VILLAGE OF GREEN ISLAND INDUSTRIAL DEVELOPMENT AGENCY NOTICE OF PUBLIC HEARING ON PROPOSED PROJECT

NOTICE OF PUBLIC HEARING ON PROPOSED PROJECT Notice is hereby given that a public hearing pursuant to Section 859-a(2) of the General Municipal Law of the State of New York (the “Act”), will be held by the Village of Green Island Industrial Development Agency (the “Agency”), on the 12th day of February, 2019 at 4:00 p.m., in the Green Island Municipal Center located at 19 George Street in the Village of Green Island, Albany County, New York, in connection with the following matter: South Island Apartments, LLC (the “Company”) has presented an application (the “Application”), on behalf of itself and entities formed or to be formed on its behalf, to the Agency, a copy of which was presented at this meeting and copies of which are on file at the office of the Agency, requesting that the Agency consider undertaking a project (the “Project”) for the benefit of the Company and/or entities formed or to be formed on its behalf, said Project consisting of the following: (A)(1) the acquisition of a leasehold interest in approximately 11.26 acres of land located on 1 Osgood Avenue in the Village of Green Island, Albany County, New York (identified as tax parcels: #33.09-1-1, #33.09-1-3, #33.09-1-2.1, #33.09-1-2.2 and #33.09-1-4) (the “Land”); (2) construction on the Land of four (4) residential buildings and one (1) commercial mixed use building to include a bank, restaurant and/or other retail businesses (collectively, the “Facility”), and (3) the acquisition and installation therein and thereon of various machinery, equipment, furnishings and other items of tangible personal property, including sewer and water improvements (the “Equipment”) (the Land, the Facility and the Equipment being collectively referred to as the “Project Facility”); (B) the granting of certain other “financial assistance” (within the meaning of Section 854(14) of the New York State General Municipal Law) with respect to the foregoing, including potential exemptions from transfer taxes, mortgage recording taxes (subject to certain statutory limitations), real property taxes (only with respect to the residential component of the Project Facility) and sales and use taxes (the “Financial Assistance”); and (C) the lease (with an obligation to purchase) the Project Facility to the Company. The Company will be the initial owner of the Project Facility. The Agency is considering whether to (A) undertake the Project, and (B) provide certain exemptions from taxation with respect to the Project, including exemptions from certain (1) sales and use taxes, (2) real estate transfer taxes on any real estate transfers with respect to the Project, (3) mortgage recording taxes with respect to certain documents to be recorded by the Agency in the Office of the County Clerk of Albany County, New York (subject to applicable statutory limitations), and (4) real property taxes (but not including special assessment and ad valorem levies), subject to the obligation of the Company to make certain payments in lieu of taxes with respect to the Project Facility. A copy of the application filed by the Company with the Agency with respect to the Project, including an analysis of the costs and benefits of the Project, is available for public inspection during business hours at the offices of the Agency located at 20 Clinton Street, Green Island, New York 12183. The Agency will at said time and place hear all persons with views on the nature of the proposed Project and the granting of Financial Assistance with respect thereto.

Dated: January 28, 2019

VILLAGE OF GREEN ISLAND INDUSTRIAL DEVELOPMENT AGENCY

By: /s/ RACHEL A. PERFETTI Chairperson

Visit the Starbuck Island Application page for additional information

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