NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that a public hearing, pursuant to Article 18-A of the New York State General Municipal Law, will be held by the Broome County Industrial Development Agency (the "Agency") on the Monday, March 17, 2025, at 5:00 p.m., local time, at the Vestal Public Library (Small Conference Room), 320 Vestal Parkway East, Vestal, New York 13850, and will be streamed on the date and time above referenced at www.theagency-ny.com, in connection with the following matters:
Aptitude Acquisition LLC, , a Delaware limited liability company, for itself or on behalf of an entity formed or to be formed by it on its behalf (the "Company"), has submitted an application (the "Application") to the Agency (a copy of which is on file at the office of the Agency) requesting the Agency to undertake a certain project (the "Project") consisting of: (i) the acquisition by the Agency of a leasehold interest in approximately 4.61 acres of land at 4105 Vestal Parkway East, Town of Vestal, Broome County, New York (the "Land") and the existing improvements located thereon consisting principally of the former Quality Inn and Suites (the "Existing Improvements"); (ii) the reconstruction, renovation and rehabilitation of the Existing Improvements for use as a five-story, approximately 257,000 square-foot multi-unit apartment building containing approximately 197 high-quality residential units, approximately 10,000 square feet of premier amenity space (including a coworking space, fitness center, community room and outdoor water features), approximately 1,877 square feet of retail/commercial space, and surface parking area for approximately 254 vehicles (collectively, the "Improvements"); and (iii) the acquisition by the Company in and around the Existing Improvements and Improvements of certain items of machinery, equipment and other tangible personal property (the "Equipment"; and, together with the Land, the Improvements and the Existing Improvements, the "Facility"). The Facility will be initially owned and operated by the Company.
The Agency will acquire a leasehold interest in the Facility from the Company and lease the Facility back to the Company. At the end of the lease term, the Agency’s leasehold interest in the Facility will be terminated. The Agency contemplates that it will provide financial assistance to the Company in the form of sales and use tax exemption benefits, mortgage recording tax exemption benefits and a real property tax abatement, each consistent with the policies of the Agency (collectively, the "Financial Assistance").
A copy of the Company’s application to the Agency will be available for review, during regular business hours, at the Agency’s offices located at FIVE South College Drive, Suite 201, Binghamton, New York 13905.
A representative of the Agency will, at the above-stated time and place, hear and accept written comments from all persons with views in favor of or opposed to either the proposed Financial Assistance to the Company or the location or nature of the Project. Minutes of the hearing will be made available to the County Executive of the County of Broome.
BROOME COUNTY INDUSTRIAL
DEVELOPMENT AGENCY
Dated: March 4, 2025 By: Stacey Duncan, Executive Director