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Galvan looking for two PILOT agreements

Feb 07, 2021 5:30 am

Aliya Schneider is reporting for Columbia-Greene Media the Galvan Foundation has requested separate payment-in-lieu-of-taxes agreements for two proposed housing developments — the mixed income site at 65-75 North Seventh Street and market-rate housing at 708 State Street in the city of Hudson. The foundation has asked for a 75 percent tax reduction for the State Street building during the first 10 years, and a 5 percent decrease from years 11 to 25, then paying full taxes by year 26 of the agreement. The application for the North Seventh Street project requests a 30-year term and a PILOT payment of 10 percent of the total new rental income. Galvan would pay $54,340 in year one for its mixed-income building, growing accordingly with rent increases. Galvan defended the requests, arguing the deal on the State Street building would result in more than 155 jobs during construction and 38 jobs during operations; while the Seventh Street development would result in more than 155 jobs during construction and 38 jobs during operations, all from the county. The applications were filed through the Hudson Industrial Development Agency after an attempt to negotiate a PILOT agreement with Hudson Common Council for the North Seventh St. location failed. The State Street building will contain 63 market-rate apartments and 75 units are planned for the North Seventh Street building. Of those 75 units, 70 percent are intended for households earning between minimum wage and $65,000 a year; 30 percent will be offered at market rate. The buildings are part of Galvan’s plan to develop what the foundation has dubbed the Depot District, an "up-street" area on the city's north side. Read the full story at HudsonValley360 [dot] com.