CLICK, SIGN AND SEND! Demand that the Ulster County Industrial Development Agency (UCIDA) require the Kingstonian applicant release financial data for independent assessment and to place a value on their PILOT request prior to any scheduled public hearing: CLICK ON THIS LINK, SIGN AND SEND TO ALL DECISION MAKERS. Please include your name, where you live and any additional message you’d like to include.
What the Kingston community needs to know up front
The Ulster County Industrial Development Agency (UCIDA) this week considered a $30.6 million tax subsidy to real estate developers in exchange for 277 parking spaces. In the midst of a financial crisis, the substantial loss of $30.6 million in tax receipts will have a profound effect on the community. A subsidy to the Kingstonian real estate developers for parking spaces means less money to invest in City schools, streets, public housing, and infrastructure. It increases the likelihood that already overburdened taxpayers will cover any fiscal gap with increased school and property taxes.
What happened at the July 8th Ulster County IDA Meeting Regarding the $57.8 million Kingstonian Project?
The specific agenda item on the Ulster County IDA docket involved the question of a deviated payment in lieu of taxes (PILOT) request for the Kingstonian proposal, a $57.8 million dollar luxury apartment project in Uptown, Kingston. If granted, the Kingstonian investors pay for the value of what’s already there and not what they improve for the next 25 years. The estimated amount of the PILOT subsidy under consideration for a portion of a parking garage is roughly $30.6 million in addition to $6.8 million in tax-payer funded grants. We have not seen a parking assessment (an estimate of how many parking spaces the project will actually need) nor do we know the true value of the PILOT request.
After the developer’s joint presentation with the Mayor of Kingston, the IDA expressed significant concerns, and sent the proposal back to the pre screening process. The deviation and the delay will allow the developers to go back and discuss the PILOT agreement with the involved agencies (City of Kingston, Ulster County Legislature and Board of Education) to confirm their commitment before returning to the IDA board in August. If the IDA is satisfied with the progress at that point, they will schedule a public hearing. In the meantime, without the release of vital financial information, the public is unable to assess the true value of the PILOT. To date, neither the developers, the IDA nor the City of Kingston has agreed to release that financial information.
What’s the IDA and a deviated PILOT? How does it affect the Kingston Community?