This project will create the first boutique hotel in Uptown Kingston
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, the UCIDA addressed the following issues at its November 8, 2017 meeting:
Hudson Valley Kingston Development Project (HVKD) – This project includes a boutique hotel on four sites in Uptown Kingston: 41 Pearl Street, 270 Fair Street, 24 John Street, and 301 Wall Street. HVKD requested a 10-year Payment In Lieu of Taxes (PILOT), sales tax and mortgage tax exemption. At its November 8 meeting, the UCIDA approved up to $100,000 in sales tax benefits to be used for equipment and construction materials at 301 Wall Street and 41 Pearl Street, which have been reviewed and approved for construction by the City of Kingston. Following review and approval of the two remaining sites, the UCIDA will consider the approval of the PILOT, mortgage tax exemption and additional sales tax exemption. This project is expected to generate $8.7 million in private investment in Ulster County and a minimum of 20 new jobs with average salaries ranging from $24,900 to $51,300 per year in its first year of operation, and contribute to Kingston’s tourism infrastructure.
Landmark Preservation, LP – This project encompasses the renovation of existing Section-8 senior housing facilities and improvements to indoor and outdoor common areas at 295 Broadway and 1 Albany Avenue in Kingston, NY. The applicant is looking to make a $35.6 million private investment, and is expected to retain 8 full-time equivalent jobs and furnish the majority of its temporary construction work for approximately 27 workers from regional construction businesses. Landmark Preservation requested estimated sales tax savings of $857,500 for equipment and construction, mortgage recording tax savings of $130,958, and a deviated PILOT. For deviated PILOTS the UCIDA requires the applicable taxing authorities, in this case the City of Kingston, the Kingston School District and the County of Ulster County, to approve the terms prior to UCIDA approval. On November 8, the Board voted to schedule a public hearing for this project subject to approvals by the taxing jurisdictions.
AmTrust Realty Corp, owner of the Schrade Property – The owner of this 75.84-acre lot in the Town of Wawarsing requested that the UCIDA partner to contract with a firm to complete a Highest and Best Use Study. The Board voted to commit to fund half the price of the study with certain conditions that ensure that the property is developed according to the study or the UCIDA is reimbursed by the owner for its financial commitment.
Upcoming – The UCIDA’s next meeting will be on December 13, 2017 at 8 AM. The UCIDA members intend to discuss the scheduling of future UCIDA meetings and explore alternate meeting times to enable greater attendance of the public in UCIDA meetings.
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-....