The hotel proposed by the Galvan Foundation for the corner of Fourth and Warren streets merited mention in the Albany Business Review: "Galvan seeks tax breaks for downtown Hudson hotel."
The project will be presented to the Hudson Industrial Development Agency today at 4:00 p.m. The article reports that Galvan is seeking "$387,000 in tax exemptions to offset the cost of the estimated $6.67 million redevelopment." The tax exemptions represent $163,000 in sales tax on materials, $62,500 in waived mortgage recording tax, and $161,577 in real property tax exemptions, in the form of a PILOT over ten years. The project is expected to create 46 jobs during construction, and 8 full-time jobs, with salaries ranging from $31,200 to $70,000, when the hotel is operating.
There is an error in the Albany Business Review report. It indicates that T. Eric Galloway, president of THP Hotel LLC, the entity proposing the project, lives in Hudson. He does not. He sold the house on Allen Street, which he acquired in 2001, at the end of 2020.
Today's IDA meeting, which takes place at 4:00 p.m., will be a hybrid--held in person at 1 City Centre, Suite 301, and on Zoom. Click here to join the meeting remotely.
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John Friedman submitted this comment by email:ReplyDelete
Once again, T. Eric seeks to use the industry of poverty he creates wherever he goes to justify looting the property tax payers to pay for his economically unsustainable erections. He honestly believes a first-class hotel can be run by a manager earning only $70k/year? In this economy? Maybe a flop house, but not a classy joint with columns — and there will be columns, right?
I gave a quick read to the parking and traffic assessment/study that Galvan's engineering firm submitted to the Planning Board for this hotel. Under the STUDY AREA INTERSECTION heading it states: "Warren Street/4th Street -- This is a 4-way intersection..." This was in the original assessment submission and the "revised" assessment submitted a month or two later.ReplyDelete
I'm scared. B HUston