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Hudson IDA, CEDC reach fee agreement

Mar 07, 2022 12:30 am

Noah Eckstein is reporting for Columbia-Greene Media that the Hudson Industrial Development Agency unanimously agreed last week to pay the Columbia Economic Development Corporation 10 percent of each potential project fee, a maximum of $10,000 per project, to help with administrative costs. This is different from a previous agreement where the IDA paid only $10,000 in total to the CEDC per year. “The economics of the new deal is far more equitable. We are effectively ensuring a fairer deal helping us bring greater projects to Hudson,” said Third Ward Alderperson and IDA chair Ryan Wallace. The IDA says it promotes, encourages, attracts and develops job opportunities, commerce and industry in Hudson. The CEDC’s stated goal is to attract economic growth to Columbia County. The original purpose of the recent IDA meeting was to review a proposal for a new hotel at N. 4th and Warren streets. However, the Galvan Foundation, the organization funding the project, needed more time to prepare. The foundation submitted a site plan application to the Hudson Planning Board in January, and that board is expected to discuss the project on March 8. The IDA will hear presentations from representatives of two hotels at its meeting in April. F. Michael Tucker, CEO and president of the CEDC, said depending on what the city’s Zoning Board of Appeals decides, the group behind the potential conversion of the former Elks Lodge at 601 Union Street into a 30-room hotel may also give a presentation. Read the full story at HudsonValley360 [dot] com.

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