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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 20th day of May, 2005 at 10:00 oclock a.m., local time, at the Town of Rochester Town Hall, 50 Scenic Drive, Accord, New York located in the Town of Rochester, Ulster County, New York, in connection with the following matters: TLB Management Corp. (the "Applicant") has presented an application (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 certain real estate containing approximately 5.96 acres located at 5164 Route 209 in the Town of Rochester, Ulster County, New York (the "Land"); (2) the construction on the Land of one building to contain in the aggregate approximately 30,000 square feet of space (the "Facility"); and (3) the acquisition and installation thereon and therein of certain machinery and equipment located therein and thereon (the "Equipment") (the Land, the Facility and the Equipment hereinafter collectively referred to as the "Project Facility"), all of the foregoing to constitute a family entertainment center containing a roller skating rink, a skateboarding park, and an arcade to be owned 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 whe! ther (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 (Freeman 4/19/05)
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