Pocketbook Factory and the IDA

Yesterday, the Hudson Industrial Development Agency (IDA) heard a report from the consultant Victoria Storrs, formerly of Camoin Associates and now of Storrs Associates, on the economic and fiscal impact of the proposed adaptive reuse of the Pocketbook Factory at North Sixth and Washington streets. The project is seeking exemption from sales tax on construction materials and from mortgage tax and a ten-year PILOT (payment in lieu of taxes) for property tax. The proposed PILOT calls for payment of 50 percent of the real property tax in Years 1 and 2, increasing by 10 percent every two years until reaching 100 percent in Year 11.

The significant takeaways from the presentation were that, over the ten-year period, the project would bring $1.2 million to the city in lodging tax revenue, and there would be an estimated $10.27 in new revenue to the City from the project for every $1 of foregone taxes. The entire presentation can be found on the City of Hudson website by clicking here.

A week ago, the Planning Board completed its SEQR (State Environmental Quality Review) process and made a negative declaration. The Planning Board has yet to give site plan approval. Yesterday, the IDA authorized scheduling a public hearing on the project. The date and time for that hearing has not yet been determined.

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