POUGHKEEPSIE – Arthur May Redevelopment LLC’s plan to construct a $69.7 million mixed use project at the site of the former Arthur S. May School in the Town of Poughkeepsie has won a financial incentive package it sought from the Dutchess County Industrial Development Agency.
The company plans to convert the Raymond Avenue site into 187 residential units, 18,000 square feet of commercial space and a hotel.
The property has been owned by the Arlington Central School District for decades and therefore has been off the tax rolls. Even with a PILOT agreement, this will be the first time it will be paying taxes.
IDA Chairman Tim Dean said during a ZOOM-cast meeting on Wednesday that all parties involved in the transaction approve of it.
“Clearly, the school district has stated that they are in favor and, in fact, were the ones that wanted to fast track this so they could receive as much benefit from this project coming off the tax rolls as possible,” he said. “The town has spoken out in favor of the project both at our meeting and at a public hearing. The developer is a well-respected developer from the area. This is not their first go round so I think I have confidence in that.”
The IDA incentives include the PILOT agreement as well as sales tax exemption on building materials and a mortgage filing fee exemption.