CZARMELLA RULEZ #TroyCrazy

Just so folks are aware there's a major tax benefits and exemptions package being voted on by the IDA tomorrow am for One Monument Square, where all members terms are expired except for the chairman. I've asked the IDA to table until the Mayor elect and council elect are able to appoint and/or reappoint a new IDA board. (See letter)

Dear Chairman O'Bryan & Troy IDA,

It is my understanding that the Troy IDA will meet on Friday, November 20, 2015 to consider an IDA application for the One Monument Square project. The developers of One Monument Square are seeking extensive tax benefits from the Troy IDA. The $11.7 million financial package includes $10.5 million in estimated property tax savings, $972,000 in sales and use tax exemptions, and $228,750 in mortgage recording tax exemptions.

A review of city records indicates that all members of the Troy IDA, except Chairman O'Bryan, had their terms expire on April 8, 2015. I would strongly suggest that before the Troy IDA acting with expired terms consider the large tax benefits for One Monument Square that this matter be tabled. This will allow the new mayor and new city council to act upon a new IDA. The mayor appoints all members to the IDA and they are confirmed by the city council.

It is important to recognize that the voters of Troy selected a new mayor and city council, and they should be entitled to seek and/or reappoint a new IDA reflective of their philosophy.

This project will have a significant economic impact regarding taxes and other matters in the future of Troy's development.
I certainly appreciate all the work the Troy IDA has done, and hope that you will take my recommendations in the positive spirit that it is offered.

Carmella R. Mantello
Council President-Elect