WEBVTT 1 "jspaeth@cityofutica.com" (1640705280) 00:00:03.809 --> 00:00:17.969 And it was some of the executive director for the industrial development agency, we're here for a public hearing as it relates to impact you to abroad, chancellor abroad in particular, the chancellor apartment, uh, project. 2 "jspaeth@cityofutica.com" (1640705280) 00:00:17.969 --> 00:00:31.110 Um, or impact Utica, Chancellor, broad on behalf of itself and or the principles of impact you to get a chance to live abroad and, or an entity form or to be formed on behalf. 3 "jspaeth@cityofutica.com" (1640705280) 00:00:31.110 --> 00:00:35.160 Any of the forgoing? Pardon me? 4 "jspaeth@cityofutica.com" (1640705280) 00:00:35.160 --> 00:00:42.930 Is applied to the agency to enter into a lease leaseback transaction in which the agency will assist in 1 acquisition and. 5 "jspaeth@cityofutica.com" (1640705280) 00:00:42.930 --> 00:00:47.250 Substantial renovation of a 93 unit. 90. 6 "jspaeth@cityofutica.com" (1640705280) 00:00:47.250 --> 00:00:56.310 91,229 square foot, residential apartment, building, community room and outdoor seating in landscape grounds. 7 "jspaeth@cityofutica.com" (1640705280) 00:00:56.310 --> 00:01:01.890 Located there on, uh, known as the chancellor apartments situated and. 8 "jspaeth@cityofutica.com" (1640705280) 00:01:01.890 --> 00:01:10.980 On a 1.94+or minus acre parcel of land located at 417, bleaker street in the city of Utica, or county in New York. 9 "jspaeth@cityofutica.com" (1640705280) 00:01:10.980 --> 00:01:24.570 In 2 acquisition and installation of furniture fixtures and equipment, and the improvements to be all to be used for the purpose of preserving affordable housing that sort of seniors and disabled populations. The facility will. 10 "jspaeth@cityofutica.com" (1640705280) 00:01:24.570 --> 00:01:30.810 Be initially operated by the company, the company will lease the facility to the agency for a term. 11 "jspaeth@cityofutica.com" (1640705280) 00:01:30.810 --> 00:01:41.460 Approximately 33 years, the agency will lease the facility back to the company for the least term. And the company was further sub sublease. 12 "jspaeth@cityofutica.com" (1640705280) 00:01:41.460 --> 00:01:51.240 The facility to residential to tenants, to be determined from time to time. At the end of the least term the agency will terminate its leasehold interest in the facility. 13 "jspaeth@cityofutica.com" (1640705280) 00:01:51.240 --> 00:01:58.620 The agency contemplates that it will provide financial assistance to the company in the form of exemptions from sales and use taxes. 14 "jspaeth@cityofutica.com" (1640705280) 00:01:58.620 --> 00:02:04.170 Materials incorporated into the facility and abatement of. 15 "jspaeth@cityofutica.com" (1640705280) 00:02:04.170 --> 00:02:15.000 Of property tax for a period. Oh, I'm sorry, Robert for a period of 33 years during which time of the company will pay as pilot payments. 16 "jspaeth@cityofutica.com" (1640705280) 00:02:15.000 --> 00:02:20.310 1, uh, all taxes with respect to the facility prior to the. 17 "jspaeth@cityofutica.com" (1640705280) 00:02:20.310 --> 00:02:24.300 Completion over the project, provided that such payments showing not exceed the taxes. 18 "jspaeth@cityofutica.com" (1640705280) 00:02:25.255 --> 00:02:34.195 We're the facility for the 2022, 2023 tax year into, after, after completion of the project 1% of the effective gross income of the facility. 19 "jspaeth@cityofutica.com" (1640705280) 00:02:34.195 --> 00:02:47.305 For a period of 30 years with financial assistance is a deviation from the agencies uniform tax exemption policy to be more particularly described in a final authorizing resolution to be adopted by the agency. 20 "jspaeth@cityofutica.com" (1640705280) 00:02:47.305 --> 00:02:53.305 Prior to the closing of the transactions described here. prior to the closing of the transactions described here 21 "jspaeth@cityofutica.com" (1640705280) 00:02:54.360 --> 00:02:57.930 A representative of the of the agency. 22 "jspaeth@cityofutica.com" (1640705280) 00:02:57.930 --> 00:03:03.390 Will, uh, at the MBO stated time and date. 23 "jspaeth@cityofutica.com" (1640705280) 00:03:03.390 --> 00:03:15.175 Time place here, and except written comments from all persons was used in favor of, or opposed to either the proposed financial assistance to the company, or the location, 24 "jspaeth@cityofutica.com" (1640705280) 00:03:15.175 --> 00:03:26.785 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. 25 "jspaeth@cityofutica.com" (1640705280) 00:03:26.785 --> 00:03:30.355 one four zero eight four hundred and eight nine hundred and eight eight 26 "jspaeth@cityofutica.com" (1640705280) 00:03:30.690 --> 00:03:36.420 Access code 263 49381pardonme. 27 "jspaeth@cityofutica.com" (1640705280) 00:03:36.420 --> 00:03:37.945 7 1, 5, 9. 28 "jspaeth@cityofutica.com" (1640705280) 00:14:26.755 --> 00:14:27.055 Hello. 29 "jspaeth@cityofutica.com" (1640705280) 00:14:27.359 --> 00:14:31.769 There being no comments I am going to close the public hearing.