NEWBURGH – Now that the Newburgh City Council has approved a 30-year payment-in-lieu of taxes schedule for the One Lafayette project, it appears ready to transform a long-vacant lot on Liberty Street into a mixed-use residential and commercial project.
There has been much debate about what the vacant land brings in property taxes now versus its potential, even with the PILOT, says Mayor Torrance Harvey.
“It brings $9,000 a year in tax revenue. The first year for One Lafayette, it’s roughly $128,000. It is a discount. It is a payment in lieu of taxes. But $128K to $9K for 50 plus years, and that $9K probably was less than $9 because the property values have gone up,” he said.
The project, at the corner of Liberty and Lafayette streets, will consist of a five-story 200,000 square foot building with 127 units of affordable housing and retail space.
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