Yesterday, at its regular monthly meeting, the Hudson Industrial Development Agency (IDA) reviewed the draft resolutions approving PILOTs (payment in lieu of taxes) and other financial benefits for 708 State Street and 75 North Seventh Street--the two apartment buildings proposed by the Galvan Foundation to be constructed in the part of the city they are calling the "Depot District." The IDA cannot vote on the resolutions until the Planning Board completes the SEQR (State Environmental Quality Review) process.
Dan Kent of the Galvan Foundation told the IDA that the Planning Board was expected to complete the SEQR process at its meeting on Tuesday, September 14, at which time the board is also expected to make a decision on the project. The IDA is scheduling a meeting the following day, on Wednesday, September 15, to make its decision on granting the financial benefits sought. There is a second opportunity to apply for NYS Homes and Community Renewal funding for the project in October.
If the project is approved by the Planning Board and the IDA, and the buildings receive the anticipated funding and financing, construction is expected to begin in the spring of 2022 and be completed by the end of 2023.
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