
Board members were presented with staff estimates showing an approximate property tax benefit (PILOT) of roughly $96,360 over five years, a sales-and-use tax exemption estimated at $63,981 and a mortgage tax exemption near $30,500 — a combined estimated benefit the agency recorded at about $199,008.03. The packet and resolution…
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