Tuesday, 02 October 2018 12:01

Council to Vote on South Broadway PILOT Plan

South Broadway on a rainy, Tuesday afternoon, Oct. 2 2018 - and the proposed new SoBro project slated for the spot. South Broadway on a rainy, Tuesday afternoon, Oct. 2 2018 - and the proposed new SoBro project slated for the spot. Thomas Dimopoulos

SARATOGA SPRINGS - In addition to the first presentation of the proposed 2019 city budget, the Council tonight will vote on a PILOT agreement regarding the planned mixed-use development on South Broadway, which currently sites the former Saratoga Diner.   

The proposed project will include 101 multi-family dwelling units – 68 of those units “for citizens having household incomes less than or equal to 60 percent of area medium income (“AMI”) for Saratoga County, adjusted for family size.”

AMI for Saratoga County is approximately $86,400. Sixty percent of that number translates to a family of four having a household income of $51,840 or less. The income number roughly decreases approximately $5,000 for each member of the family less than four.    

In addition to the 68 units, another 14 units are to be specifically designated for veterans. The remaining 33 units are for persons having household incomes of between 60 percent and 130 percent of AMI or less.

The planned project is named “SoBro,” as it is SOuth of BROadway, and reminiscent of the SoHo (SOuth of HOuston Street) moniker placed on a portion of lower Manhattan – known in the 1970s and ‘80s as an inexpensive haven for creative artists and independent business owners, more recently gentrified and home to box stores.   

SoBro is slated to designate at least 10,000 square feet of commercial space for an “affordable economic development business incubator work space” to assist city businesses and up to an additional 10,000 square feet of commercial space for “below market rental use” by not-for-profit groups arts-based organizations.

The 30-year PILOT (payment-in-lieu of taxes) agreement starts with a near- $64,000 payment in year 1, and concludes with a more-than $267,000 payment in year 30.  

Read 13337 times

Blotter

  • New York State Police The New York State Police announced that it issued 5,576 tickets during this year’s St. Patrick’s Day enforcement initiative. The campaign began on Friday, March 15, and continued until Sunday, March 17. During the campaign, funded by the Governor’s Traffic Safety Committee, State Police utilized sobriety checkpoints, additional DWI patrols, and underage drinking and sales to minors detail. State Police also ticketed distracted drivers who use handheld electronic devices. State Troopers arrested 132 people for DWI and investigated 199 crashes, which resulted in 25 people being injured and no fatalities. As part of the enforcement, Troopers also…

Property Transactions

  • BALLSTON Heather DiCaprio sold property at 473 Garrett Rd to Justine Levine for $288,000 Sharon Willman sold property at 99 Jenkins Rd to Charles Lemley for $165,000 CORINTH George Montena sold property at 422 Oak St to Stephen James for $142,250 Mark Makler sold property at 313 Oak St to Sabrina Sinagra for $195,000 GREENFIELD Landlord Services of Upstate New York sold property at 1935 NYS Rt 9N to Cochise Properties LLC for $210,000 MALTA  Linda LaBarge sold property at 35 Snowberry Rd to Qu Haozheng for $270,000 Dennis Mitchell sold property at 60 Village Circle North to BGRS Relocation…
  • NYPA
  • Saratoga County Chamber
  • BBB Accredited Business
  • Discover Saratoga
  • Saratoga Springs Downtown Business Association