WEBVTT 1 "jspaeth@cityofutica.com" (1430764544) 00:00:10.349 --> 00:00:30.349 Okay my name is Jack Spaith, the Executive Director for the Udica Industrial Development agency. This is a public hearing for the HP, Utika Preservation LLC project. 2 "jspaeth@cityofutica.com" (1430764544) 00:00:30.349 --> 00:00:46.590 On behalf of itself and or principles of HP Unique preservation 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 lease leaseback agreement. 3 "jspaeth@cityofutica.com" (1430764544) 00:00:46.590 --> 00:01:06.590 In which the agency will assist in one acquisition and substantial renovation of an existing twelve story 93250 plus or minus square foot multi family affordable housing facility with 121 units in indoor and outdoor common areas known as the historical park apartment. 4 "jspaeth@cityofutica.com" (1430764544) 00:01:06.590 --> 00:01:11.490 Situated situated on a 1.83 plus or minus. 5 "jspaeth@cityofutica.com" (1430764544) 00:01:11.490 --> 00:01:31.490 Acre parcel of land located at 100 Rector Street and the City of Eudica, United County, New York and two acquisition and installation of furniture fixtures and equipment in the improvements ought to be beneficially owned and operated by the company as a multi family affordable housing facility. 6 "jspaeth@cityofutica.com" (1430764544) 00:01:31.490 --> 00:01:38.520 Ability to enhance economic development and retain employment in downtown Eudica. 7 "jspaeth@cityofutica.com" (1430764544) 00:01:38.520 --> 00:01:54.960 Oh, the facility will be initially operated by the company. The company will lease the facility to the agency for a term of approximately 35 years. The agency will lease the facility back to the agent. 8 "jspaeth@cityofutica.com" (1430764544) 00:01:54.960 --> 00:02:12.210 Back to the company for the lease term and the company will further subdivide or sub lease the facility to residential tenants and a retail tenant to be determined from time to time. At the end of the lease term, the agency will terminate its leasehold interest in the facility. 9 "jspaeth@cityofutica.com" (1430764544) 00:02:12.210 --> 00:02:28.650 The agency contemplates that will provide financial assistance to the company in the form of abatement of real property tax for a period of 35 years during which time the company will pay as pilot payments 3 % of the effective gross income of the facility. 10 "jspaeth@cityofutica.com" (1430764544) 00:02:28.650 --> 00:02:48.650 Which financial assistance is a deviation from the agency's uniform tax exempt policy? The representative of the agency will at the above state of time and place here and accept written comments from all persons with views and. 11 "jspaeth@cityofutica.com" (1430764544) 00:02:48.650 --> 00:02:54.000 Ever of were opposed to, either the proposed financial assistance to the company. 12 "jspaeth@cityofutica.com" (1430764544) 00:02:54.000 --> 00:03:09.780 Or the location and or nature of the facility. Comments may also be submitted to the agency in writing or electronically prior to the public hearing. Members of the public may access the public hearing on the agency's website. 13 "jspaeth@cityofutica.com" (1430764544) 00:03:09.780 --> 00:03:27.030 Minutes of the public hearing will be transcribed and posted to the agency's website, a copy of the application and financial assistance filed by the company with the agency including an analysis of the costs and benefits of the proposed project is available for public inspection. 