WEBVTT

1 "" (0)
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Okay.

2 "jspaeth@cityofutica.com" (275128320)
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Hello my name is Jack Smith, I'm the executive director for the Udica Industrial Development agency. This is a public hearing for the People 1st AMP one project. People 1st Amp one.

3 "jspaeth@cityofutica.com" (275128320)
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LLC on behalf of itself or and or the principles of people 1st AMP one LLC and or an entity or entities formed or to be formed on behalf of any of the foregoing has applied to the agency to enter into a sub.

4 "jspaeth@cityofutica.com" (275128320)
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Of least leaseback transactions in which the agency will assist in a multi phase development consisting of one, the phase demolition of 41 residential apartment buildings containing 361 units known as FX Matt and D Peters and Adrian Terrace apartments.

5 "jspaeth@cityofutica.com" (275128320)
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In the community room known as the Vegas Center, two, the phase construction of 425 new energy efficients efficient affordable housing units including 60 supportive units with onsite services, a new community building, outdoor amenities and landscaping, and all road sidewalks.

6 "jspaeth@cityofutica.com" (275128320)
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Parking lots and infrastructure to service the same. Situated on three parcels of land containing 25 plus or minus acres.

7 "jspaeth@cityofutica.com" (275128320)
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In the aggregate are located at 1600 1736 and 1790 armory drive in the city of Eudica Onitida County, New York. And three acquisition and installation of furniture fixtures and equipment in the improvements.

8 "jspaeth@cityofutica.com" (275128320)
00:01:36.930 --> 00:01:52.380
All to be used for the purpose of preserving affordable housing and to enhance economic development and retain employment in the city of Eudica. The facilities will be initially operated by the company. The company will lease the facilities.

9 "jspaeth@cityofutica.com" (275128320)
00:01:52.380 --> 00:02:10.140
To the agency for a term of approximately 35 years, the agency will lease the facilities back to the company for the lease term and the company will further sub sub lease the facilities to residential tenants to be determined from time to time.

10 "jspaeth@cityofutica.com" (275128320)
00:02:10.140 --> 00:02:25.380
At the end of each lease term, the agency will terminate its applicable 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.

11 "jspaeth@cityofutica.com" (275128320)
00:02:25.380 --> 00:02:45.380
On materials incorporated into the facility. Exemptions from mortgage recording taxes and abatement of real property taxes for a period of 35 years during which time the company will pay as pilot payments, one fixed payments during the construction period of each project and two after completion.

12 "jspaeth@cityofutica.com" (275128320)
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Into the project.

13 "jspaeth@cityofutica.com" (275128320)
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Three and a half, three and one half percent of the effective gross income of the facility. Applicable facility for a period of 30 years which financial assistance is a deviation of from the agency's uniform tax exemption policy to be more particularly described in a final authorizing resolution to be adopted by.

14 "jspaeth@cityofutica.com" (275128320)
00:03:06.440 --> 00:03:11.460
For the agency prior to the closing of transactions described herein.

15 "jspaeth@cityofutica.com" (275128320)
00:15:02.440 --> 00: 15:05.480
Okay, there being NO being NO further comment or NO comment at all. I'm going to close the public here.