The Glens Falls Industrial Development Agency approved a resolution to grant a pilot and related benefits, including sales-tax and mortgage-tax exemptions, to Cooper Properties New York LP for development at 76 Warren Street, the former Post-Star office building.

Tyler, representing Cooper Properties, told the board the company acquired the property just over a year ago and initially planned office/flex use but found little leasing interest. "We proposed today is 22 apartments, with a 500 square foot commercial space," Tyler said, noting the unit mix is 2 studios, 10 one-bedroom and 10 two-bedroom units and that parking would be interior to the property.

Staff and consultants described financial constraints: the project was previously approved for 33 units but was scaled down to improve feasibility; an outstanding 10-year loan and lack of additional grant or tax-credit resources were cited as reasons a longer pilot term was needed to match repayment periods. Staff emphasized the IDA's role as an enabling mechanism for projects that cannot proceed without public support.

The board voted to approve the resolution offering the pilot and related benefits; Caligero said the IDA will prepare and sign the documents later in the week.

What’s next: staff will finalize documents with Cooper Properties and circulate signed materials; the developer has planning-board approval and will proceed toward building modernization and tenanting.