Rensselaer Co. IDA green lights PILOT for Kmart conversion
Kenneth C. Crowe II is reporting in the Times Union the Rensselaer County Industrial Development Agency has approved a 15-year payment in lieu of taxes, or PILOT, agreement that would allow redevelopment of a shuttered Kmart store in East Greenbush into a training facility for state employees. The $15.5 million project is being undertaken by the Turnpike Development Group. While pleased that the deal is happening, Town Supervisor Jack Conway said he was disappointed the property assessment will remain stagnant for the duration of the PILOT. The former Kmart, located on 14.5 acres at 164 Columbia Turnpike, will be assessed at $2.75 million, down from the $8.1 million valuation it held when the store was open. The Turnpike Development Group intends to convert the former store into a training complex and related offices for the state. The building will also house a Big Lots store. Read the full story in the Times Union.