200.94
RESOLUTION APPROVING A PAYMENT IN LIEU OF
REAL PROPERTY TAX PROPOSAL FOR
COLUMBIA DEVELOPMENT CORPORATION/NATIVE TEXTILES
RESOLUTION NO. 200, 94
INTRODUCED BY: Mr. Nick Caimano
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Fred Champange
WHEREAS, the Town of Queensbury has been notified that
Columbia Development Corporation (the "Applicant"), has submitted
an application for industrial development revenue financing to the
Counties of Warren and Washington Industrial Development Agency
(the "Agency") for the purpose of financing a project to be
constructed on land currently owned by the Town of Queensbury and
to be sold to the Queensbury Economic Development Corporation, said
land being located off Corinth Road in the Town of Queensbury, and
WHEREAS, said project shall consist of the construction and
equipping of a manufacturing facility to house the manufacturing
operations of Native Textiles, and
WHEREAS, in connection with said financing, the Applicant has
requested that the Agency enter into a payment in lieu of real
property tax agreement to establish the payments in lieu of real
property taxes in the amount set forth in the attached Schedule A,
which is to be paid with respect to the property during the time
in which the Agency is the owner of the project site, and
WHEREAS, the Agency has requested of the Applicant that it
seek and obtain the consent of the Town of Queensbury with respect
to the payment in lieu of real property tax proposal, and
WHEREAS, the proposal for payment in lieu of real property
taxes, as understood by the Town Board, is as set forth on Schedule
"A" attached to this resolution, and
WHEREAS, the Town Board of the Town of Queensbury, has
determined that the Queensbury Union Free School District is a
taxing entity that will be effected by the payment in lieu of tax
proposal, has consulted with the School District, and has been
advised by the School District that the payment in lieu of tax
proposal is acceptable,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby
determines that the construction of the above project, as proposed,
will benefit the residents of the Town of Queensbury, and
BE IT FURTHER
RESOLVED, that the Town Board of the Town of Queensbury hereby
approves the proposal for payments in lieu of real property taxes
with respect to the Columbia Development Corporation/Native
Textiles project as described in Schedule "A" attached hereto,
subject to the conditions that (1) after the 10th year of the
pilot, the subject property will be subject to full real estate
taxation imposed by the various entities, and (2) that the pilot
proposal set forth in Schedule A shall be conditioned upon the
Agreement between the Warren/Washington County Industrial
Development Agency and the Applicant/Owner that the Uniform
Recapture of Benefits Policy will apply to the Applicant and the
subject property in accordance with the terms and provisions set
forth in the Policies and Procedures Manual of the
Warren/Washington County IDA.
Duly adopted this 18th day of April, 1994, by the following
vote:
AYES: Mr. Caimano, Mrs. Monahan, Dr. Wiswall, Mr. Champagne
NOES: None
ABSENT:Mrs. Pulver
SCHEDULE "A"
PAYMENT IN LIEU OF REAL PROPERTY TAX PROPOSAL
COLUMBIA DEVELOPMENT CORPORATION/NATIVE TEXTILES PROJECT
CORINTH ROAD, QUEENSBURY, NEW YORK
Upon transfer of the property to the IDA, annual payments in
lieu of real estate taxes payable to the IDA for redistribution to
the appropriate taxing entities in proportions equal to the
proportioned relationship of each year's tax rates and subject to
the following conditions, would be as follows:
YEAR AMOUNT
1 $ 1,500
2 1,500
3 1,500
4 1,500
5 1,500
6 1,500
7 1,500
8 1,500
9 1,500
10* 1,500
*After the 10th year of the pilot, the subject real property will
be subject to full real estate taxes imposed by the various taxing
entities.
The pilot proposal set forth above shall be conditioned upon the
Agreement between the Warren/Washington County Industrial
Development Agency and the Applicant/Owner that the Uniform
Recapture of Benefits Policy will apply to the Applicant and
subject property.