The Greater Glens Falls Industrial Development Agency voted Dec. 11 to extend a sales‑tax exemption for a downtown rehabilitation project identified in the record as Glens Falls Ventures and to join as a sponsor of a city event highlighting progress under the state’s Downtown Revitalization Initiative (DRI).

The board discussed tenanting and construction progress on the multi‑building Phase 1 redevelopment and decided to extend the agency’s sales‑tax exemption to June 30, 2026, while noting board members expect the project to finish earlier. Chair (name not spoken on the record) moved the extension; the motion was seconded and carried with no nays or abstentions recorded.

Why this matters: the sales‑tax exemption is an economic benefit commonly used to reduce construction costs for rehabilitation projects; extending the exemption keeps the project eligible for that relief while final occupancy is completed. Agency staff said some units are already being rented and that mortgage‑tax relief was no longer needed because financing for the project has closed.

The IDA also agreed to sponsor a city event next week intended to showcase DRI outcomes and recognize developers and staff involved in downtown work. Jeff, the agency staff lead, said sponsorship would be drawn from existing event funds in the IDA budget and emphasized the sponsorship would be modest. A motion to join other partners as an event sponsor passed with no recorded opposition.

Board actions recorded in the meeting packet show routine administrative business moving forward: approval of Nov. 13 minutes, acceptance of the 11‑month financial report, and authorization to pay three bills listed on Schedule A. The packet includes cited audit engagements and proposed audit fees for next year that staff said would be circulated to members for review ahead of January audit engagement approvals.

The agency’s staff and board also discussed preliminary planning for repurposing the nearby armory in coordination with the Hyde and arts‑district efforts, but members described those discussions as exploratory and said any formal request for agency funding or programmatic support would be brought back to the board.

The IDA adjourned and turned the floor to the mayor for the LDC’s separate meeting.