RUPCO's Proposed Use for the Alms House is NOT the BEST USE
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RUPCO has entered into a contract with the Ulster Economic Development Alliance (EDA) for the purchase of 300 Flatbush Avenue along with the adjoining 15 acres of prime real estate. However, the contract subject to various contingencies including: environmental clearances, zoning changes, historic preservation tax credit designations, and planning board approvals.
The EDA retained a realtor who was on the Board of Directors of RUPCO to sell the property, why?
No competitive bids were requested for the use of this project, no attempt was made by the EDA to have the zoning changed to increase its value to potential users, no hearings were held before accepting this offer to discuss whether or not this use meets all City of Kingston Department of Development and Planning requirements, is in alignment with the City of Kingston Comprehensive Plan and no hearings were held to solicit neighborhood concerns.
The appraisal is also very questionable. How is a 28,000 sqft taxpayer owned building that contains 15 acres of prime real estate only worth $950,000?
RUPCO has requested as part of their proposal a tax abatement scheduled to run 32 years, averaging $60,000 in Payment in Lieu of Taxes (PILOT), of which, roughly $15,000 will go to the City, the remainder will be split between the School District and the County . This project is expected to cost $22 million dollars, financed entirely with taxpayer funded grants. Whereas, a similar project without a PILOT agreement would generate property taxes of up to $1 MILLION DOLLARS A YEAR!
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