Ahead of tonight's Council meeting, a PowerPoint presentation has appeared on the City of Hudson website. The PowerPoint clarifies one issue that puzzled Gossips: why they identified the project as 75 North Seventh Street when it's on the east side--the even side--of the street. They have changed the proposed site.
The building is not going to be on the even side of the street, as the rendering that circulated months ago indicates. It's going to be on the west side of the street, and the three houses that now stand on that side of the street--all currently owned by the Galvan Foundation--will be demolished.
The first reason cited for changing the location is: "Minimizes potential project complications to ensure this critical project is as competitive as possible for New York State funding support." One of those "complications" may be that the original site was in a locally designated historic district, and plans for the building would have to be reviewed by the Historic Preservation Commission. The new site is not in a historic district. One has to wonder about New York State funding support though. Nearly every day Governor Andrew Cuomo reminds us in his COVID-19 briefing that the State has no money, there is a $6 billion deficit in the state budget, and it is spending unanticipated money on equipment to deal with the pandemic. Will there be any state money for this project?
The PowerPoint gives specific information about the mixed income nature of the building.
Rents in the 77 units will range from $454 a month to $1,750 a month--based on incomes ranging from 40 percent of the AMI (area median income) to 130 percent of the AMI.
What should be important to everyone in Hudson is the PILOT. The building will pay $77,000 a year in a payment in lieu of taxes, which works out to $1,000 a unit. (Homeowners in Hudson are paying from $10,000 to $15,000 a year in property taxes, and some even more.) The PILOT will be in place for forty years, and the PILOT payment will increase by 2 percent every year. We are told that this amount is an increase of $57,000 over what is being paid in property taxes on the existing houses, but what isn't being made clear is that the $77,000 is not all coming to the City of Hudson. It will be shared by the City, Columbia County, and the Hudson City School District--the latter, as we all know, taking the lion's share of the $77,000.
Over the weekend, former Council president Don Moore did the math, based on the current mill rates, to show how that $77,000 would get divided up, and gave Gossips permission to share his work.
- City of Hudson, 7.59 mill rate, 28.88 percent of $77,000, or $22,237
- Columbia County, 5.24 mill rate, 19.94 percent of $77,000 or $15,354
- Hudson City School District, 13.56 mill rate, 51.6 percent of $77,000 or $39,732
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