WEBVTT 1 "Tim Lynn" (471694080) 00:00:00.000 --> 00:00:04.799 You have a few Yup. 2 "jspaeth@cityofutica.com" (2959890944) 00:00:04.799 --> 00:00:13.109 Okay, my name is Jack Smith, the executive director for the industrial development agency we're here for a whole. 3 "jspaeth@cityofutica.com" (2959890944) 00:00:13.109 --> 00:00:19.859 Public hearings the 1st, 1 will be for 1 3. LLC. 4 "jspaeth@cityofutica.com" (2959890944) 00:00:19.859 --> 00:00:24.090 Which is known as the manual building. 5 "jspaeth@cityofutica.com" (2959890944) 00:00:31.080 --> 00:00:44.400 123 on behalf of itself and or the principles of Lynch 3, LLC or and or an entity form or to be formed on behalf of any of the 4 going. 6 "jspaeth@cityofutica.com" (2959890944) 00:00:44.400 --> 00:00:52.320 As applied to the company to enter into a transaction, which the agency will assist in the acquisition partial demolition. 7 "jspaeth@cityofutica.com" (2959890944) 00:00:52.320 --> 00:00:57.540 Historical rehabilitation and renovation of a 6 story historic a commercial building. 8 "jspaeth@cityofutica.com" (2959890944) 00:00:57.540 --> 00:01:06.420 Measuring 70115+or, minus square feet, commonly known as the micro building into a mixed use building. 9 "jspaeth@cityofutica.com" (2959890944) 00:01:06.420 --> 00:01:13.560 With 48 market, residential units with common area, amenities and 17. 10 "jspaeth@cityofutica.com" (2959890944) 00:01:13.560 --> 00:01:16.860 Uh, 1800 square feet, plus, or . 11 "jspaeth@cityofutica.com" (2959890944) 00:01:16.860 --> 00:01:30.270 Of retail commercial space situated on a parcel of land, measuring point 909+or, minus acres located at 239 Genesee street city county in New York. 12 "jspaeth@cityofutica.com" (2959890944) 00:01:31.015 --> 00:01:33.355 And the acquisition and installation of equipment, 13 "jspaeth@cityofutica.com" (2959890944) 00:01:33.745 --> 00:01:47.725 and the improvements all for the adaptive reuse of the improvements to lease to commercial and or retail and or residential tenants and furtherance of the downtown revitalization 14 "jspaeth@cityofutica.com" (2959890944) 00:01:48.205 --> 00:01:49.825 initiative. The. 15 "jspaeth@cityofutica.com" (2959890944) 00:01:50.270 --> 00:02:00.390 County vision 2020 initiative in the city of housing study and to enhance economic development and retain employment in downtown and. 16 "jspaeth@cityofutica.com" (2959890944) 00:02:00.390 --> 00:02:06.030 The facility will be initially least operated and or managed by the company. 17 "jspaeth@cityofutica.com" (2959890944) 00:02:06.030 --> 00:02:13.770 The company owns the facility and release the facility to the agency and the agency will lease the facility back to the company. 18 "jspaeth@cityofutica.com" (2959890944) 00:02:14.665 --> 00:02:26.515 The company will sublease portions over the facility to residential tenants to be identified from time to time and some will sublease the commercial retail portion of the facility, 19 "jspaeth@cityofutica.com" (2959890944) 00:02:26.845 --> 00:02:33.745 the facility to commercial and or retail tenants at the end of the lease term. The agency will terminate. 