TROY — A towering multitenant office complex on River Street, which Troy city government is expected to vacate at year’s end, will save the building owner a projected $2.8 million by 2039 under a new tax break agreement supported by Mayor Carmella Mantello’s administration.
In a split decision, the Troy Industrial Development Agency on Friday voted to approve a modified and extended payment-in-lieu-of-taxes deal for First Columbia’s Hedley Park Place.
PILOTs are typically used to spur economic development by allowing developers to temporarily pay reduced taxes rather than the full price…