MONTICELLO – The County of Sullivan Industrial Development Agency (IDA) held a special meeting on Wednesday, February 25, during which the board voted to secure the financial future of an infrastructure project located in Monticello and to extend the tax abatement for a real estate trust with a project in Thompson. 

A resolution authorizing the extension of The Bethel Performing Arts Center, LLC Project was originally on the agenda, but did not appear during the meeting.

IDA members Phillip Vallone, Paul Guenther and Edward Sykes were absent from the special meeting.

The first resolution authorized the execution and delivery of a mortgage to secure a loan from Jeff Bank to Columbia Ice and Cold Storage.

IDA Counsel Walter Garigliano said the company, which is based in Hudson, NY, originally had issues with the Village of Monticello providing an adequate water supply; now that those issues have been resolved, he said their “interconnection charge from NYSEG to bring electric to the site is $14 million plus dollars so they’re still struggling.”

Garigliano said the money they are borrowing, “an original principal amount not to exceed $1,000,000” as stated in the special meeting agenda, will go into their existing building and not new construction.

IDA member Joseph Perrello made a motion, it was seconded by IDA Member Sean Brooks, and the resolution was unanimously carried.

The second agenda resolution dealt with an Adelaar Developer LLC PILOT (payment in lieu of taxation agreement) to authorize acceptance of a guarantee from EPR Properties. 

“We’ve done this in the past.” said Garigliano, “We do it one year at a time because you never know what the financial condition is going to be.” 

He said the financial statements of EPR, a real estate investment trust, looked worse during the COVID pandemic because nobody could visit their properties, but “they’re back and they’ve got a billion dollars in cash.” 

Perrello made a motion, it was seconded by IDA Chief Executive Officer Ira Steingart, and the resolution was unanimously carried.