The City of Troy, New York, "Where Henry Hudson Turned Around."

Monday, November 23, 2015

MLK OVERHAUL

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

From our friends at the 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.

25 comments:

Anonymous said...

Will the newly remodeled apartments and new apartments in the buildings to be purchased still be Troy Housing Authority?

Anonymous said...

Good things for district 2 already. Thank you Mark McGrath.

Anonymous said...

Mark McGrath brokered this deal? If not, why are you thanking him, he's not even an active councilman yet!

Anonymous said...

The article says "purchase" so it looks like it will be sold.

Anonymous said...

Vespasian here. I like this plan. We tend to tear down and build new things in the US rather than take the existing infrastructure and work with it. I'm not certain what this will do in terms of economic revitalization; I am always suspicious of those sorts of claims. How does paying a developer $1.8 million constitute an economic boost to the community where the work will be done? There will be benefits, but saying the economist boost to the district is the amount of the contract is silly.

Vespasian

Anonymous said...

Don't listen to the haters Mark. Thank you again Mark.

Anonymous said...

Hrrrm.

28 apartments in School 1 for $1.8 million is about $67,535 per unit.

120 apartments in and around the Martin Luther King Apartments for $13.5 million project is almost twice as much per unit, $112,500.

Why is that?

Phana24JG said...

Excellent question, but let's try. First, we are dealing with a single building versus at least six and possibly eight buildings. Then, we can assume that if federal funds are involved, the prevailing wage scam is in play. Finally, it's always easier and less expensive to rehab an unoccupied structure than to work around existing residences, especially when the juggle the tenants around game has to be played. I don't know very much about construction, but even these items explain a lot of the difference.

Anonymous said...

Kennedy towers was purchased by Omni. MLK will still be public housing. And will always be a problem. This isn't really great news, in fact it's bad. Now bring more problems to north central.

Anonymous said...

He had nothing to do with it. But congratulations on your graduation from the Tutunjian School of Taking Credit Where None is Due.

Anonymous said...

Oh thanks for reminding me........and thank you Harry this would have never happened with out you and Mark.

Anonymous said...

4:04. Right on the money!

Anonymous said...

When will you do a post on McAsswipe? He is dying because you ignore him. Dig up the dirt and ease his pain. He really wants you to acknowledge him. I know it's beneath you but how about for fun?

Anonymous said...

Despicable. Makes fun of people's death. Franco should be ashamed of himself for putting him on but its Franco. Pathetic. Forget him.

I think it will remain public housing but how Omni makes a profit, I have know idea.

Anonymous said...

This Omni-MLK deal was brokered by Anastasia, Pastor Tim and Crowley. Cox, Cooper and O'Connor was the legal firm.

Anonymous said...

Ever hear of unfunding a position? Try it and you will.....

Anonymous said...

Mark McGrath has been working on the school 1 deal and the MLK deal since he left office. He personally sat down and worked out the deals and then handed it over to the administration and the THA. That's the kind of man he is. He doesn't need the recognition. He only needs the results.

Anonymous said...

Up yours MarKKK love Anistasia

Anonymous said...

Didn't Harry bid on the building? $22,000. Such a high-stakes wheeler dealer.

Anonymous said...

On what capacity has he been working on these deals? His own? The cities? The firm who bought the building??

Anonymous said...

That jackass McDouche bought it again. Dunne's last day isn't Monday and Monica's not taking his office. She's taking Pete's. Dunne will be there after the first of the year. Haha.

Anonymous said...

Oh good -- more section 8 housing. That will increase sales of 'FOR SALE ' signs at Wal Mart. Are any of you paying attention? This is where most of the scum bags with guns come from you dumb-asses. Fucking Crowley at housing doesn't give a shit about Troys future. How about putting some of these old buildings on the tax rolls? Sell people-if you can that is. Time for anyone with a brain to get out of Dodge.

Anonymous said...

Un-funded position. Do the Dunne Dance.

Anonymous said...

Lol. What a crock of shit.

Anonymous said...

Mark is good at finding questionable campaign sign placement and taking matters into his own hands and taking them down!