According to The Record, "The Troy Industrial Development Authority approved an agreement Friday that could save more than $750,000 for the developer poised to undertake a $13.5 million project that includes buying and rehablitating the Martin Luther King Apartments.
IDA members unanimously agreed to a 30-year Payment in Lieu of Taxes deal with Omni Housing Development for the first phase of the project, which will reduce the number of units in the Troy Housing Authority’s apartment complex on Eddys Lane from 120 to between 77 and 84. Omni will make up for the lost units in the second phase of the project by buying property in the North Central neighborhood and constructing new buildings or rehabilitating existing structures to create an additional 37 units, according to Tim O’Byrne, Omni’s project manager."
The IDA will take a leasehold interest in the property and lease it back to Omni Development in order to protect the City's investment.
Frankly, we had no idea that a private entity could purchase public housing.
This is HUGE news! Humongous news! The Record printed a story more than two paragraphs long, filled with facts and without typos.
TROY SCHOOL #1
Times Union: North Central, the city's poorest neighborhood, will get an economic boost of $1.8 million through a plan to convert the closed School 1 into 28 apartments. Redburn Development Companies, which has a track record of converting old buildings into residential space, outlined its proposal to the Troy Industrial Development Authority Friday.
School 1 will be transformed into one- and two-bedroom apartments, Damien Pinto-Martin, Redburn's vice president of development told the IDA. The rents would be market rate.
The total project cost, including the property, is $1,891,000, according to Redburn's application for financial assistance with the IDA. The developer asked for exemption of $55,000 in sales taxes and $14,000 in mortgage taxes. No property tax exemptions were listed.
The building will house apartments that were expelled from other apartment buildings or apartments that need remedial aid.