20 "jspaeth@cityofutica.com" (2959890944) 00:02:33.770 --> 00:02:40.650 Please hold interest in the facility, the agency contemplates so that it will provide financial assistance to the company. 21 "jspaeth@cityofutica.com" (2959890944) 00:02:40.650 --> 00:02:46.920 In the form of exemptions from sales and use taxes, exemptions from mortgage recording taxes. 22 "jspaeth@cityofutica.com" (2959890944) 00:02:46.920 --> 00:02:54.415 In abatement of real property taxes for a period of 12 years, which proposed financial assistance represents a deviation from the unit, 23 "jspaeth@cityofutica.com" (2959890944) 00:02:54.475 --> 00:03:06.835 the agency's uniform tax exemption policy to be more particularly described in a final authorizing resolution be adopted by the agency prior to the closing of the transactions here. 24 "jspaeth@cityofutica.com" (2959890944) 00:03:06.920 --> 00:03:14.370 I will keep the public hearing open for 15 minutes. 25 "jspaeth@cityofutica.com" (2959890944) 00:04:05.995 --> 00:04:06.235 Okay. 26 "jspaeth@cityofutica.com" (2959890944) 00:04:28.494 --> 00:04:28.584 Okay. 27 "jspaeth@cityofutica.com" (2959890944) 00:05:08.469 --> 00:05:22.019 Okay. 28 "jspaeth@cityofutica.com" (2959890944) 00:05:22.019 --> 00:05:28.649 Hello. 29 "jspaeth@cityofutica.com" (2959890944) 00:05:28.649 --> 00:05:34.469 Okay. 30 "jspaeth@cityofutica.com" (2959890944) 00:05:53.154 --> 00:05:53.304 Okay. 31 "jspaeth@cityofutica.com" (2959890944) 00:06:32.459 --> 00:06:44.519 Okay. 32 "jspaeth@cityofutica.com" (2959890944) 00:08:45.959 --> 00:08:52.799 Yep. 33 "jspaeth@cityofutica.com" (2959890944) 00:10:58.999 --> 00:11:13.589 Okay. 34 "jspaeth@cityofutica.com" (2959890944) 00:11:19.974 --> 00:11:20.094 Okay. 35 "jspaeth@cityofutica.com" (2959890944) 00:12:15.064 --> 00:12:15.154 Okay. 36 "jspaeth@cityofutica.com" (2959890944) 00:12:31.374 --> 00:12:43.344 [...]. 37 "jspaeth@cityofutica.com" (2959890944) 00:13:03.879 --> 00:13:13.109 Okay. 38 "jspaeth@cityofutica.com" (2959890944) 00:13:13.109 --> 00:13:17.249 Okay. 39 "jspaeth@cityofutica.com" (2959890944) 00:13:29.729 --> 00:13:32.909 Okay. 40 "jspaeth@cityofutica.com" (2959890944) 00:14:15.929 --> 00:14:24.449 Yep. 41 "jspaeth@cityofutica.com" (2959890944) 00:14:24.449 --> 00:14:39.119 Okay. 42 "jspaeth@cityofutica.com" (2959890944) 00:14:39.119 --> 00:14:47.219 Yep. 43 "jspaeth@cityofutica.com" (2959890944) 00:14:58.134 --> 00:14:58.254 Okay. 44 "jspaeth@cityofutica.com" (2959890944) 00:15:13.559 --> 00:15:17.939 Okay. 45 "jspaeth@cityofutica.com" (2959890944) 00:15:24.089 --> 00:15:27.869 Hello. 46 "jspaeth@cityofutica.com" (2959890944) 00:15:27.869 --> 00:15:31.319 Okay. 47 "jspaeth@cityofutica.com" (2959890944) 00:15:45.209 --> 00:15:48.899 Okay. 48 "jspaeth@cityofutica.com" (2959890944) 00:15:48.899 --> 00:15:52.769 Okay. 49 "jspaeth@cityofutica.com" (2959890944) 00:15:52.769 --> 00:15:56.639 Okay. 50 "jspaeth@cityofutica.com" (2959890944) 00:15:56.639 --> 00:16:02.699 Okay. 51 "jspaeth@cityofutica.com" (2959890944) 00:16:02.699 --> 00:16:06.179 Okay. 52 "jspaeth@cityofutica.com" (2959890944) 00:16:06.179 --> 00:16:13.499 Okay. 53 "jspaeth@cityofutica.com" (2959890944) 00:16:20.549 --> 00:16:26.189 Okay. 54 "jspaeth@cityofutica.com" (2959890944) 00:16:26.189 --> 00:16:29.669 Okay. 55 "jspaeth@cityofutica.com" (2959890944) 00:16:29.669 --> 00:16:40.709 Okay. 56 "jspaeth@cityofutica.com" (2959890944) 00:16:40.709 --> 00:16:46.199 Okay. 57 "jspaeth@cityofutica.com" (2959890944) 00:16:52.799 --> 00:16:58.289 Hello. 