NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that a public hearing pursuant to Article 18-A of the New York State General Municipal Law, will be held by the City of Utica Industrial Development Agency (the “Agency”) on the 6th day of December 2022, at 9:30 AM, local time, at Utica City Hall, Urban & Economic Development Corporation conference room, Second Floor, One Kennedy Plaza, Utica, New York, in connection with the following matters:
Impact Utica - Chancellor Broad, LLC, on behalf of itself and/or the principals of Impact Utica - Chancellor Broad, LLC and/or an entity formed or to be formed on behalf of any of the foregoing (collectively, the “Company”) has applied to the Agency to enter into a lease-leaseback transaction in which the Agency will assist in (i) acquisition of a 1.7± acre parcel of land located at 700 Broad Street in the City of Utica, Oneida County, New York (the “Land”) and the 86,514± square foot industrial building located thereon (the “Existing Improvements”); (ii) the substantial renovation of the Existing Improvements into 74 loft apartments and common areas, and construction of a connector building, community space and parking area (collectively, the “Improvements”) (iii) acquisition and installation of furniture, fixtures and equipment in the Improvements (the “Equipment”), all for the purpose of providing affordable housing for the elderly, youth in transition and any other recognized vulnerable populations (the Land, the Improvements and the Equipment are referred to collectively as the “Facility” and the acquisition, renovation and equipping of the Facility is referred to collectively as the “Project”). The Facility will be initially operated by the Company.
The Company will lease the Facility to the Agency for a term of approximately thirty-three (33) years (the “Lease Term”). The Agency will lease the Facility back to the Company for the Lease Term, and the Company will further sub-sublease the Facility to residential tenants to be determined 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 assistance to the Company in the form of abatement of real property tax for a period of thirty-three (33) years during which time the Company will pay as PILOT Payments (i) all taxes with respect to the Facility prior to completion of the Project, provided that such payments shall not exceed the taxes for the Facility for the 2022 – 2023 tax year and (i) after completion of the Project, seven percent (7.00%) of the effective gross income of the Facility for a period of 30 years, which financial assistance is a deviation from the Agency’s Uniform Tax Exemption Policy, to be more particularly described in a Final Authorizing Resolution to be adopted by the Agency prior to the closing of the transactions described herein.
A representative of the Agency will at the above-stated time and place hear and accept written comments from all persons with views in favor of or opposed to either the proposed financial assistance to the Company or the location 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 also access the Public Hearing by calling 1-408-418-9388 (Access code: 2633 867 4465). Minutes of the Public Hearing will be transcribed and posted on the Agency’s website. A copy of the Application for 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 at the offices of the Agency, One Kennedy Plaza, Utica, New York.
CITY OF UTICA INDUSTRIAL
DEVELOPMENT AGENCY
Dated: November 17, 2022 By: /s/ Vincent J. Gilroy, Jr., Chairman
