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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 contain closely similar figures; an online commenter noted a different number in one display of the materials, and the board recorded that public comments and the discrepancy will be included in the meeting record.
IDA staff described the PILOT as a relatively short-term, five-year program intended to help the new owner finalize capitalization and begin construction. Staff said Green Springs has part 1 of the historic tax-credit process approved, is preparing a part 2 submission and expects to begin construction around January, pending local approvals and final permits. The developer identified a financing partner, Capital Bank, and said the project will include one commercial space and 19 residential units.
Board members asked whether the developer would cap rents during the PILOT. The developer said it projects average rents of about $12.75 (compared with a downtown market benchmark of $14.10–$14.25) but declined to commit to a long-term rent cap, citing lender and covenant constraints. In response, the IDA required that the developer provide annual rent-rolls and occupancy reports to the agency office for the five-year term so the board can monitor outcomes.
The public hearing was closed and the resolution to approve the PILOT, sales tax and mortgage tax exemptions was moved, seconded and passed (recorded as 'Aye'; no nays recorded). Staff said the executed resolution and the supplemental agreement requesting annual reporting will be posted on the city website and included in the project file.
The board also noted that if any numerical inconsistencies remain in the posted materials, staff will correct them and include public comments in the record. The IDA will sign and finalize the agreement following preparation of the additional reporting agreement.
