POUGHKEEPSIE – Mayor Marc Nelson has directed the City of Poughkeepsie’s Industrial Development Agency to delay action on a pending application for tax benefits for the Rip Van Winkle Apartments at 10 Rinaldi Boulevard.
Nelson has asked for a 90-day delay effective September 8 so the city’s finance commissioner can prepare a fiscal impact statement on the proposed PILOT – payment in lieu of taxes.
“I think it’s doubly important in today’s environment that we take a long hard look at PILOT applications, particularly when they are filed by other than the current owner as is the case here,” he said.
The PILOT is pending before the city’s IDA.
In an executive order, Nelson said the PILOT application is being made by prospective owners, not the current owners, of the property, and the proposed sales price of the property is unknown to the city at this point.
In an executive order, the mayor said, “the application proposes that tax concessions, spanning a number of years, are necessary in order to assure the ability of the potential new owner to make certain renovations which, in my view, should have been made years ago and at the current owners’ cost solely.”
He said seeking certain significant tax concessions by the city would have a potential tax impact on the Poughkeepsie City School District and Dutchess County.
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