GUILDERLAND, N.Y. (NEWS10) — During the public hearings in Guilderland, not everyone was excited about a new Costco opening up next to the Crossgates Mall. And many protested against the developer, The Pyramid Corporation, receiving huge tax breaks for a retail project.
“We have very active residents who are concerned about projects,” Paul Pastore, a member of the Industrial Development Agency, said. “They voice their opinions, and I think they do so in a way that calls upon any applicant for this town to look at them with serious consideration about possibilities, changes, and tweaks.”
But during Tuesday night’s Guilderland Industrial Development meeting, those tax breaks totaling $2.2 million were approved, and the cost of the whole project is estimated at $40 million. William H. Smart mentioned during the meeting that the developers were able to submit all of the required paperwork for approval.
“The applicants have demonstrated that they do qualify for these tax exemptions,” Smart said. “The requirements for retail have been met.”
The agency pointed out the warehouse chain will generate much-needed tax revenue for the county and the town.
“We, as a community at large, are very much dependent in some ways on the benefits that we receive from sales tax revenue from Crossgates Mall,” Pastore said.
According to research presented during the meeting, Albany County alone will see around $1.8 million in annual tax revenue. And now that the tax breaks have been approved, construction on the Capital Region’s first Costco will begin in Spring 2024.