14 "jspaeth@cityofutica.com" (1430764544) 00:03:27.030 --> 00:03:46.500 At the offices of the agency. 15 "jspaeth@cityofutica.com" (1430764544) 00:03:46.500 --> 00:04:02.340 Okay, uh. 16 "jspaeth@cityofutica.com" (1430764544) 00:04:07.440 --> 00:04:24.210 Okay, uh. 17 "jspaeth@cityofutica.com" (1430764544) 00:04:24.210 --> 00:04:44.210 Okay, uh. 18 "jspaeth@cityofutica.com" (1430764544) 00:04:44.210 --> 00:04:59.219 Okay, u. 19 "jspaeth@cityofutica.com" (1430764544) 00:04:59.219 --> 00:05:19.219 Okay, uh. 20 "jspaeth@cityofutica.com" (1430764544) 00:05:19.219 --> 00:05:35.429 Okay, uh. 21 "jspaeth@cityofutica.com" (1430764544) 00:05:35.429 --> 00:05:53.819 Okay, uh. 22 "jspaeth@cityofutica.com" (1430764544) 00:05:53.819 --> 00:06:13.819 Okay, uh. 23 "jspaeth@cityofutica.com" (1430764544) 00:06:13.819 --> 00:06:31.169 Okay, uh. 24 "jspaeth@cityofutica.com" (1430764544) 00:06:31.169 --> 00:06:47.009 Okay, uh. 25 "jspaeth@cityofutica.com" (1430764544) 00:07:09.209 --> 00:07:29.209 Okay, uh. 26 "jspaeth@cityofutica.com" (1430764544) 00:07:29.209 --> 00:07:45.959 Okay, uh. 27 "jspaeth@cityofutica.com" (1430764544) 00:07:45.959 --> 00:08:04.319 Okay, uh. 28 "jspaeth@cityofutica.com" (1430764544) 00:08:06.179 --> 00:08:26.179 Okay, uh. 29 "jspaeth@cityofutica.com" (1430764544) 00:08:26.179 --> 00:08:41.339 Okay, ok. 30 "jspaeth@cityofutica.com" (1430764544) 00:08:47.579 --> 00:09:07.579 Okay, I. 31 "jspaeth@cityofutica.com" (1430764544) 00:09:07.579 --> 00:09:27.579 Okay, uh. 32 "jspaeth@cityofutica.com" (1430764544) 00:09:27.579 --> 00:09:41.789 Okay, uh. 33 "jspaeth@cityofutica.com" (1430764544) 00:10:07.289 --> 00:10:27.289 Okay, uh. 34 "jspaeth@cityofutica.com" (1430764544) 00:10:27.289 --> 00:10:29.819 Oh. 35 "jspaeth@cityofutica.com" (1430764544) 00:10:56.849 --> 00:11:14.339 Okay. 36 "jspaeth@cityofutica.com" (1430764544) 00:11:22.049 --> 00:11:38.249 Okay. 37 "jspaeth@cityofutica.com" (1430764544) 00:11:38.249 --> 00:11:55.889 Good, Kevin, how are you? I know, I guess so. 38 "jspaeth@cityofutica.com" (1430764544) 00:11:55.889 --> 00:12:14.219 Okay, oh, 1506 bringer hoff. Yes yes yes, it is yep it's an initial inspection yep. 39 "jspaeth@cityofutica.com" (1430764544) 00:12:18.329 --> 00:12:35.039 Yeah, we were down this morning as well. Our our computers, our homes, and everything's down, but we're back up now, so hopefully hopefully it won't be too long for you guys. Okay, not a problem, I appreciate you as well. 40 "jspaeth@cityofutica.com" (1430764544) 00:12:35.039 --> 00:12:51.389 Yep. Yep. Maybe we got NO computer! 41 "jspaeth@cityofutica.com" (1430764544) 00:12:51.389 --> 00:13:11.389 Yeah and and Orlando Catherine Orlando is the only one that's called, so the other ones are probably just like, I don't know you don't have to go. 42 "jspaeth@cityofutica.com" (1430764544) 00:13:11.389 --> 00:13:27.119 Okay, oh. 43 "jspaeth@cityofutica.com" (1430764544) 00:13:35.219 --> 00:13:55.219 Okay, uh. 44 "jspaeth@cityofutica.com" (1430764544) 00:13:55.219 --> 00:14:07.799 Okay, uh. 45 "jspaeth@cityofutica.com" (1430764544) 00:14:07.799 --> 00:14:21.768 Okay that there are NO comments on ending the public hearing at 1015.