58 "jspaeth@cityofutica.com" (2959890944) 00:17:05.579 --> 00:17:09.629 Hello. 59 "jspaeth@cityofutica.com" (2959890944) 00:17:19.169 --> 00:17:32.459 Okay, I'm going to close the. 60 "jspaeth@cityofutica.com" (2959890944) 00:17:32.459 --> 00:17:37.679 Public hearing for the project. 61 "jspaeth@cityofutica.com" (2959890944) 00:17:37.679 --> 00:17:41.939 And in 1 minute, start the public hearing for the. 62 "jspaeth@cityofutica.com" (2959890944) 00:17:41.939 --> 00:17:49.499 Right. 63 "jspaeth@cityofutica.com" (2959890944) 00:17:53.849 --> 00:18:01.739 Hello. 64 "jspaeth@cityofutica.com" (2959890944) 00:18:07.709 --> 00:18:14.369 Okay, again my name is Jack space and the executive director for the unit industrial development agency. 65 "jspaeth@cityofutica.com" (2959890944) 00:18:14.369 --> 00:18:18.329 The next public hearing will be, uh, for the. 66 "jspaeth@cityofutica.com" (2959890944) 00:18:18.329 --> 00:18:23.699 Oh, the owner. 67 "jspaeth@cityofutica.com" (2959890944) 00:18:24.114 --> 00:18:34.044 On behalf of itself and or the principles of LLC and, or any entity formed on behalf of any of the, 68 "jspaeth@cityofutica.com" (2959890944) 00:18:34.044 --> 00:18:43.404 for going to the agency to enter into a transaction in which the agency will assist in the acquisition partial demolition. 69 "jspaeth@cityofutica.com" (2959890944) 00:18:43.699 --> 00:18:49.589 Store location and renovated a 3 connected weekend to work. 70 "jspaeth@cityofutica.com" (2959890944) 00:18:49.589 --> 00:19:00.569 Industrial buildings, measuring 7000+or, minus square foot in the aggregate use building with 70 market rate residential units. 71 "jspaeth@cityofutica.com" (2959890944) 00:19:00.569 --> 00:19:10.169 In 3980+or, minus square feet of retails life, commercial space with onsite parking. 72 "jspaeth@cityofutica.com" (2959890944) 00:19:10.169 --> 00:19:23.934 In common area, amenities situated on 7 acres of land, measuring point 78+or, minus acres in the aggregate located at 119 to 137 hotel street. 73 "jspaeth@cityofutica.com" (2959890944) 00:19:23.934 --> 00:19:25.644 to one hundred and thirty seven hotel street 74 "jspaeth@cityofutica.com" (2959890944) 00:19:25.949 --> 00:19:29.309 City of on county in New York. 75 "jspaeth@cityofutica.com" (2959890944) 00:19:29.309 --> 00:19:38.159 And the acquisition and installation of equipment, and the improvements all for the adaptive reuse of the improvements, the lease. 76 "jspaeth@cityofutica.com" (2959890944) 00:19:38.844 --> 00:19:46.254 To commercial, and or retail, and or residential furtherance of the downtown revitalization initiative, 77 "jspaeth@cityofutica.com" (2959890944) 00:19:46.794 --> 00:19:55.194 United county vision 2020 initiative in the city of Utica housing study and to enhance economic development and retain employment and. and 78 "jspaeth@cityofutica.com" (2959890944) 00:19:56.579 --> 00:20:02.009 Facility will be initially least operated and or managed by the company. 