HUDSON – With the pocket mill’s rehabilitation plan still under review by the Hudson Planning Board, the project has also requested a 10-year tax break.
The Hudson Industrial Development Agency has received a request from pocket mill owners and developers Sean Roland and Gabriel Katz of PBF, Hudson LLC, requesting a mortgage registration and sales tax exemption, and a 10-year payment in lieu. tax agreement, according to an IDA agreement Friday statement.
F. Michael Tucker, president and CEO of Columbia Economic Development Corporation, said the standard PILOT agreement for doing business in Hudson is 10 years, but entities can request different terms.
“They (the holding plant) didn’t ask for a waiver,” Tucker said.
Project benefits total nearly $ 1.4 million, according to IDA. The candidacy is on the agenda for Wednesday’s meeting, but no decision is expected.
The proposed redevelopment of the plant at 549 Washington St. is estimated at $ 25.6 million and will include a 40-room hotel, wellness center, restaurant and bar, indoor public lounge and outdoor courtyard. as well as commercial spaces for the arts, retail and creative office, and not-for-profit uses, according to the IDA app.
In addition to creating 63 full-time jobs, the Pocketbook Factory intends to invest in a workforce development program due to strong demand for hospitality while facing a workforce shortage. , depending on the application.
“The solution is to develop an innovative, robust, integrated and continuous workforce development and
Training program that operates within our hotel companies managed by their owners. We will build a
a physical space for and then to develop a vocational training program that is both theoretical and practical, which will move directly from education to stable and paid work opportunities within our company and / or with other tourism companies in region ”, depending on the application.
The portfolio plant’s application is before the planning board, but at the September 14 board meeting, it agreed to begin the state’s environmental review process. Once the process is complete, IDA can make a decision on a PILOT agreement.
The Holding Mill is a 70,000 square foot historic textile mill that is listed on the National Register of Historic Places and a comprehensive historic restoration plan is being developed for filing with the New York State Historic Preservation Office and the National Parks Service, according to the executive summary of the project.
The site was purchased in February for $ 3 million, according to the app. The project anticipates a decision by the town planning council in November, and the project is expected to be completed in September 2024.
Tucker said in June that the developers approached IDA to explore funding for the project after completing the planning board process. The IDA grants construction sales tax exemptions, mortgage registration tax exemptions, and property tax exemptions, known as payment in lieu of tax.
Developers of eligible IDA projects are entitled to the benefits, Tucker said. The agency has a uniform PILOT policy and developers can request a waiver of this policy. The standard PILOT is a 50% exemption from property tax in the first year, until no reduction in the 11th year, Tucker said.
IDA Fellow City Treasurer Heather Campbell said in June that a number of elements will be taken into account when reviewing the PILOT bid.
“As with all IDA PILOT applications, there will be a number of things to consider during the review,” she said. “We conduct a financial and economic analysis on each project and this will be an important determining factor. I know many neighbors are concerned about parking, so it will be interesting to hear how they plan to address those concerns. I can’t wait to see the property come alive again, and back on the tax roll, of course.