Orange County IDA Approves Initial Resolutions For Airport Hotel, Warehouse Project Incentives
Real Estate In-Depth | December 2018
NEW WINDSOR—The Orange County Industrial Development Agency on Dec. 13 adopted initial resolutions for a public hearing for a 70,000-square-foot expansion at Goshen-based King Zak Industries, Inc. and the creation of a Fairfield Inn by Marriot on the campus of New York Stewart International Airport in New Windsor.
Airport Properties VIII, LLC is seeking a 10-year PILOT, a sales tax exemption of $424,411 and a mortgage recording tax exemption of $73,063 for the creation of a Fairfield Inn by Marriot in New Windsor. The four-story, 83-room hotel would be open for operation in the spring of 2020. If financial assistance from the IDA is granted, the project would create a total of 23 jobs—19 full-time positions and four part-time positions.
GAM Property Corp. came before the IDA seeking financial assistance for a proposed 70,000-square-foot expansion at its current facility which includes a warehouse and distribution center, offices and state-of-the-art showroom located on Police Drive in Goshen. The company is requesting approval of a 10-year PILOT as well as sales tax exemptions totaling $300,500, a mortgage recording tax exemption of $73,500 and Real Property Tax Agreement.
Steve Esposito, a general contractor representing GAM Property Corp., informed the IDA that the company has explored relocating its currently facility out of the county due to increased construction expenses caused by the village’s natural shale. Should they choose to relocate to an area closer to New York City, GAM believes it will incur lower distribution and transportation costs to supply its products to existing international and domestic customers. GAM Property Corp. began in the old industrial park in Goshen nearly 37 years ago and has continued to expand its operations in Orange County.
Should GAM Property Corp.’s request be accepted, the company would retain 90 full-time employees while creating 25 additional full-time positions. Its anticipation date of operation is Oct. 1, 2019.