Troy Industrial Development Authority Projects

*We are currently updating the Troy IDA Projects and only show a partial list as this time.  All of the projects shown below are up to date as of December 31, 2018 and appear in more detail along with the complete project list on the 2018 PARIS Report.

The project located at 2-10 River Street will consist of the rehabilitation of a vacant warehouse building, formally Old Brick Furniture, into 80 apartment units. In addition to the work taking place in the building, a park is also proposed on the parcel.  A portion of 245 First Street will be utilized for parking; approximately 100 spaces.

Applicant: 10 River Street, LLC
PO Box 6515
Albany, NY 12206
Application: PDF
Authorizing Resolution: PDF
Project Agreement: PDF
PILOT Agreement: PDF
Total Project Amount: $13,508,827.00
Bonds Issued (Y/N): No
Current Amt of Bonds Outstanding: N/A
Date Project Approved 6/16/2017
Existing Jobs Before IDA Assistance: 0
Original Estimate of Jobs to be Created/Retained 2
Current Number of Existing jobs 0
Current Tax Exemptions
Mortgage Recording Tax: $21,707.50
State and Local Sales and Use Tax: $21,707.50
County, Local and School Property Tax: $100,000.00
Total: $143,415
Current PILOT
County: $0.00
Local: $0.00
School: $0.00
Total: $0.00

This project consists of three buildings; 9 First Street, 16 First Street and 1-11 State Street.  The three multi-story, mixed use commercial and residential buildings containing approximately 20,000 sf of rentable space.  This project was most recently listed as 16 First Street, LLC and reassigned to Chestnut Bur, LLC in 2018.

Applicant: Chestnut Bur, LLC
172 River Street, Suite D
Troy, NY 12180
Application: PDF
Authorizing Resolution:
Assignment Resolution:
PDF
PDF
Project Agreement: PDF
PILOT Agreement: PDF
Total Project Amount: $2,300,000
Bonds Issued (Y/N): No
Current Amt of Bonds Outstanding: N/A
Date Project Approved 6/16/2017
Existing Jobs Before IDA Assistance: 0
Original Estimate of Jobs to be Created/Retained 28
Current Number of Existing jobs 45
Current Tax Exemptions
Mortgage Recording Tax: $0
State and Local Sales and Use Tax: $0
County, Local and School Property Tax: $59,939.30
Total: $59,939.30
Current PILOT
County: $4,070.36
Local: $7,810.44
School: $12,170.51
Total: $24,051.31

This project consists of the rehabilitation of two, two story buildings containing 81 residential units.

Applicant: 25 Morrison Ave. Assoc., LLC
172 River Street, Suite D
Troy, NY 12180
Application: PDF
Authorizing Resolution: PDF
Project Agreement: PDF
PILOT Agreement: PDF
Total Project Amount: $4,600,000
Bonds Issued (Y/N): No
Current Amt of Bonds Outstanding: N/A
Date Project Approved 07/13/2016
Existing Jobs Before IDA Assistance: 0
Original Estimate of Jobs to be Created/Retained 2
Current Number of Existing jobs 2
Current Tax Exemptions
Mortgage Recording Tax: $0
State and Local Sales and Use Tax: $0
County, Local and School Property Tax: $154,682.07
Total: $154,682.07
Current PILOT
County: $42,162.12
Local: $14,102.15
School: $27,084.05
Total: $83,348.32

This adaptive re-use, historic preservation project consists of 28 market rate apartments in a former school.  The project was completed with environmental sustainability in mind.

Applicant: 2920 Fifth Ave. Assoc., LLC
172 River Street, Suite D
Troy, NY 12180
Application: PDF
Authorizing Resolution: PDF
Project Agreement: PDF
PILOT Agreement: PDF
Total Project Amount: $1,891,000
Bonds Issued (Y/N): No
Current Amt of Bonds Outstanding: N/A
Date Project Approved 07/12/2016
Existing Jobs Before IDA Assistance: 0
Original Estimate of Jobs to be Created/Retained 2
Current Number of Existing jobs 2
Current Tax Exemptions
Mortgage Recording Tax: $0
State and Local Sales and Use Tax: $0
County, Local and School Property Tax: $64,902.02
Total: $64,902.02
Current PILOT
County: $1,658.31
Local: $3,184.32
School: $4,957.37
Total: $9,800.00

The project site is a 5 story commercial building that will be renovated to provide for multi-tenanted commercial facility and 10 market rate apartment units.

Applicant: 33 Second Street, LLC
18 Division Street, Suite 401
Saratoga Springs, NY 12866
Application: PDF
Authorizing Resolution: PDF
Project Agreement: PDF
PILOT Agreement: PDF
Total Project Amount: $2,195,000
Bonds Issued (Y/N): No
Current Amt of Bonds Outstanding: N/A
Date Project Approved 08/15/2014
Existing Jobs Before IDA Assistance: 5.5
Original Estimate of Jobs to be Created/Retained 26.5
Current Number of Existing jobs 7
Current Tax Exemptions
Mortgage Recording Tax: $0
State and Local Sales and Use Tax: $0
County, Local and School Property Tax: $47,263.97
Total: $47,263.97
Current PILOT
County: $5,455.05
Local: $10,467.45
School: $16,299.79
Total: $32,222.29

This project will renovate a vacant, 5-story commercial building into approximately 7,600 square feet of commercial and retail space on the first floor and 75 loft style apartments for varied incomes on the upper floors.

Applicant: Vecino Group New York, LLC
305 W. Commercial Street
Springfield, MO 65803
Application: PDF
Authorizing Resolution: PDF
Project Agreement: PDF
PILOT Agreement: PDF
Total Project Amount: $17,950,000
Bonds Issued (Y/N): No
Current Amt of Bonds Outstanding: N/A
Date Project Approved 08/30/2017
Existing Jobs Before IDA Assistance: 0
Original Estimate of Jobs to be Created/Retained 3
Current Number of Existing jobs 45 construction jobs
Current Tax Exemptions
Mortgage Recording Tax: $0
State and Local Sales and Use Tax: $496,298.22
County, Local and School Property Tax: $28,130.65
Total Exemptions: $524,428.87
Current PILOT
County: $0
Local: $0
School: $0
Total: $0 – Full Taxes