The Otsego County IDA will have a public hearing Wednesday, June 19, on a proposed tax abatement agreement with the developer of Hillside Commons.
Newman Development Group of Vestal has proposed building Hillside Commons, a four-story, 330-bed apartment complex for full-time college students, on Blodgett Drive.
The county Industrial Development Agency hearing will be in the Foothills Performing Arts and Civic Center on Market Street at 7 p.m., Carolyn Lewis, chief executive officer of the IDA, said earlier this week.
The city Planning Commission last month approved the developer’s site plans after a review of environmental factors.
Also last month, the Oneonta Common Council approved a 15-year payment-in-lieu-of-taxes plan with Newman Development.
The IDA, which has jurisdiction regarding PILOT agreements, had asked the council to negotiate a schedule with the developer.
According to the plan forwarded to the IDA, Newman Development in the first year would pay $92,316 in taxes and in year 15 would pay $418,909 in taxes. Of the payments, 32 percent would go to the city, 11 percent to the county and 57 percent to the school district. In the 16th year, taxes would be $575,301.
Current taxes on parcels comprising the site to be developed are about $11,000, city officials said.
Lewis said July’s regularly scheduled IDA meeting, which would have been on July 4, has been rescheduled for June 27 at the usual 7:30 a.m. time.
The agency board is expected to vote on the PILOT agreement during the meeting at 242 Main St. in the city, she said.