WEBVTT 1 "jspaeth@cityofutica.com" (4212822016) 00:00:04.289 --> 00:00:15.899 Morning my name is Jack space, the executive director for the Utica industrial development agency, we are here for a public hearing as it relates to 311, main street holdings. 2 "jspaeth@cityofutica.com" (4212822016) 00:00:16.919 --> 00:00:25.380 311 main street holdings on behalf of itself and, or the principles of 311, main street holdings. 3 "jspaeth@cityofutica.com" (4212822016) 00:00:25.380 --> 00:00:30.060 And or an entity formed, or to be formed on behalf of any of the. 4 "jspaeth@cityofutica.com" (4212822016) 00:00:30.060 --> 00:00:43.825 For going apply to the agency to enter into a transaction, which the agency essence in the partial demolition construction rehabilitation and renovation of the 6 story 35000+or, minus square foot, 5 "jspaeth@cityofutica.com" (4212822016) 00:00:43.825 --> 00:00:50.785 historic building formerly known as the Utica children's museum to provide 11,000. museum to provide eleven thousand 6 "jspaeth@cityofutica.com" (4212822016) 00:00:51.120 --> 00:00:54.300 Plus or minus square foot of retail space. 7 "jspaeth@cityofutica.com" (4212822016) 00:00:54.300 --> 00:01:00.450 On the 1st floor and basement in 24000+or minus square foot. 8 "jspaeth@cityofutica.com" (4212822016) 00:01:00.450 --> 00:01:07.890 Margaret raised rental market rate housing on floors, 2 through 5, consisting of. 9 "jspaeth@cityofutica.com" (4212822016) 00:01:07.890 --> 00:01:12.150 20 lost departments together with all the infrastructure and amenities. 10 "jspaeth@cityofutica.com" (4212822016) 00:01:12.150 --> 00:01:21.930 To service the same and acquisition and installation of machinery, furniture, fixtures, appliances and equipment. 11 "jspaeth@cityofutica.com" (4212822016) 00:01:21.930 --> 00:01:34.920 In the improvements all for the purpose of filling a demonstrated need for housing identified in the United county version, 2020 study and in further into the city of view, like a master plan. 12 "jspaeth@cityofutica.com" (4212822016) 00:01:36.630 --> 00:01:40.290 Facility will initially be leased and operated. 13 "jspaeth@cityofutica.com" (4212822016) 00:01:40.290 --> 00:01:44.850 At least operator in man and or manage pardon me? By the company. 14 "jspaeth@cityofutica.com" (4212822016) 00:01:44.850 --> 00:01:48.510 The company owns the facility and leases the facility. 15 "jspaeth@cityofutica.com" (4212822016) 00:01:48.510 --> 00:01:53.040 To the agency, and the agency leases the facility back to the company. 16 "jspaeth@cityofutica.com" (4212822016) 00:01:53.040 --> 00:01:57.870 Company sublease is the 1st floor of the improvements. 17 "jspaeth@cityofutica.com" (4212822016) 00:01:57.870 --> 00:02:01.740 To Taylor and the cook for its operation. 18 "jspaeth@cityofutica.com" (4212822016) 00:02:01.740 --> 00:02:06.330 The company will sublease the housing units, the residential sub. 19 "jspaeth@cityofutica.com" (4212822016) 00:02:06.330 --> 00:02:10.530 To be identified from time to time at the end of the lease term. 20 "jspaeth@cityofutica.com" (4212822016) 00:02:10.530 --> 00:02:14.220 The agency will terminate its least hold interest in the facility. 21 "jspaeth@cityofutica.com" (4212822016) 00:02:14.220 --> 00:02:24.000 The agency provides financial assistance to the company in the form of exemptions from sales and use cases exemptions for mortgage recording taxes. 22 "jspaeth@cityofutica.com" (4212822016) 00:02:24.000 --> 00:02:29.160 And reduction of real property taxes for a period of 20 years. 23 "jspaeth@cityofutica.com" (4212822016) 00:02:29.160 --> 00:02:36.840 Which 12 years? Pardon me? Which financial assistance is? Deviation from the agency's uniform tax exemption policy. 24 "jspaeth@cityofutica.com" (4212822016) 00:02:36.840 --> 00:02:42.120 The agency contemplates that it will provide additional financial assistance to the company. 25 "jspaeth@cityofutica.com" (4212822016) 00:02:42.120 --> 00:02:46.830 In the form of increased exemptions from sales and use taxes. 26 "jspaeth@cityofutica.com" (4212822016) 00:05:27.930 --> 00:05:37.109 Hello. 27 "jspaeth@cityofutica.com" (4212822016) 00:14:57.834 --> 00:15:01.884 Okay, being that there are no comments. I am going to close the public hearing. 28 "jspaeth@cityofutica.com" (4212822016) 00:15:02.189 --> 00:15:05.639 Mike, you have a great day. 29 "Michael Potrzeba" (4178613760) 00:15:08.579 --> 00:15:12.689 You too Jack, but I don't talk to you having Merry Christmas. Yep sounds good. Thanks, buddy. 30 "Michael Potrzeba" (4178613760) 00:15:12.689 --> 00:15:16.560 See, you bye. Bye.