The former Bresee’s complex was about 75,000 square-feet, Lewis said. But much of the structure was “severely dilapidated” and after demolition the site has a building of about 30,000 square-feet, she said.
Under the Otsego County Industrial Development Agency payment-in-lieu-of-taxes agreement, the assessment for the project is set at $1 million for 15 years, with a 90 percent tax abatement for the first and second years, then an adjustment by 10 percent annually, Lewis said previously. The abatement, which applies to city, county and school district taxes, is zero percent in years 11 through 15, she said.
Klugo, who plans to have an office on site and live in one of the apartments, said Oneonta residents have regaled him with stories about shopping at Bresee’s, and the city has welcomed and supported the project, which has preserved some historic characteristics of the building.
“I have never worked with a community so close,” Klugo said. “It’s awesome.”