Last summer, the proposed "Depot District" was divided into three phases. Phase One was the historic train station, whose restoration was already complete. Earlier this week, Upper Depot Brewing Co., located in the restored depot, announced that its Grand Opening would happen on Wednesday, December 28.
This past Tuesday, the Hudson Industrial Development Agency (IDA) approved the regulatory agreement for what was identified as the "project at 708 State Street," in other words the building to be constructed on the east side of the street, 76 North Seventh Street, Phase Two of the "Depot District."
This building is what IDA legal counsel Christine Chale described as a "middle income building." Of the 63 residential units in the building, 36 will be one-bedroom, 19 will be two-bedroom, 8 will be three-bedroom. Twelve of the 63 units (4 one-bedroom, 4 two-bedroom, and 4 three-bedroom) will have rents affordable to moderate income households (80 percent of area median income), and 51 of the units (32 one-bedroom, 15 two-bedroom, and 4 three-bedroom) will have rents affordable to middle income households (130 percent of the area median income). The area median income (AMI) is determined for Columbia County by the Department of Housing and Urban Development. It was noted that AMI is currently $78,000. The estimated rent for a one-bedroom apartment in this building is $1,800.
Councilmember Ryan Wallace (Third Ward), who chairs the IDA, observed that the rents in the building were "not dissimilar to the rents at The Falls in Greenport." Others were quick to point out that The Falls did not have a PILOT (payment in lieu of taxes) agreement. This project, however, has a 20-year PILOT. For the first ten years, the property tax on the residential portion of the building will be 25 percent of the assessed value. For the next ten years, the PILOT will increase by 5 percent every year, reaching 95 percent in the final year and 100 percent when the PILOT agreement is over, which will be in 2042.
The members of the IDA present for the meeting--Ryan Wallace, Dominic Merante, Heather Campbell, Theresa Joyner, and Richard Wallace--voted unanimously to enter into the regulatory agreement.
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