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Troy IDA considers tax breaks for King St. project

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Troy IDA considers tax breaks for King St. project

The board of the city government-affiliated Troy Industrial Development Authority voted Friday to consider awarding tax breaks to Kings Commons, LLC, which intends to build a five-story, 55-unit apartment complex at 12-14 King St., currently vacant land next to Wolff’s Biergarten.

The ground floor of the structure largely consists of parking and a “small amenity space,” Colton Hill, a member of the project team, told the IDA board during a brief presentation. The project does not feature any commercial storefront space.

“We’re catering to current residents as well as the influx of residents that we feel is coming in,” Hill said. The team will market the apartments to students by offering six-month leases, “which is not common for most developers.” Apartment sizes will range from one to three bedrooms.

The city’s land-use boards have already approved the project. Earlier this month, the city council authorized the potential sale of a defunct alley to the developer for use in the project.

Asked by the board chairman why the project deserves “a taxpayer subsidy,” the project team’s attorney, Jonathan Lapper, cited the high cost of new construction. Later in the meeting, the lawyer also touted the potential economic impact of an increase in downtown residents.

Monthly rents at the complex will start at $1,350, according to Hill, who estimated that about 20 percent of the building’s tenants will be students.

The project will purportedly create three permanent jobs. Construction costs will approach $200,000 per unit, Hill said.

Councilman Mark McGrath was the only IDA board member to vote against further consideration of tax breaks for the project. “I don’t see where this is beneficial to downtown Troy or Troy in general,” he said.

A public hearing and final vote on the matter will be held at the Troy IDA’s Sept. 21 meeting.

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