Poughkeepsie Industrial Development Agency

Poughkeepsie Industrial Development Agency NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that a public hearing pursuant to Article 18-A of the New York State General Municipal Law, will be held by the City of Poughkeepsie Industrial Development Agency (the "Agency") on the 10th day of June, 2026, at 5:00 o'clock P.M. local time, at the Poughkeepsie Common Council Chambers, 62 Civic Center Plaza, 3rd Floor, Poughkeepsie, New York. The public hearing will concern the Agency providing financial assistance for a project more fully described below. O'Neill Group Hamilton, LLC and Butler Hamilton, LLC (collectively, the "Applicant") has submitted an Application for Financial Assistance (the "Application") to the City of Poughkeepsie Industrial Development Agency (the "Agency") for financial assistance with respect to a proposed rental housing development to be located at 102 South Hamilton Street, in the city of Poughkeepsie, New York (the "Premises"), including (i) the construction of a 68,736 square foot, 58-unit residential apartment building on a 3.37-acre parcel located on the Premises, designed as a high-quality, medium-density residential development, including 29 one-bedroom and 29 two-bedroom rental units, including ADA-compliant, single-floor layouts (the "Improvements"); (ii) the equipping of the Improvements, including exterior improvements, the construction of off-site infrastructure measures to improve drainage and water pressure in the surrounding area; and (iii) the acquisition and installation by the Applicant in and around the Premises and the Improvements of items of equipment, machinery and other tangible personal property (collectively, the "Project"). The Applicant requests Agency financial assistance for the Project, to be located at the Premises, at a project cost of approximately $19,864,980. The Applicant has requested financial assistance from the Agency in the form of (i) sales tax exemptions of approximately $850,000 with respect to the cost of acquiring or leasing materials and equipment, (ii) exemptions from payment of mortgage recording tax in the approximate amount of $157,133 with respect to any mortgage(s) securing the financing for the Project (to the extent available under applicable law) and (iii) a 20-year payment in lieu of taxes ("PILOT") arrangement, beginning with a 90% abatement of "improvement taxes" in Operating Year 1. "Improvement taxes" are defined as the difference between the estimated as-complete tax liability of $338,674 and the current tax obligation of $7,724. Beginning in Operating Year 2 and continuing through Operating Year 20, the abatement percentage decreases by 4.5% annually. It should be noted that while the abatement percentage is fixed, the annual PILOT payments will vary year to year based on changes in assessed value and applicable tax rates. Such PILOT arrangement which would constitute a deviation from the Agency's Uniform Tax Exemption Policy. Copies of the Applicant's application for financial assistance is posted on-line at the Agency website page at https://cityofpoughkeepsie.com/279/IDA-Projects. Interested individuals may also submit written comments to the Agency on or before the date of the public hearing, Attention: Rose Graziano-Moffett, Chair, City of Poughkeepsie IDA, P.O. Box 4971, Poughkeepsie, New York 12602 or via e-mail at grazianomoffett.pkida@gmail.com. The Agency will, at the above-stated time and place, hear all persons with views in favor of or opposed to the financial assistance described herein. A representative of the Agency will at the above-stated time and place hear oral comments and accept written comments from all persons with views in favor of or opposed to the granting of any of the foregoing financial assistance or the location or nature of the Project. Dated: May 28, 2026 CITY OF POUGHKEEPSIE INDUSTRIAL DEVELOPMENT AGENCY May 28 2026 LNYS0525999