WEBVTT

1 "Darryle Cockerham" (1551237376)
00:00:00.000 --> 00:00:06.004
Yeah.

2 "jspaeth@cityofutica.com" (1022282496)
00:00:06.004 --> 00:00:25.290
So if you want to mute yourself also, that'd be, you know, you can do that. My name is Jack Spaith I'm the executive director for the Udica Industrial Development agency. We're here for a public hearing for true storage Udica LLC.

3 "jspaeth@cityofutica.com" (1022282496)
00:00:25.290 --> 00:00:44.400
True storage Udica LLC on behalf of itself and or the principles of true storage Utika 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 renovation.

4 "jspaeth@cityofutica.com" (1022282496)
00:00:44.400 --> 00:01:04.400
About 165000 plus or minus square foot building and paved areas situated on a 3.59 plus or minus acre parcel of land located at five oh one Bleaker Street City of Eudica, Unita County, new York, and the acquisition and installation of an improvement there of equipment in the improvement.

5 "jspaeth@cityofutica.com" (1022282496)
00:01:04.400 --> 00:01:24.210
All to provide climate controlled self storage units and to preserve a an urban grocery store, the facility will, Sorry, the, the facility will be initially leased operated and or managed by the company.

6 "jspaeth@cityofutica.com" (1022282496)
00:01:24.210 --> 00:01:44.210
The company owns the facility and will lease the facility to the agency and the agency will lease the facility back to the company. 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 assistance to the company in the form of exemptions from sales and use tax.

7 "jspaeth@cityofutica.com" (1022282496)
00:01:44.210 --> 00:02:04.490
Taxes, exemptions from mortgage recording taxes and abatement of real property taxes for a period of five years, which proposed financial assistance is consistent with the agency's uniform tax exemption policy to be more fully more particularly described in a final authorizing resu.

8 "jspaeth@cityofutica.com" (1022282496)
00:02:04.490 --> 00:02:10.380
Solution to be adopted by the agency prior to the closing of the transactions described herein.

9 "jspaeth@cityofutica.com" (1022282496)
00:09:46.809 --> 00:10:03.869
Okay, there being NO comments, I'm going to close the public hearing.