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Mid Hudson Times, Wednesday, June 7, 2017
County IDA hosts hearing on Ridge Hudson Valley
By SHANTAL RILEY
[email protected]
Waterstone Retail has moved forward
with a plan to build a shopping center
near the intersection of Route 84 and
Interstate 87. The Massachusetts-based
developer appeared at a public hearing at
Newburgh Town Hall last week to present
details on the $161.5-million project.
“It is at a point where it is ready to
start this summer, if we can finalize our
agreements,” said Waterstone’s Greg Day
on Friday.
The 700,000-square foot facility is
proposed for a 122-acre parcel east of
Union Avenue. Approximately 400 full-
time and 450 part-time jobs are estimated
to be generated by the project. Hundreds
of construction jobs are also anticipated
from the project.
BJs Wholesale Club and ShopRite are
among the expected tenants. Restaurant
and commercial office space will also be
offered. If approved, construction would
end in the summer, 2019.
Waterstone is proposing to build a 4,000-
seat field house for use by the Newburgh
school district and a 35,000-square-foot
recreation center with a library and media
center. In exchange, Waterstone is asking
for a 28-year payment in lieu of taxes
(PILOT) agreement and a $3-million sales
tax exemption on equipment purchases
for the project. The developer also seeks a
$1.2 million mortgage-tax exemption.
Waterstone purchased the property in
December, said Day. The company seeks
letters of support from both the town
and the school district. School board
member Joseph Minuta said much more
information is needed before the school
district can decide whether to support
the project. “We have not committed to
anything here,” he said.
The proposed PILOT agreement drew
criticism at the public hearing. “I’m the
guy that picks up the tab,” said town
resident Ron Bittner.
“I’m not against the development per
se,” said Pat Williams. “I’m against giving
all these tax breaks… If they want to
build, they should come up with their
own money, not my money.”
However, Day later explained the
PILOT would finance $30 to $35 million
of the project. “It uses a portion of the
incremental funding generated from the
development to finance site improvements
and infrastructure,” Day said.
Approximately $130 million in project
funds will be provided through private
financing, he said. “I’d like to see it there,”
said town Supervisor Gil Piaquadio,
Waterstone Retail plans to build a
700,000-square-foot shopping center on a
122-acre parcel, east of the intersection of
Route 84 and Interstate 87.
Newburgh Board of Education member Joseph Minuta said more information is needed
before the school district can decide whether to support the project.
adding developers have been trying to
push the project through for 12 years.
“But, any PILOT is really asking for
public assistance,” he added.
Shopping centers and big-box stores
like Wal-Mart generate hundreds of calls
for service from police and emergency
responders each year, Piaquadio said, at a
cost to taxpayers.
The town will have to carefully weigh
the pros and cons, he said. “If it’s not a
good deal to our taxpayers, it’s not going to
happen,” the supervisor said. “Hopefully,
we can come to an agreement… but it’s
way too soon to say right now.”
Nothing in the incentives package has
been set in stone, said Day. “We think it
will between 23 and 25 (years), when it’s
all said and done,” Day said, referring to
the proposed 28-year PILOT agreement.
“Infrastructure lasts a long time,” Day
poi nted out.
Day said the land parcel currently
generates approximately $250,000 in
property taxes as a vacant property.
“When fully developed, it will generate $3
million,” he said.
Bill Fioravanti, director of business
attraction for the Orange County
Partnership, expressed support for the
project. In addition to adding to the
property-tax base, the shopping center
will draw more tourism and produce jobs,
he said. “These are solid jobs for our
young people, for the unemployed and
under employed in both the town and the
city,” he asserted.
Waterstone will be working with the
town, county and school district to reach
a final agreement in the coming months,
Day said.
The project has had previous
incarnations, the most recent being the
Loop Hudson Valley, which stalled due to
a lack of financing last year.
Safe Harbors Lobby at the Ritz
welcomes Carol Hollenbeck back to the Ritz!
Saturday
June
10
7:30 p.m.
Hometown Premiere
Dramatic Reading
Safe Harbors of the Hudson is excited to welcome Hollywood actress,
author, playwright and Newburgh native, Carol Hollenbeck (Carole Holland)
back to the Ritz Theater for a dramatic reading of her play,
Hometown Premiere, a work based on her experiences coming back to her hometown for
the premiere of her feature film, Eden Cried in 1967.
The event will mark the 50th anniversary of the actual hometown premiere,
Eden Cried, at the Ritz Theater on June 7, 1967.
Tickets are $15 - available on our website, www.safe-harbors.org or at the show.
Box Office opens an hour before showtime.
Thank you to our sponsors!
New York State Council on the Arts
Ulster Savings Bank and Mid-Hudson Times
Transforming lives and building community through housing and the arts.
Lobby at the Ritz • 107 Broadway, Newburgh • 845.784.1199 • www.safe-harbors.org