Yesterday, the Hudson Industrial Development Agency (IDA) passed a resolution authorizing a PILOT (payment in lieu of taxes) agreement for Pennrose Bricks & Mortar for the redevelopment of the former John L. Edwards school building as apartments. There will be 65 studio and one-bedroom apartments available to people over 55 with household incomes that are less than 60 percent of the area median income (AMI). Twenty of the units will be supportive housing, with services provided by Gateway Hudson Valley.
The PILOT agreement authorized by the IDA is somewhat less generous than the agreement originally proposed requested by Pennrose. The chart below compares the terms of the proposal and the final agreement. (Click on the image to enlarge, or click here for the source of the chart.) Over the 32-year duration of the PILOT, Pennrose will pay $554,447 more in property taxes than they would have with the PILOT agreement they originally proposed.
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I think this is very good news. The project promises to build something that is needed and I am impressed that they managed to tone down this pretty aggressive PILOT.
ReplyDeleteThis is even more remarkable considering that no proposed project in Hudson ever has any opportunity cost associated with it: It's either approving the PILOT or the property keeps rotting away while still producing no property tax.
Really great news indeed! As with all of these proposed projects, I hope attention is also given to improving the surrounding intersections to make the area even better. It would also be wonderful if the city followed suit by rehabbing other existing buildings, just like JLE, to provide much-needed housing for current residents—rather than concentrating new housing in just one small section of the city. But one can be hopeful. 😉.
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