IDA accepts Treadway pilot application for public hearing after members request missing financials

The Peekskill Industrial Development Agency agreed to accept a preliminary application from Treadway and schedule a public hearing in late February, but members pressed the applicant to provide missing financial pages and clearer cost-benefit details.

David Cooper, attorney for the applicant, told the board, “We’re really here to … answer any questions” and asked the board to adopt the authorizing resolution so staff can begin drafting documents and schedule the required public hearing. Board counsel Justin advised that the IDA’s bylaws require a city council resolution to run concurrently with any pilot approval. “The IDA’s bylaws require the council to approve any pilot before it's executed,” Justin said.

Board members raised specific questions about the application packet. Members said key exhibits were incomplete or unclear — notably the pro forma and property tax exemption documentation — and asked the applicant to supply replacement pages promptly. The board also asked for: (1) a clearer breakdown of the proposed pilot’s payments to the city (historic payments vs. the proposed pilot structure), (2) whether the applicant proposes to pay a livable wage and estimates of the share of jobs meeting that threshold, and (3) a completed independent-contractor/employee resource section.

An applicant representative described an updated feature in the submission: an impact fee to the city at closing. A board member summarized the applicant’s statement as: “There’s an impact $3,800,000 impact fee … that will be paid to the city from the closing,” a new element compared with the original application.

After discussion the board approved a motion to accept the application with requested clarifications and set the public hearing date. The board did not adopt final incentives or a pilot structure tonight and directed staff and counsel to circulate corrected pages and the cost-benefit analysis before the hearing. The public hearing was scheduled for the IDA meeting in late February (draft documents and a March final audit were noted in parallel timelines).