Dutchess IDA grants financial incentive approval to iPark project

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John DiCola

HOPEWELL JUNCTION – The Dutchess County Industrial Development Agency, Wednesday, granted financial incentives for developers of CANAM Hudson Valley Logistics to construct a $79.5 million, 530,000 square foot distribution center on speculation.

Those incentives include mortgage tax and sales tax exemptions and a payment-in-lieu-of -taxes.

John DiCola, a partner in the development group, said those incentives make them competitive with other areas where property taxes are significantly lower.

“They are two to three times higher than they are in locations that are pretty close like northeast PA, which is another area where a lot of development and attraction of businesses along these lines where real estate taxes are a fraction of what they are here,” he told the IDA board.

 

The project has received all other approvals including site plan, and this was the final step before the work can actually begin.




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