Monday, June 8, 2020

Of Great Interest

The Benjamin Center's evaluation of the PILOT proposed for the 70-unit Galvan project on North Seventh Street is now available on the City of Hudson website. Click here to access it.

Having only just discovered it on the website (it's dated June 5, 2020), Gossips has yet to read it.
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5 comments:

  1. John K. FriedmanJune 8, 2020 at 1:26 PM

    The report seems to contradict itself in one important regard: it states, several times, that there is only a little room to negotiate a larger tax payment by the project. But when I read the P&Ls, I see roughly $55k+/year that's available: why should a NFP increase its UBIT profits at the expense of the City at the same time it's saying it can't pay the City its fair share of property taxes? If someone can explain that to me, I'd be grateful.

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  2. AnonymousJune 8, 2020 at 5:35 PM

    It seems to me that Hudson already has a LOT of subsidized housing. Maybe someone could do the research and tell us how many units in Hudson are government subsidized versus how many people work to make their own way. It’s a small town, where do we stand compared to similar small towns?

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    Replies
    1. MAGJune 8, 2020 at 6:23 PM

      163 at Terrace. 135 Housing Authority. 150 Providence/Schuyler. 70 Crosswinds. 100 +/- tenant based vouchers. And that doesn’t include Galvan Housing Resources and a few other small agencies. So about 518 units ( on the conservative side) in Hudson proper are subsidized in some way. With 6000 residents in the city, and using 3 people per family as an average, approx 26% of Hudson’s residents are on some form of rental assistance. That’s higher than most other cities in NY.

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    2. MAGJune 8, 2020 at 6:28 PM

      And even tho these entities pay PILOTs, the per unit cost is never close to what the average market rate unit is paying. The Housing Authority, for example, pays about 50k/year Total. That’s $370 per year per unit, all land and school taxes combined. Galvans proposal is 1k/unit/yr I believe. The others are similarly under-charged compared to market rate buildings.

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  3. leonardo sideriJune 14, 2020 at 9:51 PM

    What I've read here...it appears the local tax payers are subsidizing the rest of the city.

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