In his partnership with Empire Resorts, Louis Cappelli is building a $1 billion "Entertainment City" in Sullivan Countys Monticello. He is moving Empire's harness track and racino from the old Monticello Raceway and present "Racino" to a new 750-room hotel and convention center at the site of the former Concord Hotel. There are also plans for a $392 million luxury hotel and spa, a clubhouse and redesign of the Monster and International golf courses. Donald Trump is close to signing on to help with the golf courses and some of the project.
After receiving an unprecedented funding package from the state, the Westchester developer, Cappelli now wants every tax break that Sullivan County offers for his $1.4 billion plan to redevelop those Concord properties.
This project will mean millions of more dollars into Sullivan County and NYS coffers through sales and income tax. The project will generate significantly more property tax even with IDA benefits, and create 2,000 permanent jobs and more than 1,300 construction jobs.
Cappelli has promised up front to hire local construction workers at prevailing wages and to create good paying full time jobs. Everyone is excited about the project and the economic benefits it will bring to a community that has suffered from economic decline for so many years.
Cappelli is seeking an estimated $40.3 million in sales and mortgage tax relief and millions more in property tax breaks through the Sullivan County Industrial Development Agency.
This is the type of project and developer that should get every penny of IDA and State tax money that they can give him. He will be advancing the economic well being of the local residents and the money will be well spent.
Are you paying attention Ulster County IDA Board members??
1 comment:
This is exactly the kind of development we need in the Hudson Valley and, for once, it is encouraging to see appropriate use of IDA resources.
I hope Ulster County learns from this example.
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