WEBVTT

1 "jspaeth@cityofutica.com" (2100011008)
00:00:00.000 --> 00:00:17.129
My name is Jack Smaith I'm with the City of Yudica Industrial Development agency. We're here for a public hearing for REED at Aroundex LEC. R REED at Aroundex LLC on behalf of itself.

2 "jspaeth@cityofutica.com" (2100011008)
00:00:17.129 --> 00:00:37.129
And or the principles of Reed at Irandec address LLC and or an entity formed or to be formed on behalf of any other foregoing has applied to the agency to enter into a transaction in which the agency will assist in the substantial renovation of a 100000 plus or minus a square foot.

3 "jspaeth@cityofutica.com" (2100011008)
00:00:37.129 --> 00:00:44.280
Vacant industrial building into 35 residential loft units, 5000 plus or minus.

4 "jspaeth@cityofutica.com" (2100011008)
00:00:44.280 --> 00:01:00.570
A square feet of commercial space, 25000 plus or minus square feet of indoor parking, fitness center, and other common areas landscaping and exterior paved areas, and the pardon me.

5 "jspaeth@cityofutica.com" (2100011008)
00:01:00.570 --> 00:01:19.560
Situated on 4.7 plus or minus acre parcel of land located at 2214 Whitesborough street City of Eudica Owenaida County, New York, and the acquisition and installation of equipment in the improvements all to promote employment opportunities by filling a demand for.

6 "jspaeth@cityofutica.com" (2100011008)
00:01:19.560 --> 00:01:39.560
Quality, high density housing in the city of Eudica. The facility will be initially leased operated in or managed by the company. The company owns the facility and will lease the facility to the agency and the agency will lease the facility back to the company. The company will further sub lease residential.

7 "jspaeth@cityofutica.com" (2100011008)
00:01:39.560 --> 00:01:40.380
The units.

8 "jspaeth@cityofutica.com" (2100011008)
00:01:40.380 --> 00:02:00.380
To residential tenants to be identified from time to time. The company will further sub lease the commercial space to commercial and or retail tenants to be identified from time to time. At the end of the lease term, the agency will terminate its leasehold interest in the facility. The agency contemplates that it will provide financial assist.

9 "jspaeth@cityofutica.com" (2100011008)
00:02:00.380 --> 00:02:10.560
Distance to the company in the form of exemptions from sales and use taxes exemptions from mortgage recording taxes and abatement of real property taxes for a period of ten years.

10 "jspaeth@cityofutica.com" (2100011008)
00:02:10.560 --> 00:02:30.560
With the pilot agreement assignable to a residential sublessy upon purchase of a unit which proposed assistance as a deviation from the agency's uniform tax exemption policy to be more fully described in a final authorizing resolution to be adopted by the agency prior to the closing of the transactions described here in.

11 "jspaeth@cityofutica.com" (2100011008)
00:09:10.750 --> 00:09:30.348
Okay, there'll be there being NO comments. I'm going to close the public hearing.