POUGHKEEPSIE – The Dutchess
County Industrial Development Agency terminated its agreement with the
for-profit Overlook-Chelsea company that is building assisted living housing,
now that the property in Fishkill has been sold to Watchtower, the Jehovah’s
Witnesses organization.
IDA Board Chairman Charles Daniels III said on Tuesday that agency had granted the original company tax exemptions as well as having a payments-in-lieu of taxes agreement in place. The new owners, as a not-for-profit, do not qualify for those exemptions, he said.
“The IDA had put a provision in that if it was sold within a certain period of time, we would be able to recoup the sales and the mortgage tax exemption,” he said.
Daniels estimated the mortgage tax exemption owed back at about $200,000, and the sales tax, which still must be calculated, at about $100,000.
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