VESTAL, NY (WBNG) — The Town of Vestal housing project has sparked concern for the Board of Supervisors.
Some leaders are not opposed to the project itself, a planned 200-unit luxury apartment complex, but they are not supporting the developing institutions that pilot support developers are applying for. The program will freeze development institution taxes for two years and provide tax credits for the next 20 years.
Maria Sexton, the town’s supervisor of Vestal, said the town needs tax revenue from such projects.
“We’ve said this isn’t okay for us. Our residents should benefit from the businesses that come to our community,” Sexton said. “And businesses that enter the community, like all businesses, have to pay taxes, just like all businesses. For some reason, they didn’t want that, so they apply for IDA and the IDA hears this and makes a decision.”
An IDA, or an industrial development agency, is a business association under New York State rights that provides tax benefits to businesses to revitalize devastated areas without the need for local approval.
Stacey Duncan, the agency’s executive director, said the proposed project will address housing needs and provide economic benefits to underutilized property, and the town of Vestal will collect four times its revenue.
“The proposed project meets housing needs while generating long-term economic benefits with underutilized property,” Duncan said. “Without a structured pilot agreement, the project simply works and effectively prevents critical housing, as outlined in the county-wide housing needs assessment completed several years ago. Without a pilot, the town of Vestal would only be collected $272,198 for over 20 years.
IDA will vote for the proposal on March 19th.
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