The Peekskill Industrial Development Agency (IDA) and Peekskill Facilities Development Corporation (PFDC) held a joint meeting on September 23, 2026, starting at 7:08 PM and adjourning at 8:08 PM. The meeting covered financial reports, budget presentations, updates on the kitchen incubator project, and various economic development initiatives. Key decisions included approval of minutes, a draft 2027 budget for the IDA, and a strategy to submit a commitment letter from Community Capital to the Economic Development Administration (EDA) to avoid grant termination.
It's 708, and I am going to open both the Peak Skill Industrial Development Agency meeting and the PeakSeal Facilities Development Corporation meeting on Tuesday, September 22nd, 2026. And we'll start with the IDA correspondence. So if I can just add, um, with regard to our streaming, we have a Zoom call that's in session. The Zoom link was published with the agenda. And if any member of the public signs on to that meeting, Abby will be controlling the waiting room, and would let them into the waiting room and and when and if they want to speak, would let us know or raise their hand or something. No, we don't usually have that. No, not you. Okay. Brian Howard letters. So that is just um we know that we've had presentations about Broad Howard, the 57 unit project at Broad and Howard, uh, and have with two properties on Maine. And they did not get their tax credit uh award last year, so they resubmitted again in September 10th, and of course they needed new letters. Part of the reason they didn't get the award last year, among other reasons, was that the pilot proposals that the city made were very not detailed enough. And so this year uh they made a more the city sort of led the negotiations, they made a more detailed pilot presentation. Uh the city uh commented that that pilot appropriation structure was okay. The city wrote a letter stating that this was reported at the last month's IDA board meeting. Uh the IDA authorized the writing a similar letter, and so these are both letters that got submitted to the state. And the arrangement is that he's making a one-time uh impact fee um payment when and if he builds the project, and between that fee and the our city's share of the pilot amount, the city will be getting the level of taxes that it would have gotten were it not taxed exempt. So that's really sort of our new pilot policy, which is pretty sound in a way. And that's what happened with 901 Maine and 41 Roth Division, so that's continuing. And we'll hear when he finds out about his pilot application, excuse me, his tax credit application, and then he will come back before this board to uh submit and have reviewed his uh pilot application. Do we need to um change our uniform tax exemption policy? I think that that's a good question to ask with Justin. Uh oh well, not that it has to be offline, but I'd want to really discuss with him in more detail, but I don't think so because that doesn't really say anything about what we can what the city can do regarding impact fees, and we are uh in this particular case got a per unit pilot payment, which is well above what uh uh previous ones have been. It's a it's starting at $3200 a unit, which is sort of a reasonable number going up to 4,800 a unit after only 15 years of pilot. So it seems like it was uh a good arrangement for the city, a real step forward in terms of being a better economic deal for the city. So that's sort of getting created that the new projects that are coming will have to live with that precedent because that's how we've been doing it for the last three. Is it 30 or 28? Because I thought the letter is in 2000. Yeah, 20. 48. 2800 starting. Oh, that's right. Starting at 200, ending at 4200, I think it was. Thank you, Dean. Can I just again I'm just trying to learn something here, but is that sort of a standard now for like each unit is 2800 per unit? Well, that's we've gotten it up from that because it wasn't that high for the prior projects. And so we've were sort of inching up to that level. In fact, when we were negotiating this one, the developers were telling us, oh, down in White Plains, it's a thousand dollars a door. You know, like as if they were making our request for a higher number be completely unrealistic, which it isn't at all. So uh so it's not really a standard wide variety wide variation. And Justin, of course, who's a uh uh uh uh lawyer to other IDAs in Westchester County could comment further on that if if you want a little bit more detail on what other IDAs are doing. No, I was wondering if that's kind of a ballpark. No, it's hard all over the place. And it depends on what it also depends on the project, the specifics of the project to a large extent. But for the history of PeakScale, that's high. That's we've moved up to that number now. So that was just an update on uh Patreon. Hello, we've got an audience tonight. All right. Um okay.