A Vermont-based real estate investment company, Redstone, has entered into a contract with a developer and M.J. Properties in Clifton Park to buy 50,000 square feet of warehouse and offices on Tabor Road.
Rekucki began construction on the 113 Tabor Road after receiving a $4 million tax incentive package from the Saratoga County Industrial Development Agency last summer.
The incentive package saves the property owner an estimated $380,602 in 10 years. To make the property sale move forward, representatives of Redstone are asking the industrial development agency to grant them the rights to a 10-year payment-in-lieu-of-taxes agreement that was part of the incentive package.
Rekucki did not respond to a request for comment immediately.
M.J. Properties, originally approved as a warehouse of 43,250 square feet, received town approval in the fall to expand it to 50,000. Rekucki is also working with ABD Engineers in Schenectady, and land use lawyer Jon Lapper from Bartlett Pontiff Stewart & Rhodes in Glens Falls to submit a separate request to Halfmoon Town Planners for him to build up to four more warehouses just west of the 113 Tabor Road Project.
According to documents filed at the industrial development agency, 113 Tabor Warehouse LLC is expected to acquire the roughly 5-acre property with a 50,000-square foot warehouse located at 113 Tabor Road. The holding company is controlled by Redstone principals Larry Williams Erik Hoekstra, and Myles Frendel. The mortgage loan with Adirondack Trust Co. is expected to finance the transaction.
After M.J. Properties has completed construction, the sale is expected to close by August.
113 Tabor Warehouse LLC plans to lease the property after the purchase to a tenant who has not yet been identified. This tenant is expected to hire 12 full-time employees by the end the first year. The employment level is expected to reach 21 by the end of the third-year.
At its meeting on May 16, the Industrial Development Agency will review a request for reassignment of tax incentive packages.