NEWBURGH – Foster Hospitality, the Sullivan County-based hotel developer, is seeking financial incentives from the Newburgh City Industrial Development Agency as it works up its plans to convert three historic buildings on Liberty Street into a boutique hotel and restaurant corridor.
Orange County Economic Development Director Bill Fioravanti is in full support of granting the company a payment-in-lieu of taxes agreement.
“They are the Masonic Temple, YMCA, and American Legion, so you can tell by just the names, they have never been on the tax rolls. I think they were, for a few years at one point, 20 years ago, let’s say. The taxes we estimate at the county will be in excess of $1.1 million; that’s a huge project, $25 million,” he said. “For them to look for some sort of relief in order to ramp up on a hotel business in downtown Newburgh just coming out of the pandemic, is more than fair and I hope the IDA finds a way to support that project.”
The company had hoped to start work on the renovations before the end of the year.