Independent evaluator to scrutinize Kingstonian finances

Mayor Steven Noble stands by the architectural renderings of the Kingstonian (file photo).

KINGSTON – Ulster County Executive Patrick Ryan, Tuesday, called on the developers of the Kingstonian project in Kingston to disclose their financials to an independent evaluator “so that we can get a full picture of the project.” The county executive said, “this level of transparency is critical given the scale and impact of the proposed PILOT agreement.”

Developer Joseph Bonura, Jr., who met with Ryan on Monday, agreed to the added scrutiny.

“We are very confident that once an independent agent of some sort looks over all of our financials, they will see the public benefits far outweigh the cost of the PILOT agreement. We have no doubt about that,” he said.

The 25-year PILOT will increase four percent per year. It would start at 35 percent above the current taxes paid on the property, Bonura said.