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NOTICE OF PUBLIC HEARING ON PROPOSED PROJECT AND FINANCIAL ASSISTANCE RELATING THERETO Notice is hereby given that a public hearing pursuant to Section 859-a (2) of the General Municipal Law of the State of New York (the "Act") will be held by Ulster County Industrial Development Agency (the "Agency") on the 18th day of May, 2005 at 2:00 oclock p.m., local time, at 400 Granite Road, in the Manhattan Theater Room, located at the Hudson Valley Resort & Spa, in the Town of Rochester, Ulster County, New York, in connection with the following matters: Minnewaska Company, L.L.C. d/b/a Hudson Valley Resort and Spa (the "Applicant") has presented an
applicaiton (the"Application") to the Agency, a copy of which is on file at the office of the Agency, requesting that the Agency consider undertaking a project (the "Project") consisting of (A) (1) the acquisition of an interest in a portion of a parcel of real estate containing approximately 566 acres of land located at 400 Granite Road in the Town of Rochester, Ulster County, New York (the "Land"), together with the five existing buildings located thereon, collectively forming a hotel complex (collectively, the "Existing Facility"); (2) the reconstruction of portions of the Existing Facility; (3) the construction on the Land of an addition to the Existing Facility forming an indoor water park facility to contain in the aggregate apporximately 35,000 square feet of space (the "Water Park Facility"); (4) the construction on the Land of an addition to the Existing Facility forming an exhibit hall to contain in the aggregate
approximately 20,000 square feet of space (the "Exhibit Hall") (the Existing Facility, the Water Park Facility and the Exhibit Hall being collectively referred to as the "Facility"), and (5) the acuqisition and installation therein and thereon, of certain machinery and equipment (the "Equipment") (the Land, the Equipment and the Facility being collectively referred to as the "Project Facility"), all of the foregoing to constitute a hotel resort fac! ility to be owned and operated by the Company, (B) the granting of certain "financial assistance" (within the meaning of Section 854(14) of the Act) with respect to the foregoing, including potential exemptions from sales taxes, real property transfer taxes, mortgage recording taxes and real estate taxes (collectively, the "Financial Assistance"); and (C) the lease (with an obligation to purchase) or sale of the Project Facility to the Company or such other person
as may be designated by the Company and agreed upon by the Agency. The Agency is considering whether (A) to undertake the project and (B) to provide certain exemptions from taxation with respect to the project, including (1) exemption from mortgage recording taxes with respect to any documents recorded by the agency with respect to the Project in the office of the County Clerk of Ulster County, New York or elsewhere, (2) exemption from sales taxes relating to the acquisition, construction and installation of the Project Facility, (3) exemption from deed transfer taxes on any real estate transfers with respect to the Project, and (4) exemption from real property taxes (but not including special assessments and special ad valorem levies), subject to the obligation of the Company to make payments in lieu of taxes with respect to the Project. The Agency has not completed its review of the Project pursuant to Article 8 of the Environmental Conservation Law, Chapter 43-B of the
Consolidated Laws of New York, as amended (the "SEQR Act"), and the regulations adopted pursuant thereto by the Department of Environmental Conservation of the State of New York, being 6NYCRR Part 617, as amended (the "Regulations", and collectively with the SEQR Act, "SEQRA"). The Agency will at said time and place hear all persons with views on either the location and nature of the proposed Project Facility and the financial Assistance being contemplated by the Agency in connection with the proposed project. A copy of the Application filed by the Company with the Agency with respect to the Project, including an analysis of the costs and benefits of the Project, are available for public inspection during business hours at the offices of the Agency. Dated: April 15, 2005 ULSTER COUNTY INDUSTRIAL DEVELOPMENT AGENCY By s/Alfred J. Ford, Jr. Chairman (4/18/05)
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