GOSHEN – Owners of the Goshen Plaza sought financial incentives from the Orange County Industrial Development Agency as they prepare a $27 million rebuild of the mall in Goshen.
The IDA board granted the incentives on Thursday, but not exactly as they wanted them.
The developers wanted a full 10-year payment in lieu of taxes (PILOT) agreement, but were instead granted a four-year PILOT, said IDA Chief Operating Officer Laurie Villasuso.
“That four-year PILOT is a new PILOT we adopted recently for projects like hotels and retail projects that don’t necessarily necessitate the full 10-year PILOT,” she said.
Goshen Plaza Associates was also granted mortgage filing fee and sales tax exemptions.
The redeveloped mall will be constructed on a 14-acre parcel and is estimated to create 239 jobs when fully leased.