WEBVTT 1 "jspaeth@cityofutica.com" (3609749248) 00:00:04.229 --> 00:00:24.229 My name is Jack Spaith, the Executive Director for the Udica Industrial development Agency. We're here for a public hearing as it relates to Utika Harbor Lodging Group. On behalf of itself and or the principles of Yudica Hard Utika Harbor Lodging Group LLC or an entity to be formed on behalf of any of the foregoing. 2 "jspaeth@cityofutica.com" (3609749248) 00:00:24.229 --> 00:00:33.630 Has applied to the agency to enter into at least leaseback transaction in which the agency will assist in acquisition of parcels of land measuring 20 plus or minus acres. 3 "jspaeth@cityofutica.com" (3609749248) 00:00:33.630 --> 00:00:53.220 In the aggregate loaded located at Wells Av Utika Harbor Point City of Yudica O Ida County, New York to undertake the following. A one construction of residential apartment buildings containing a total of approximately 82 units parking and storage for residents. 4 "jspaeth@cityofutica.com" (3609749248) 00:00:53.220 --> 00:01:13.220 Fitness Center and other common area mentities in office for administration together with all infrastructure to support the same. Two acquisition and installation of furniture fixtures and equipment in the residential improvements, all designed to attract residents that are currently either underserved by Udica's existing apartment. 5 "jspaeth@cityofutica.com" (3609749248) 00:01:13.220 --> 00:01:19.410 Or living outside of the city and to fill the demonstrated needfully. 6 "jspaeth@cityofutica.com" (3609749248) 00:01:19.410 --> 00:01:34.770 For market rate housing and B, one construction of two extended state hotels, each with approximately 100 rooms together with all parking and infrastructure. 7 "jspaeth@cityofutica.com" (3609749248) 00:01:34.770 --> 00:01:50.730 To support the same and let's see two acquisition of furniture fixtures and equipment in the hotel improvements designed to cater to families and transient business as well as guests seeking a more upscale destination. 8 "jspaeth@cityofutica.com" (3609749248) 00:01:50.730 --> 00:02:06.480 Lodging experience, and the residential project and the hotel project are referred to collectively as the project. 9 "jspaeth@cityofutica.com" (3609749248) 00:02:06.480 --> 00:02:26.480 All of which are in furtherance of enhancing economic development in downtown Yuka and specifically within the Harbor Point area. The facility will be initially owned by the company. The company will lease the facility to the agency for a term of approximately 24 years. The agency will lease the facility back to the company for the lease term. 10 "jspaeth@cityofutica.com" (3609749248) 00:02:26.480 --> 00:02:29.430 And the company will further sublease the. 11 "jspaeth@cityofutica.com" (3609749248) 00:02:29.430 --> 00:02:49.430 Sublease, the residential 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 exemptions from sales and use taxes on. 12 "jspaeth@cityofutica.com" (3609749248) 00:02:49.430 --> 00:02:53.190 Materials incorporated into the facility exemptions from. 13 "jspaeth@cityofutica.com" (3609749248) 00:02:53.190 --> 00:03:13.190 Mortgage recording taxes and abatement of real property tax for a period of 24 years during which time the company will pay as pilot payments A during the construction period an amount equal to taxes calculated using the assessed value and the taxable status of each propert. 14 "jspaeth@cityofutica.com" (3609749248) 00:03:13.190 --> 00:03:14.280 Pretty as of. 15 "jspaeth@cityofutica.com" (3609749248) 00:03:14.280 --> 00:03:34.280 1 March 2024 and B, after the issuance of a certificate of occupancy fixed payments for 20 years, pilot payments will be allocated among the taxing jurisdictions and the same proportion as taxes will be allocated but not for the agency's involvement unless the taxing jurisdictions are. 16 "jspaeth@cityofutica.com" (3609749248) 00:03:34.280 --> 00:03:53.040 And to enter a written written agreement assigning a different allocation. The proposed financial assistance is a deviation of the agency's uniform tax exemption policy more particularly described in the inducement resolution adopted by the agency on 15 January 2025. 17 "jspaeth@cityofutica.com" (3609749248) 00:03:53.040 --> 00:04:13.040 And to be confirmed in a final authorizing resolution to be adopted by the agency prior to the closings of the closing of the transactions described in the hearing. 18 "jspaeth@cityofutica.com" (3609749248) 00:13:33.040 --> 00:13:42.449 Okay. 19 "jspaeth@cityofutica.com" (3609749248) 00:14:02.449 --> 00:14:11.616 Okay, being that there are NO comments to the public hearing, I will close it at 1115.