POUGHKEEPSIE – The phase two of the massive Bellefield development in Hyde Park has won Dutchess County Industrial Development Agency approval for financial incentives.
The IDA Board Friday okayed financial incentives including a mortgage tax exemption, sales tax exemption and a payment-in-lieu of taxes, said IDA Executive Director Sarah Lee.
“They asked for a 20-year PILOT, which they have a written consent from both the town and the school district for that. It has also been determined that it does qualify as a tourist destination, so it is able to induce this project,” she said.
The project, estimated to cost over $407.9 million, will include construction and development of a mixed-use commercial facility at 15 West Dorsey Lane in Hyde Park.
