A 55-unit North St. affordable housing apartment complex approved by the Planning Board last month will need state tax credits to be built, according to Pat Simmons of Premier Development.
“If we do get state approval, we will begin construction in July and it should take about 18 months to build,” said Simmons, whose company filed for the tax credits Jan. 7. He expects to know the outcome in about four months.
Premier Development sought tax credits previously for another project in the same spot, a senior housing complex. It was denied each round. In an attempt to make the project more likely to get the funding, the developers changed the makeup from all senior housing to 22 senior units and 33 units for low-to-moderate-income individuals and families.
If the project doesn’t get state tax credits, it won’t work under the current model.
“So no, our financing is not yet in place,” Simmons said, “which means, if we are not approved again, we will decide at that point what to do next, although I am hopeful.”
The second key factor, which is all but a done deal, is a PILOT (Payment In Lieu Of Taxes) agreement. According to Mayor William Murphy, the developer has agreed on the terms, which include an annual payment of $400 per unit. In addition, Murphy said the developer agreed to give the village money to install sidewalks from the project to Cantine Field and the Senior Center on Market St., a block away.
Murphy said the Town Board must sign off on the agreement before it can be finished. He said the agreement will be signed before construction begins.