Factory Town Apartments presentation draws IDA approval to hold public hearing; hearing set for May 6

Jim Caramucci, presenting the Factory Town Apartments LLC application, told the board the project would be built on the former Ford Motor Company site on Cannon Street and cover roughly 32.2 acres. "Total project cost for the project are approximately $36,000,000 and the proposals for a 135 unit multifamily residential apartment facility," Caramucci said, outlining requested mortgage recording tax and sales tax exemptions and an estimated $6.7 million in property tax savings over a proposed 17-year term.

Christian Louis, a project representative, described the planned site layout and building mix, saying the development will include multiple building designs and landscaping to add character and walkability. Melissa Bennett, special counsel, told the board that because the project seeks more than $100,000 in financial assistance and would deviate from the agency's uniform tax exemption policy, the board must hold a public hearing and follow deviation procedures: "in accordance with the general municipal law, any project that would receive more than a $100,000 in financial assistance... this project would mean to hold a public hearing," she said. The board adopted the resolution authorizing the CEO to set the hearing, authorized transaction counsel Martha Damon, and set the public hearing for May 6 at 3:00 p.m.