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IDA approves financial assistance for Factory Town Apartments in Green Island
Summary
The Green Island IDA voted to approve a final resolution authorizing sales/use, mortgage reporting and real property tax exemption benefits for the Factory Town Apartments LLC project, a proposed 139-unit development on Cannon Street. The board approved the resolution by voice vote after a public hearing and presentation of a third-party analysis.
The Industrial Development Agency (IDA) voted to adopt a final approving resolution to provide financial assistance to Factory Town Apartments LLC for a proposed multifamily development on Cannon Street in Green Island.
Melissa, speaking for the IDA, told the board that "the resolution authorizes sales and use tax exemption benefits in the amount of $1,372,370 mortgage reporting tax exemption benefits of $290,560 and then approximate, real property tax exemption benefits of $6,843,258." The motion to accept the resolution was made, seconded and carried by voice vote.
The resolution, staff said, documents the project's description, notes compliance with General Municipal Law notice requirements to taxing jurisdictions, and authorizes entry into standard IDA transactional documents and interim sales-and-use tax benefits that will begin after adoption. The public hearing on the project, which preceded the vote, had been held for finance purposes and the Village of Green Island and its Planning Board had previously approved the project.
Board members took no roll-call vote tally on the record in the transcript; the decision was recorded as carried on a voice vote. The IDA also noted next administrative steps: executing the authorized documents and moving toward the straight-lease closing described in the resolution.
