Thursday, June 7, 2018

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Dutchess IDA gives preliminary okay for incentives to build Hyde Park hospitality project

POUGHKEEPSIE – The Dutchess County Industrial Development Agency approved a preliminary resolution for T-Rex Hyde Park Owner, LLC to receive financial incentives for phase one development of a massive 340-acre site across from the Culinary Institute of America in Hyde Park.

IDA Executive Director Sarah Lee said the project will be a culinary experience destination.

“T-Rex plans to develop the site with a food manufacturing and/or research development center, a culinary marketplace with culinary retailers and related businesses and a hospitality zone, which will include construction of two hotels, a conference space and a potential spa,” Lee said.

The IDA incentives include a payment-in-lieu-of-taxes (PILOT) agreement, mortgage tax exemption and sales tax exemption for an approximately $30 million project includes phase one construction of a hotel and site infrastructure.

On Wednesday, the IDA approved a preliminary resolution for Eastdale Village in the Town of Poughkeepsie to develop 390 residential units and 100,000-square feet of mixed commercial use.

That project is also seeking a PILOT agreement, mortgage tax exemption and sales tax exemption on the $60 million project.

Meanwhile, Marist College is seeking from the Dutchess County Local Development Corporation assistance for tax-exempt bonding to finance all or a portion of the improvements to the McCann Recreational Center, the Dyson building and other capital rehabilitation projects on campus with an estimated bond amount between $30 million and $40 million.

 


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