Troy project receives Rensselaer IDA approval
September 11, 2015
The Rensselaer County Industrial Development Agency unanimously approved an agreement Thursday to grant developers of a former newspaper building a 20-year deviation from the usual tax payment schedule.
Rosenblum Properties LLC will pay taxes on a fixed $1.595 million assessment for 20 years, according to IDA documents. The project is $23.4 million to build apartments and commercial space in the former Troy Record building at Broadway and Fifth Avenue, according to earlier filings.
The amount to be paid through the payment in lieu of taxes agreement will rise from $64,321 in the first year to $212,669 in year 20, according to the payment schedule.
Rosenblum originally went to the Troy Industrial Development Authority for the project, but turned to the county when the city agency wouldn’t agree to the terms it wanted.