Hudson IDA green lights pocket book factory project
Natasha Vaughn-Holdridge is reporting for Columbia-Greene Media the Hudson Industrial Development Agency voted unanimously December 20, to approve the pocketbook factory redevelopment project. The proposed renovation of the former factory building at 549 Washington Street on the city's north side, is estimated to cost $25.6 million. The planned transformation of the late 19th century industrial structure will include a hotel with 40 guest rooms, a wellness center, a restaurant and bar, a public indoor lounge and outdoor courtyard as well as commercial spaces for the arts, retail and creative office, and nonprofit uses. A group called the Hudson Community Benefits Alliance submitted a letter to the IDA, communicating a number of requests for the project. Columbia Economic Development Council President and CEO F. Michael Tucker said he encouraged the group to meet with the IDA and its consultants. Tucker said he also encouraged the group to meet with elected city officials and the city planning board because a several of the requests fell outside the scope of the IDA. Construction is expected to start in 2022 and conclude in September of 2024, according to IDA documents. The financial benefit for Hudson is significant, Tucker said. It is about eight-to-one times greater than the cost of the payment in lieu of taxes for the project. The 10-year PILOT for the project would begin in the first year after the first year of completed construction, according to the approved resolution. Full taxes on the entire property would begin in year 11. An economic and fiscal impact study of the project found the estimated value of the tax exemptions for the project is about $1,354,099. Read the full story at HudsonValley360 [dot] com.