MONTICELLO — Adelaar Developer, LLC recently requested to have their current sales tax abatement extended for another six months by the County of Sullivan Industrial Development Agency, (IDA), in order to continue the construction and installation of the indoor water park, which will be on the same property as the Resorts World Catskills casino. The IDA discussed and approved the resolution during a recent meeting at the Sullivan County Government Center.

Additionally, the project includes an event and conference center; zip lines and a ropes course, a 400-room hotel lodge and water, snow and ice attractions. The sales tax abatement - reduction in the level of taxation faced by an individual or company - will run through March 31, 2018.

During that same meeting, the IDA passed a resolution to provide funding in the amount of $18,750 for the third quarter of 2017 for the Sullivan County Partnership for Economic Development's operation cost.

Furthermore, the IDA also passed a resolution to extend the sales tax abatement period for the BRR Brothers III, LLC and Sullivan County Fabrication Inc. Project, a metal fabrication factory and storage of manufactured products located along Glen Wild Road. They requested the sales tax abatement so they could renovate the five existing buildings, plus reconstruction of another building that was damaged because of weather conditions. The sales tax abatement extension starts on November 1 and will continue through April 30, 2018.

Moreover, on September 28, Axis Bank Limited, based in Dubai, sent a letter of intent for a loan in the amount of $87.5 million to Veria Lifestyle Inc. and in doing so requested the IDA to join in one or more mortgages. The agency approved a resolution to authorize the delivery of one or more mortgages in an amount not to exceed $90 million.

Veria Lifestyle Inc. is constructing a wellness resort, which is currently being built on a 300-acre parcel off of Anawana Lake Road. When complete, it will include a spa, yoga and fitness center, nutrition center and 131 lakeview guest rooms.