At its special meeting today, the Hudson Industrial Development Agency (IDA) unanimously approved a resolution granting financial benefits—the PILOT (payment in lieu of taxes), exemption from sales tax on materials for the project, exemption from mortgage tax—to the proposed PBF Hudson LLC project to redevelop the historic Pocketbook Factory. The voting members of the IDA are Mayor Kamal Johnson, Tiffany Garriga (Common Council majority leader), Rebecca Wolff (Common Council minority leader), Heather Campbell (city treasurer), Cheryl Kaszluga (city assessor), John Cody (representing the Planning Board), and Richard Wallace (community member).
The resolution passed was an amended version of the one found here. The amendments included requiring that reporting on employment numbers happen quarterly while the test of whether or not the project was meeting its employment commitments would continue to happen annually. The PILOT schedule was also revised to include an annual 2 percent escalation in the tax rate during the PILOT period, resulting in an increase of $133,000 in tax payments over the ten-year course of the PILOT.
There goes the neighborhood!
ReplyDeleteCould have been worse, if some IDA members had their way, the whole building would have been converted to a homeless shelter and low income housing project. Count your blessings.
DeleteCongratulations to PBF Hudson for putting together such a wonderful plan for the Pocketbook Factory. So glad to see this project move forward!
ReplyDeleteGlad to see it. I realize that neighbors might have legitimate concerns, but we can't forever continue to be a post-industrial town with crumbling resources like that grand old structure.
ReplyDeleteWhy couldn't they do this with Galvan ? They were in a strong position and just caved and gave away everything. Here is finally proof they can negotiate, so what the heck was the situation with the 7th St project?
ReplyDeleteI'm particularly interested in development off Warren St. Seems like an interesting barometer of the economic health of the community.
ReplyDelete
ReplyDeletehttps://www.nytimes.com/2021/12/21/business/mills-renovation-redevelopment.html