LAKE GEORGE The proposed Price Chopper plaza development near I-87 Northway Exit 23 will be getting a tax break, but for only two-thirds of the time the project sponsors had asked for.
Price Chopper and its developers will be saving hundreds of thousands of dollars in the deal, approved last week by the Warren-Washington Counties Industrial Development Agency.
The development was granted a 10-year payment in lieu of taxes rather than the 15-year deal the developers had requested.
The agreement grants the project a 75 percent tax exemption on assessed valuation of any improvements made to the property for the first four years, a 50 percent tax exemption on improvements for the next three years and a 25 percent tax exemption for improvements for the final three years of the deal.
The Price Chopper application was seeking a 100 percent tax break on improvements for the first five years, a 50 percent exemption on the following five years and 25 percent off on the last five years.
Lake George Town Board members had objected to the longer exemption, saying it was too long and too deep, shifting a burden onto other taxpayers. Local officials also said such PILOT agreements were meant for industrial projects that created good-paying jobs, not retail developments.
IDA Chairman Bud Taylor of Glens Falls said he was pleased with his board’s decision.
“While 15 years is really too much for that type of project, 10 years is a reasonable compromise,” he said. “It’s a really good project.”