Friday, November 30, 2012

Galvan Watch

Gossips has learned that the ownership of three parcels on North Fifth Street has recently been transferred from Galvan Partners LLC to the not-for-profit Galvan Initiatives Foundation and a fourth property in that neighborhood has been acquired by the Galvan Initiatives Foundation. The parcels that have been transferred are the Armory, 61-71 North Fifth Street (the "Armory Houses"), and 72 North Fifth. The property recently acquired is 76-78 North Fifth--which, in the "Galloway Gallery," would be Exhibit 33.

61-71 North Fifth Street

72 North Fifth Street

76-78 North Fifth Street

Prior to the recent transfers, the Galvan Initiatives Foundation owned two properties: 400 State Street, which was purchased from the Hudson Area Library, and the ballfield on Hudson Street, which was purchased from the Hudson Elks Club.

In April 2012, Debby Mayer, writing for the Columbia Paper, calculated that Eric Galloway, through his various LLCs and not-for-profits, owned two percent of the taxable property in Hudson: "He 'collects' Hudson." Since then Galloway has has continued to acquire property. It should be noted, however, that ownership by a not-for-profit does not automatically take a parcel off the tax rolls. So far, none of the properties owned by the Galvan Initiatives Foundation is exempt from property taxes. City assessor Garth Slocum told Gossips that the Galvan Initiatives Foundation had applied for tax exempt status for 400 State Street last year, but the application was incomplete, and so far a complete application has not been submitted.

1 comment:

  1. Even if not tax exempt,I am very interested in the assessments of of Galloway properties at time of his purchases,which would determine the amount of taxes he is paying.After researching 25 R.R. on assessments that jumped ,from 9,600.00 in 1 year to 1,480,000.00, when it came time for Concra to sell,when his 20 yr. PILOT and 485,000.00 lease per/yr ran out with DSS,I am very curious.