Tuesday, January 10, 2017

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Dutton property developers seek IDA financial incentives

POUGHKEEPSIE -- The O’Neil Group-Dutton LLC, headquartered in Hackensack, New Jersey, wants certain tax breaks from the City of Poughkeepsie while it builds its $73 million project along the waterfront.

Poughkeepsie Industrial Development Agency Chairman Paul Calogerakis said the financial incentives would save the company money during the development of the project.

“They are asking the City of Poughkeepsie to consider an exemption from mortgage recording tax and sales tax on materials used in construction of the project,” Calogerakis said.

The group is also seeking a so-called 485A exemption from the city, not through the IDA, for exemption on property taxes for eight years with a graduated payment plan through year 10.

The project, on just under 10 acres of property, will include a 2.5-acre greenway trail along the Hudson River, construction of 300 units of luxury residential apartments and townhouses and 13,800 square feet of commercial space.

The IDA will hold a public hearing on its proposed tax incentives on Thursday, January 19.

 


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