KINGSTON – The developers of the Kingstonian, along with the Ulster County Industrial Development Agency and the City of Kingston, have agreed in principle to a new PILOT structure that will more than double their current payments to all impacted taxing jurisdictions, County Executive Patrick Ryan said late Friday afternoon.
Ryan also has negotiated new clean energy commitments that will make the building a green structure along with a new revenue sharing agreement, resulting in $3.7 million in anticipated revenue for the community and the potential for more.
Ryan, who called for the independent assessment two weeks ago, says that these concessions will result in a promising public-private partnership that will position the county’s economy for continued growth and highlights what a Green New Deal in Ulster County can look like.
“The additional review and dialogue generated through our independent assessment of the project resulted in numerous wins for our community, and I’d like to thank everyone involved,” the county executive said. “This new PILOT framework further strengthens the alignment between our community and the developers, making this a win-win project that I’m excited to support. The myriad public benefits of this project – affordable housing, good-paying jobs, beautiful public spaces and a parking garage, and a commitment to using green building technologies – will be transformational for our community.”
“The new framework provides numerous public benefits that go far beyond the original PILOT structure,” County Legislative Chairman Dave Donaldson said. “The new concessions are a product of working together and they have made this project a major public benefit.”
The new PILOT framework, if approved by the County Industrial Development Agency, will allow for an additional $2 million in anticipated payments to the Kingston City School District, the City of Kingston, and Ulster County due to a new revenue sharing agreement. In addition, the developers have committed to decarbonizing the project through the use of high efficiency electric based heating systems.