The project represents both a historic renovation and a brownfield cleanup project.  The developers propose to adaptively re-use this 130,000 sq. ft. structure to provide a mixed use project consisting of 85 "naturally occurring" affordable living units and 20,000 sq. ft. devoted to a mini storage complex.

The developers are proposing offering rents at approximately 80% of the average median income.  Historic and brownfield tax credits along with ECIDA sales tax and mortgage tax savings will assist in this endeavor.  50 1-BR units (950-1,100 sq. ft.) will be in the $950 - $1,200/month range and the 35 2-BR units (1,050 - 1,500 sq. ft.) will have a rent range of $1,100-$1,400/month.

The structure is over 100 years old and the facility, once home to the Fedco Corporation, has been vacant or significantly underutilized for the past 50 years.

The current owner of the building is delinquent on taxes and as part of the purchase contract, the seller will pay all full back taxes on the day of closing. 

The building will be restored to historic standards and the site will be cleared of all contaminants.  Sixty-five parking spaces are included in the reuse plan along with bike storage and parking.

The project has been accepted into the NYSDEC Brownfield Cleanup Program and will be restored to historic standards.

· 5/13/2019 - Public hearing held.  

· 6/26/2019 -  Inducement Resolution presented to Board of Directors adopting a Negative Declaration in accordance with SEQRA.

· 6/26/2019 - Lease/Leaseback Inducement Resolution presented to the Board of Directors