Public hearing on proposed project and financial assistance for 615 Broadway LLC.

NOTICE OF PUBLIC HEARING ON PROPOSED PROJECT AND FINANCIAL ASSISTANCE

RELATING THERETO

Notice is hereby given that a public hearing pur- suant to Section 859-a(2) of the General Municipal Law of the State of New York (the "Act") will be held by the Ulster County Industrial Development Agency (the “Agency”) on the 23rd day of March, 2026 at 5:30 o'clock p.m., local time, in the Kings- ton City Hall located at 420 Broadway in the City of Kingston, Ulster County, New York in connec- tion with the following matters:

615 Broadway LLC, a limited liability company organized and existing under the laws of the State of New York (the “Company”), has submitted an application (the "Application") to the Agency, a copy of which Application is on file at the office of the Agency, which Application requested that the Agency consider undertaking a project (the "Proj- ect") for the benefit of the Company, said Project consisting of the following: (A) (1) the acquisi- tion of an interest in a parcel of land containing approximately 1 acre of land and located at 615 Broadway and part of 35 Cedar Street (Tax Map Nos.: 56.109-3-16 and p/o 56.109-3-42) in the City of Kingston, Ulster County, New York (collective- ly, the "Land"); (2) the construction on the Land of a mixed-use facility to contain approximately 81,468 square feet of space and to include, but not be limited to, mixed-income residential units, community facility space and approximately 8,562 square feet of commercial space (the "Facility"); and (3) the acquisition and installation therein and thereon of certain machinery, equipment and other personal property (collectively, the "Equip- ment") (the Land, the Facility and the Equipment being collectively referred to as the "Project Facil- ity"), all of the foregoing to be owned and oper- ated by the Company, or an affiliate thereof, as a mixed-use facility and other directly and indi- rectly related activities; (B) the granting of cer- tain "financial assistance" (within the meaning of Section 854(14) of the Act) with respect to the foregoing, including potential exemptions from certain sales and use taxes, real property taxes and mortgage recording taxes (collectively, the "Financial Assistance"); and (C) the lease (with an obligation to purchase) or sale of the Project Facility to the Company or such other person as may be designated by the Company and agreed upon by the Agency.

The Agency is considering whether (A) to un- dertake the Project, and (B) to provide certain exemptions from taxation with respect to the Project, including (1) exemption from mortgage recording taxes with respect to any documents, if any, recorded by the Agency with respect to the Project in the office of the County Clerk of UI- ster County, New York or elsewhere, (2) exemp-| tion from deed transfer taxes on any real estate transfers, if any, with respect to the Project, (3) exemption from sales taxes relating to the acqui- sition, construction, renovation and installation of the Project Facility, and (4) in the event that the Project Facility would be subject to real property taxation if owned by the Company but shall be deemed exempt from real property taxation due to the involvement of the Agency therewith, ex- emption from real property taxes (but not includ- ing special assessments and special ad valorem levies), if any, with respect to the Project Facility, subject to the obligation of the Company to make payments in lieu of taxes with respect to the Proj- ect Facility. If any portion of the Financial Assis- tance to be granted by the Agency with respect to the Project is not consistent with the Agency's uniform tax exemption policy, the Agency will fol- low the procedures for deviation from such pol- icy set forth in Section 874(4) of the Act prior to granting such portion of the Financial Assistance.

If the Agency determines to proceed with the Project, the Project Facility will be acquired, con- structed and installed by the Agency and will be leased (with an obligation to purchase) or sold by the Agency to the Company or its designee pur- suant to a project agreement (the “Agreement") requiring that the Company or its designee make certain payments to the Agency.

The Agency has not yet made a determination pursuant to Article 8 of the Environmental Con- servation Law (the "SEQR Act") regarding the po- tential environmental impact of the Project.

The Agency will at said time and place hear all persons with views on either the location and nature of the proposed Project, or the Financial Assistance being contemplated by the Agency in connection with the proposed Project. A copy of the Application filed by the Company with the Agency with respect to the Project, including an analysis of the costs and benefits of the Project, is available for public inspection during business hours at the offices of the Agency. A transcript or summary report of the hearing will be made avail- able to the members of the Agency.

Additional information can be obtained from, and written comments may be addressed to: Hill- ary Nichols, Executive Director, Ulster County Industrial Development Agency, P.O. Box 4265, Kingston, New York 12402; Telephone: (845) 334- 0120.

Dated: March 9, 2026

ULSTER COUNTY INDUSTRIAL

DEVELOPMENT AGENCY

BY: /s/ Michael Ham

Chairperson

March 11, 2026

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