Kingston, NY – The Ulster County Industrial Development Agency’s (“UCIDA”) mission is to advance the job opportunities, general prosperity and long-term economic vitality of Ulster County residents by targeting tax incentives, bonding and other assistance to foster creation and attraction of new business and the retention and expansion of existing business.
To further this mission, at its November 22, 2017 meeting, the UCIDA authorized the assignment and assumption of the existing Payment in Lieu of Tax Agreement (“PILOT Agreement”) of Hudson River Valley LLC by 300 Grant Ave LLC (“300 Grant Ave”). UCIDA originally entered into the PILOT Agreement with Hudson River Valley, LLC, and the Town of Ulster in March 1998. The PILOT Agreement is for a term of 30 years running from 1999 to 2029 and is currently in its 18th year with 12 years remaining.
The authorization allows for a transfer of title to 300 Grant Ave subject to the Leasehold Interest of the UCIDA. UCIDA’s authorization is based on several conditions, including the approving resolutions by the Town of Ulster, the Kingston City School District and the County Legislature of Ulster County. Both the Town and the School District have already adopted approving resolutions regarding the assignment and assumption.
The original project consisted of the acquisition of the land and existing building at 300 Grant Avenue in the Town of Ulster, Ulster County, NY, together with the acquisition and installation of certain machinery and equipment. The original project was operated by KRNH, Inc., d/b/a Hudson River Valley Care Center as a residential health care facility for the care and rehabilitation of traumatically brain injured patients. The current operator of the facility is a related entity to 300 Grant Ave, and 300 Grant Ave is not expected to change the use, occupancy or employment levels at the facility.
The UCIDA’s next meeting will be December 13, 2017 at 8:00 AM at the Legislative Chambers, 244 Fair Street, 6th Floor, Kingston, NY.
UCIDA is an independent, public benefit corporation created by the State of New York to offer tax incentives to qualified businesses. The UCIDA receives its operating funds by collecting fees from businesses that enter into contracts with the Agency, from investments, and loan fees. For more information, visit http://ulstercountyny.gov/economic-development/ulster-county-industrial-....