79 "jspaeth@cityofutica.com" (2959890944) 00:20:02.009 --> 00:20:07.289 The company owns the facility and will at least the facility back to the agency. 80 "jspaeth@cityofutica.com" (2959890944) 00:20:07.289 --> 00:20:11.009 And the agency will lease the facility back to the company. 81 "jspaeth@cityofutica.com" (2959890944) 00:20:11.009 --> 00:20:15.149 The company will sublease portions of the facility president. 82 "jspaeth@cityofutica.com" (2959890944) 00:20:15.149 --> 00:20:22.979 To be identified, uh, from time to time and we'll still believe the commercial slash a portion of the facility to. 83 "jspaeth@cityofutica.com" (2959890944) 00:20:22.979 --> 00:20:30.359 And or re, at the end of the lease term, the agency. 84 "jspaeth@cityofutica.com" (2959890944) 00:20:30.359 --> 00:20:36.269 The agency count employees that are will provide assistance to the company in the form of instructions. 85 "jspaeth@cityofutica.com" (2959890944) 00:20:36.269 --> 00:20:41.159 From sales and use cases assumptions from mortgage recording taxes. 86 "jspaeth@cityofutica.com" (2959890944) 00:20:41.159 --> 00:20:45.179 Abatement overall property taxes for a period of 12 years. 87 "jspaeth@cityofutica.com" (2959890944) 00:20:45.179 --> 00:20:49.919 Which proposed financial assistance represents a deviation from the. 88 "jspaeth@cityofutica.com" (2959890944) 00:20:49.919 --> 00:20:54.179 Uniform tax exemption policy to be more particularity. 89 "jspaeth@cityofutica.com" (2959890944) 00:20:54.179 --> 00:21:02.069 Describe in a final authorizing resolution. I, prior to the closing of the transaction. 90 "jspaeth@cityofutica.com" (2959890944) 00:21:02.069 --> 00:21:08.459 Describe Erin, I'll keep this public hearing open for approximately 15 minutes. 91 "jspaeth@cityofutica.com" (2959890944) 00:21:23.429 --> 00:21:32.249 Okay. 92 "jspaeth@cityofutica.com" (2959890944) 00:21:37.109 --> 00:21:40.919 Okay. 93 "jspaeth@cityofutica.com" (2959890944) 00:21:46.349 --> 00:21:53.399 Hello. 94 "jspaeth@cityofutica.com" (2959890944) 00:21:53.399 --> 00:22:03.329 Okay. 95 "jspaeth@cityofutica.com" (2959890944) 00:22:03.329 --> 00:22:10.889 Hello. 96 "jspaeth@cityofutica.com" (2959890944) 00:22:30.889 --> 00:22:37.529 Okay. 97 "jspaeth@cityofutica.com" (2959890944) 00:22:42.089 --> 00:22:46.709 Okay. 98 "jspaeth@cityofutica.com" (2959890944) 00:23:28.859 --> 00:23:32.699 Okay. 99 "jspaeth@cityofutica.com" (2959890944) 00:23:32.699 --> 00:23:38.519 Okay. 100 "jspaeth@cityofutica.com" (2959890944) 00:23:41.699 --> 00:23:48.149 Okay. 101 "jspaeth@cityofutica.com" (2959890944) 00:23:51.509 --> 00:23:57.419 Okay. 102 "jspaeth@cityofutica.com" (2959890944) 00:23:57.419 --> 00:24:00.989 Hello. 103 "jspaeth@cityofutica.com" (2959890944) 00:24:12.479 --> 00:24:26.669 Okay. 104 "jspaeth@cityofutica.com" (2959890944) 00:24:45.029 --> 00:24:53.399 Okay. 105 "jspaeth@cityofutica.com" (2959890944) 00:24:53.399 --> 00:25:01.469 Hello. 106 "jspaeth@cityofutica.com" (2959890944) 00:25:01.469 --> 00:25:04.499 Okay. 107 "jspaeth@cityofutica.com" (2959890944) 00:25:04.499 --> 00:25:14.999 Okay. 108 "jspaeth@cityofutica.com" (2959890944) 00:25:18.209 --> 00:25:23.759 Yep. 109 "jspaeth@cityofutica.com" (2959890944) 00:25:42.989 --> 00:25:49.109 Okay. 110 "jspaeth@cityofutica.com" (2959890944) 00:25:49.109 --> 00:25:52.109 Okay. 111 "jspaeth@cityofutica.com" (2959890944) 00:25:52.109 --> 00:25:57.029 Okay. 112 "jspaeth@cityofutica.com" (2959890944) 00:25:57.029 --> 00:26:01.019 Hello. 