KINGSTON, NY – In her role as Ulster County Capital Resource Corp. The county’s Industrial Development Agency agreed this week to hold a public hearing on sales and mortgage tax exemptions for the proposed Romeo Kia showroom on US Route 9W in Lake Katrine.
IDA set its capital recourse cap to move matters forward after County Executive Pat Ryan refused to approve a PILOT for Romeo that was approved by IDA on May 19.
“Mr. Ryan made it very clear that we are not going to get the PILOT,” said attorney Lucia Romeo. “I have explored all of my options, litigation and timing, and we are just trying our options for the best move for the company and right now.” to keep open what is financially feasible. “
Romeo Kia had applied for a $ 1.1 million property tax cut, a sales tax exemption of $ 160,000, and a mortgage tax exemption of $ 39,926 to operate its swing drive in Uptown Kingston to move to vacant lot across from the Romeo Chevrolet dealer in Lake Katrine.
The IDA-approved tax break required Ryan to sign as the plan involves moving a retail business to an economically troubled area. As Capital Resource Corp. however, the IDA does not require the same approval for exemption from sales tax or mortgage tax. However, it cannot approve property tax breaks.
Ryan’s delay has made it difficult for Romeo Kia to meet the state Department of Environment’s December 31 deadline to complete the noisy part of the showroom construction. The timeframe, which opened on Aug. 12, was set based on an active bald eagle nest on the property.
Lucia Romeo said the contractors were unable to give definitive answers on whether enough work could be done in time to get the project up and running.
“We don’t have a solid game plan,” she said. “We’re still trying to figure out what will end and how best to go about it at that point.”
Romeo said there are also concerns that nationwide supply chain issues are making the project take longer.