WEBVTT 1 "jspaeth@cityofutica.com" (1085251840) 00:00:03.205 --> 00:00:18.205 My name is from executive director for the European industrial development agency. We're here for a public hearing a 2nd, as it relates to the impact Unicode, Chancellor, broad and in particular, the property. 2 "jspaeth@cityofutica.com" (1085251840) 00:00:21.150 --> 00:00:25.170 Uh, grocery project. 3 "jspaeth@cityofutica.com" (1085251840) 00:00:25.170 --> 00:00:34.260 Impact Utica, chancellor abroad LLC on behalf of itself and or principals of impact chancellor broad. 4 "jspaeth@cityofutica.com" (1085251840) 00:00:34.915 --> 00:00:44.905 And or an entity formed, or to be formed on behalf of any, other for ongoing as applied to the agency to enter into a lease lease back transaction in which the agency will assist in 1, 5 "jspaeth@cityofutica.com" (1085251840) 00:00:45.145 --> 00:00:55.615 acquisition of at 1.7+or minus acre parcel of land located at 700 broad street in the city of Utica County, New York, and the. county new york and the 6 "jspaeth@cityofutica.com" (1085251840) 00:00:55.950 --> 00:01:06.120 86514+or minus square foot, industrial building, located there on and 2, the substantial renovation of the existing improvements. 7 "jspaeth@cityofutica.com" (1085251840) 00:01:06.120 --> 00:01:13.260 Into 74 walls, departments and common areas, and construction of a connector building. 8 "jspaeth@cityofutica.com" (1085251840) 00:01:13.260 --> 00:01:16.650 Uh, community space and parking area. 9 "jspaeth@cityofutica.com" (1085251840) 00:01:16.650 --> 00:01:31.080 3 acquisition and installation of furniture fixtures and equipment in the improvements all for the purpose of providing affordable housing for the elderly youth in transition and any other recognized vulnerable. 10 "jspaeth@cityofutica.com" (1085251840) 00:01:31.080 --> 00:01:37.320 Uh, populations the facility, uh, will be initially operated by the company. 11 "jspaeth@cityofutica.com" (1085251840) 00:01:37.320 --> 00:01:43.200 The company will lease the facility to the agency for a term of approximately 33 years. 12 "jspaeth@cityofutica.com" (1085251840) 00:01:43.200 --> 00:01:49.710 The agency will lease the facility back to the, to the company for the least term and the company will. 13 "jspaeth@cityofutica.com" (1085251840) 00:01:49.710 --> 00:02:01.200 Further some 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 lease hold interest in the facility. 14 "jspaeth@cityofutica.com" (1085251840) 00:02:01.200 --> 00:02:07.350 The agency contemplates that it will provide financial assistance to the company in the form of exemptions from sales. 15 "jspaeth@cityofutica.com" (1085251840) 00:02:07.350 --> 00:02:21.870 And use taxes on materials, incorporate it into the facility and abatement of real property taxes for a period of 33 years. During which time the company will pay as pilot payments. 1, all taxes with respect to the. 16 "jspaeth@cityofutica.com" (1085251840) 00:02:21.870 --> 00:02:27.090 Facility prior to the completion of the project, provided that such. 17 "jspaeth@cityofutica.com" (1085251840) 00:02:27.090 --> 00:02:35.190 Payments shall not exceed the taxes for the facility for the 2022 2023 tax year and 2. 18 "jspaeth@cityofutica.com" (1085251840) 00:02:35.190 --> 00:02:44.730 Um, the, after completion of the project, 7% of the effective gross income of the facility for a period of 30 years. 19 "jspaeth@cityofutica.com" (1085251840) 00:02:44.730 --> 00:02:49.260 With financial assistance is a deviation from the. 20 "jspaeth@cityofutica.com" (1085251840) 00:02:49.260 --> 00:03:01.290 Agencies uniform, tax exemption policy to be more particularly described in the final transit, final authorizing resolution to be adopted by needs and see prior to the closing of the transactions described here. 21 "jspaeth@cityofutica.com" (1085251840) 00:03:01.290 --> 00:03:07.830 Representative of the company will be at the above state of time and place here and accept written. 22 "jspaeth@cityofutica.com" (1085251840) 00:03:07.830 --> 00:03:18.960 Comments from all persons with views in favor of, or opposed to either the proposed financial assistants to the company or location or nature, or the facility. 23 "jspaeth@cityofutica.com" (1085251840) 00:03:18.960 --> 00:03:23.400 Balance may also be submitted to the agency in writing or electronically. 24 "jspaeth@cityofutica.com" (1085251840) 00:03:23.400 --> 00:03:29.035 Prior to the public hearing members of the public may also access the public hearing by calling 14084089308accesscode2068289403087. 25 "jspaeth@cityofutica.com" (1085251840) 00:03:29.485 --> 00:03:38.935 four hundred and eight four hundred and eight nine thousand three hundred and eight access code two hundred and six hundred and eighty two eight hundred and ninety four zero three hundred and eight seven