113 "jspaeth@cityofutica.com" (2959890944) 00:26:04.799 --> 00:26:08.579 Hello. 114 "jspaeth@cityofutica.com" (2959890944) 00:26:08.579 --> 00:26:13.499 Hello. 115 "jspaeth@cityofutica.com" (2959890944) 00:26:13.499 --> 00:26:18.779 Okay. 116 "jspaeth@cityofutica.com" (2959890944) 00:26:18.779 --> 00:26:25.949 Hello. 117 "jspaeth@cityofutica.com" (2959890944) 00:26:25.949 --> 00:26:30.719 Okay. 118 "jspaeth@cityofutica.com" (2959890944) 00:26:30.719 --> 00:26:34.709 Okay. 119 "jspaeth@cityofutica.com" (2959890944) 00:26:38.009 --> 00:26:43.079 Okay. 120 "jspaeth@cityofutica.com" (2959890944) 00:26:43.079 --> 00:26:46.259 Okay. 121 "jspaeth@cityofutica.com" (2959890944) 00:27:03.329 --> 00:27:12.629 Okay. 122 "jspaeth@cityofutica.com" (2959890944) 00:27:12.629 --> 00:27:25.259 Okay. 123 "jspaeth@cityofutica.com" (2959890944) 00:27:25.259 --> 00:27:28.289 Okay. 124 "jspaeth@cityofutica.com" (2959890944) 00:27:34.799 --> 00:27:39.689 Okay. 125 "jspaeth@cityofutica.com" (2959890944) 00:27:39.689 --> 00:27:42.719 Okay. 126 "jspaeth@cityofutica.com" (2959890944) 00:27:42.719 --> 00:27:48.059 Hello. 127 "jspaeth@cityofutica.com" (2959890944) 00:27:48.059 --> 00:27:52.709 Okay. 128 "jspaeth@cityofutica.com" (2959890944) 00:27:52.709 --> 00:27:56.549 Okay. 129 "jspaeth@cityofutica.com" (2959890944) 00:28:21.869 --> 00:28:28.499 Hello. 130 "jspaeth@cityofutica.com" (2959890944) 00:28:28.499 --> 00:28:35.849 Hello. 131 "jspaeth@cityofutica.com" (2959890944) 00:28:35.849 --> 00:28:46.349 Okay. 132 "jspaeth@cityofutica.com" (2959890944) 00:29:02.639 --> 00:29:15.929 Okay. 133 "jspaeth@cityofutica.com" (2959890944) 00:29:30.179 --> 00:29:35.729 Hello. 134 "jspaeth@cityofutica.com" (2959890944) 00:29:35.729 --> 00:29:41.519 Okay. 135 "jspaeth@cityofutica.com" (2959890944) 00:29:41.519 --> 00:29:49.769 Hello. 136 "jspaeth@cityofutica.com" (2959890944) 00:30:03.179 --> 00:30:08.909 Okay. 137 "jspaeth@cityofutica.com" (2959890944) 00:30:17.699 --> 00:30:24.029 Okay. 138 "jspaeth@cityofutica.com" (2959890944) 00:30:55.464 --> 00:30:55.644 Okay. 139 "jspaeth@cityofutica.com" (2959890944) 00:30:58.679 --> 00:31:02.099 Hmm. 140 "jspaeth@cityofutica.com" (2959890944) 00:31:28.169 --> 00:31:32.249 Hello. 141 "jspaeth@cityofutica.com" (2959890944) 00:31:39.029 --> 00:31:45.209 Hello. 142 "jspaeth@cityofutica.com" (2959890944) 00:31:45.209 --> 00:31:48.509 Hello. 143 "jspaeth@cityofutica.com" (2959890944) 00:32:00.834 --> 00:32:08.214 Okay, seeing that there are no comments or others on this line besides myself and the company I'm going to be. 144 "jspaeth@cityofutica.com" (2959890944) 00:32:08.509 --> 00:32:13.739 The public hearings, thank you, Tim for attendance. 145 "jspaeth@cityofutica.com" (2959890944) 00:32:13.739 --> 00:32:20.789 And I will talk to you soon, always call me if you ever have any questions and stuff like that. And we'll get you taken care of. 146 "Tim Lynn" (471694080) 00:32:20.789 --> 00:32:24.149 Thank you very much. All right you soon bye.