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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.