Glens Falls Chronicle Serving the Glens Falls/Lake George region; Warren, Washington and northern Saratoga counties since 1980
Chronicle Managing Editor Cathy DeDe writes: Chris Patten is seeking financial help from the Glens Falls Industrial Development Agency for his $5 million renovation under way at 45-56 South Street, on the corner of Elm Street downtown.
He is asking for exemptions on sales tax for materials and the mortgage recording tax plus a PILOT — Payment in Lieu of Taxes — on the property.
He notes it’s his first time seeking public financial support for a project.
“To be honest, I don’t like doing it,” the famously independent Mr. Patten told The Chronicle.
At the April 24 IDA meeting, repeated in a conversation with The Chronicle, Mr. Patten described unexpected challenges including “water just flowing into the building from the roof every time it rains, for decades.”
He said he installed a new roof and drainage system — but not before extensive damage was done to the interior.
A public hearing is planned today, Thursday, May 15, at 8 a.m. at the start of the Glens Falls IDA meeting at FitzGerald, Morris, Baker and Firth law offices on Warren Street in Glens Falls.
Mr. Patten seeks exemption for state and local sales tax in the estimated amount of $134,750, on expected purchases of $1,925,000.
Also, estimated exemption from mortgage recording tax of $38,970, based on approximate mortgages of $3,897,00.
Terms of the proposed PILOT will be “considered and discussed” at the public hearing, said the IDA resolution.
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