fbpx
  • Subscribe & Support
  • Print Edition
    • Get Home Delivery
    • Read ePaper Online
    • Newsstand Locations
  • HV1 Magazines
  • Contact
    • Advertise
    • Submit Your Event
    • Customer Support
    • Submit A News Tip
    • Send Letter to the Editor
    • Where’s My Paper?
  • Our Newsletters
  • Manage HV1 Account
  • Free HV1 Trial
Hudson Valley One
  • News
    • Schools
    • Business
    • Sports
    • Crime
    • Politics & Government
  • What’s UP
    • Calendar Of Events
    • Subscribe to the What’s UP newsletter
  • Opinion
    • Letters
    • Columns
  • Local
    • Special Sections
    • Local History
  • Marketplace
    • All Classified Ads
    • Post a Classified Ad
  • Obituaries
  • Log Out
No Result
View All Result
  • News
    • Schools
    • Business
    • Sports
    • Crime
    • Politics & Government
  • What’s UP
    • Calendar Of Events
    • Subscribe to the What’s UP newsletter
  • Opinion
    • Letters
    • Columns
  • Local
    • Special Sections
    • Local History
  • Marketplace
    • All Classified Ads
    • Post a Classified Ad
  • Obituaries
  • Log Out
No Result
View All Result
Hudson Valley One
No Result
View All Result

Kingstonian tax breaks endorsed by city Finance and Audit Committee

by Terence P. Ward
August 7, 2020
in General News
3
Kingstonian tax breaks endorsed by city Finance and Audit Committee

A rendering of the Kingstonian from the light at Kingston Plaza, looking toward Fair Street Extension, which runs near Schwenk Drive (foreground).

(Photo provided)

Members of the Common Council’s Finance and Audit Committee have expressed their support for a payment-in-lieu-of-taxes plan for the Kingstonian mixed-use development project, which will be considered by the full council Tuesday. Local input into the plan to provide $30.64 million in tax breaks was sought by members of Ulster County’s Industrial Development Agency because the plan departs markedly from the standard PILOT agreement. Project developers are offering a number of novel terms, including commitments to scholarships and internships for public-school students, sharing of excess profits, and bathrooms and parking spaces that will be available for public use. If approval is granted by the common council, the PILOT will be considered at the IDA meeting on Aug. 12.

The $58-million project, to be located on the extension of Fair Street between Schwenk Drive and North Front Street, would provide some 277 parking spaces that supporters feel are critical to economic revitalization uptown, and in the city as a whole. Drivers would be able to pay a projected $1.50 an hour to park there or buy a monthly pass for an expected $60 a month to have access to the lot. The remainder of the 420 spaces would be reserved for Kingstonian residents. Developers have proposed that they will pay $100 monthly for that dedicated spot, or half that if living in one of the 14 units designated “affordable,” which will be rented at below-market rates. There is no law requiring affordable apartments be included in developments in Kingston.

Beyond parking, the project would have a total of 143 apartments, 32 hotel rooms, 9,000 square feet of retail space, and pedestrian bridge across the street to the Kingston Plaza, which is owned by Herzog’s Supply Co., the president of which is also a principal of this project. Parking in that plaza would remain free.

Developers Kingstonian Development LLC and JM Development Group LLC have applied to have $28.84 million in property taxes to be waived over 25 years, along with another $1.8 million in sales, mortgage, and use taxes. They would continue to pay the current property taxes on the property, with an increase of two percent annually, for the duration of the agreement. The terms they are seeking include the construction and ongoing maintenance of the parking garage along with a pedestrian plaza and unisex bathrooms, paying employees at least $15 hourly, contributing $50,000 over 10 years toward a scholarship fund to benefit students of the Kingston Central School District, two internships—pegged at $10,000 annually—for public school students for the life of the agreement, and sharing of three percent of excess profits with local taxing authorities should financial projections be exceeded.

Committee members were largely enthused with the project, although the ninth ward’s Michele Hirsch felt strongly enough that taxpayers should get more out of this agreement that she cast the lone dissenting vote. Hirsch was concerned about revenue lost to the public including that from parking, but other committee members focused on the fact that parking is precisely what was sought in a 2016 request for proposals, and predicted that sales tax revenue in general would rise over time thanks to that garage.

Tags: kingstonian
Join the family! Grab a free month of HV1 from the folks who have brought you substantive local news since 1972. We made it 50 years thanks to support from readers like you. Help us keep real journalism alive.
- Geddy Sveikauskas, Publisher

Terence P. Ward

Terence P Ward resides in New Paltz, where he reports on local events, writes books about religious minorities, tends a wild garden and communes with cats.

Related Posts

Kingston Land Trust launches fundraising campaign for “teeny Yosemite”
General News

City folks learn kinda slow

April 22, 2025
Daytime raccoon sightings spark concern among Saugerties residents
General News

Daytime raccoon sightings spark concern among Saugerties residents

March 31, 2025
Proposed cannabis dispensary at Zero Place triggers traffic study
Community

Zero Place in New Paltz transformed into condominiums, sparking concerns for affordable housing board

April 17, 2025
Local LGBTQ+ advocates rally to oppose passport freeze
Community

Local LGBTQ+ advocates rally to oppose passport freeze

February 18, 2025
A cold Valentine’s Day message for bus passengers in New Paltz
Community

A cold Valentine’s Day message for bus passengers in New Paltz

February 15, 2025
Letter: Cyclists, pedestrians at risk
Community

Henry W. DuBois bike path closed in New Paltz  

January 15, 2025
Next Post
Local gyms hope to reopen soon, but still no date from the state 

Local gyms hope to reopen soon, but still no date from the state 

Please login to join discussion

Weather

Kingston, NY
63°
Cloudy
5:18 am8:32 pm EDT
Feels like: 63°F
Wind: 1mph W
Humidity: 94%
Pressure: 29.86"Hg
UV index: 0
WedThuFri
82°F / 64°F
84°F / 59°F
75°F / 59°F
powered by Weather Atlas

Subscribe

Independent. Local. Substantive. Subscribe now.

  • Subscribe & Support
  • Print Edition
  • HV1 Magazines
  • Contact
  • Our Newsletters
  • Manage HV1 Account
  • Free HV1 Trial

© 2022 Ulster Publishing

No Result
View All Result
  • News
    • Schools
    • Business
    • Sports
    • Crime
    • Politics & Government
  • What’s Happening
    • Calendar Of Events
    • Art
    • Books
    • Kids
    • Lifestyle & Wellness
    • Food & Drink
    • Music
    • Nature
    • Stage & Screen
  • Opinions
    • Letters
    • Columns
  • Local
    • Special Sections
    • Local History
  • Marketplace
    • All Classified Ads
    • Post a Classified Ad
  • Obituaries
  • Subscribe & Support
  • Contact Us
    • Customer Support
    • Advertise
    • Submit A News Tip
  • Print Edition
    • Read ePaper Online
    • Newsstand Locations
    • Where’s My Paper
  • HV1 Magazines
  • Manage HV1 Account
  • Log In
  • Free HV1 Trial
  • Subscribe to Our Newsletters
    • Hey Kingston
    • New Paltz Times
    • Woodstock Times
    • Week in Review

© 2022 Ulster Publishing