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.