VILLAGE OF GREEN ISLAND IDA PUBLIC HEARING, MAY 21, 2025
NOTICE OF PUBLIC HEARING
ON PROPOSED PROJECT
Notice is hereby given that a public hearing pursuant to Section 859-a(2) of the General Municipal Law of the State of New York (the “Act”), will be held by the Village of Green Island Industrial Development Agency (the “Agency”), on May 21, 2025 at 3:00 p.m., at the Green Island Municipal Center located at 19 George Street in the Village of Green Island, Albany County, New York, in connection with the following matter:
Factory Town Apartments, LLC, a New York limited liability company on behalf of itself and entities formed or to be formed on its behalf (the “Company”), has presented an application (the “Application”) to the Agency, requesting that the Agency consider undertaking a project (the “Project”) for the benefit of the Company, said Project consisting of the following: (A)(1) the acquisition of a leasehold interest in approximately 33.224 acres of land located on Cannon Street in the Village of Green Island, Albany County, New York (identified as tax parcel: #21.09-2-5) (the “Land”); (2) construction on the Land of approximately 13 residential buildings, which will contain approximately 139 apartment units (consisting of approximately 2 studio units, approximately 78 one-bedroom units and approximately 59 two-bedroom units), and related amenities including but not limited to one or more garages, parking lots, a clubhouse, a rental office, a swimming pool, and landscaping, in addition to sitework (including sewer and water improvements) (collectively, the “Facility”); and (3) the acquisition and installation therein and thereon of various machinery, equipment, furnishings and other items of tangible personal property (the “Equipment”) (the Land, the Facility and the Equipment being collectively referred to as the “Project Facility”); (B) the granting of certain “financial assistance” (within the meaning of Section 854(14) of the New York State General Municipal Law) with respect to the foregoing, including potential exemptions from mortgage recording taxes (subject to certain statutory limitations), real property taxes, sales and use taxes and transfer taxes (the “Financial Assistance”); and (C) the lease (with an obligation to purchase) or sale the Project Facility to the Company or such other person as may be designated by the Company and agreed to upon by the Agency.
The Company will be the initial owner of the Project Facility.
The Agency is considering whether to (A) undertake the Project, and (B) provide certain exemptions from taxation with respect to the Project, including exemptions from certain (1) sales and use taxes, (2) real estate transfer taxes on any real estate transfers with respect to the Project, (3) mortgage recording taxes with respect to certain documents to be recorded by the Agency in the Office of the County Clerk of Albany County, New York (subject to applicable statutory limitations), and (4) real property taxes (but not including special assessment and ad valorem levies), subject to the obligation of the Company to make certain payments in lieu of taxes with respect to the Project Facility.
A copy of the application filed by the Company with the Agency with respect to the Project, including an analysis of the costs and benefits of the Project, is available for public inspection during business hours at the offices of the Agency located at 20 Clinton Street, Green Island, New York 12183 or on the Agency’s website at villageofgreenisland.com/ida/
The Agency will, at said time and place hear all persons with views on the nature of the proposed Project and the granting of Financial Assistance with respect thereto.
Dated: May 8, 2025 VILLAGE OF GREEN ISLAND INDUSTRIAL DEVELOPMENT AGENCY
By: /s/ Rachel A. Perfetti
Chair