POUGHKEEPSIE – The Dutchess County Industrial Development Agency Wednesday approved a preliminary resolution for financial incentives for a new apartment complex in the Town of Poughkeepsie.
Mid-Hudson Development Corp. is seeking a sales tax exemption on building materials and a mortgage recording tax exemption on the $11.4 million project at 2736-2738 South Road.
A company representative told the IDA board that the project would not be financially viable without the sales tax exemption.
The developers are not seeking a PILOT – payment instead of taxes – a representative told IDA members.
The project calls for construction of a 32-unit multi-family residential apartment community comprised of four buildings of eight apartments in each.
The next step in the IDA process to a public hearing to gain input before the board makes its final decision on the financial incentives.
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