Planned food market seeks tax deal
The Ulster County Industrial Development Agency will have a Sept. 19 public hearing on the request
A Sept. 19 public hearing has been set for the request by developers of the planned Kingston Food Exchange for property and sales tax breaks. The hearing before the Ulster County Industrial Development Agency is scheduled for 7 p.m. at City Hall, 420 Broadway.
The developer plans a mixeduse food emporium in the former Woolworth’s building at 311 Wall St.
The application from property owner 311 Partners LLC seeks a 15-year payment-in-lieu-of-taxes agreement that would save an estimated $1.39 million in property taxes. The property taxes on the unimproved property currently are $32,678, but would rise to $170,616 after improvements. Under the tax deal being sought, the property would be taxed at the unimproved valuation for the first five years of the agreement, with the valuation rising
gradually over the final 10 years.
311 Partners LLC is also seeking to have $184,000 in sales taxes waived for the improvements and $25,000 waived for a mortgage recording tax.
BBG Ventures, which plans to lease space in the building, is seeking to have $311,780 in sales taxes waived on the purchase of equipment and materials needed to renovate about 35,000 square feet into space for food vendors.
Agency officials declared in the public hearing notice that the building would be used as a “food market, food hall, commercial kitchen facility and business incubator.”
Developers earlier this year received city Planning Board approval for the project.
F.W. Woolworth vacated the building in January 1994 after running a department store at the site since 1956 and in Uptown since 1912. It was one of the last Woolworth stores to have its luncheonette left open, but shut down its food service on Dec. 26, 1992.
311 Partners LLC purchased the building in June 2015 for $475,000 at a tax auction.
Developers have stated that total project costs are expected to be $3,995,284 and would create 54 new jobs.
“Kingston will be the flagship location with an agritourism focus highlighting the best foods of the Hudson Valley, (New York) state and beyond,” they wrote. “The project features a fresh foods market, a modern farm-to-table food hall, a state-of-the-art food and beverage manufacturing facility and business incubator, and will host food education and community programs.”