Patten seeks $1.16-million in IDA tax help

By Cathy DeDe, Chronicle Managing Editor

Glens Falls developer Chris Patten has obtained or is seeking as much as $1,692,000 in tax incentives from the Warren-Washington County Industrial Development Agency for his Broad Street and Washington Square projects.

The IDA approved on Monday $490,549 in incentives for Mr. Patten’s $6 million, 24-unit “The Point at 10 Broad Street.”

It includes a 10-year, $333,383 Payment in Lieu of Taxes or PILOT agreement, plus sales and mortgage tax abatements totalling $226,567. The final figure takes into account administrative and legal fees levied on the recipient.

Mr. Patten, sole owner of Patten Property Management, also seeks $671,793 in Warren-Washington IDA incentives for his $10.2 million Washington Square Apartments project. He seeks $489,136 over 10 years in a PILOT agreement, plus state and county sales tax abatement estimated at $289,126.

The IDA approved the Washington Square application subject to a public hearing at a date to be announced.

At Washington Square, Mr. Patten plans 54 one-bedroom units in two three-story buildings on an approximately two-acre property on Washington, Glen and Harlem Streets he purchased for $1.6-million from the Bartlett, Pontiff, Stewart & Rhodes law firm.

Both projects were referred to the counties’ IDA because, as 100% housing, they are not appropriate for City IDA incentives, said the WW-IDA.

“Construction costs have increased exponentially” since he first signed a purchase agreement for the property, the developer wrote in his application.

“Should the application for relief be denied,” he wrote, “…decisions will be made on material purchases and labor costs to hold to budget….and the project will slow down. The land is currently a large swath of unused parking lot and abandoned buildings and this new construction will revitalize a very visible and sad area…[and] be a part of the downtown revitalization.”

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