Nearly $142 million tax break sought; Concord project applies to IDA
At full build-out, the application assumes that the property tax bill of the entire property will be worth $42 million per year, with property tax payments being split between Sullivan County, the Town of Thompson and the Monticello School District. The application seeks for the project to pay no property taxes on the projects for eight years, and then to pay increasing amounts with payment of the full amount kicking in at 16 years.
Further, the applicant projects that the project at full build-out “will generate $8.5 million in sales tax, $4.4 million in hotel occupancy tax, and $46.5 million in vendor track fees annually.”
This information is contained in a 49-page economic analysis of the project which also says, “Based on preliminary estimates, the total cost for developing the proposed project is estimated at $1,538.84 million in 2012 dollars, which includes $327.93 million for phase one construction.” Phase one includes the racino, a hotel and the harness track.
Finally, the application says that there will be no adverse impacts to the region. It says, “The proposed project would be beneficial to the local as well as the regional Catskill economy and is not anticipated to result in any significant adverse socioeconomic impacts. Therefore, no mitigation measures are proposed.”