HUDSON — The Hudson City School District Board of Education unanimously approved a deal Tuesday evening to sell the John L. Edwards School property, 360 State St., to an affordable housing developer for $3 million.
Voters will have final say on the deal.
The full market value for the 5.3-acre property is $6.3 million, according to property records.
The interested buyer, Adirondack Community Development, based in New York City, has been in contact with the city about creating an affordable housing development at the property, Common Council President Thomas DePietro said.
DePietro and Mayor Kamal Johnson made it clear to Adirondack Community Development the city would prefer to help with potential zoning issues — such as a taller building than is currently permitted — instead of making a payment in lieu of taxes deal, DePietro said.
“By that I mean, if they can build higher, they claim they wouldn’t need a PILOT, but we have to see the consequences of that understanding,” he said.
The completion of the State Environmental Quality Review Act review, approval of school district voters and approval of rezoning and permitting of a proposed development by the necessary governmental authorities are part of the terms of the agreement.
The agreement gives the purchaser the option to extend the closing of the property an additional year to secure low-income housing tax credits for an affordable housing development.
Adirondack Community Development specializes in developing high-quality affordable and workforce housing nationwide, according to the company’s LinkedIn page.
Check back for more on this developing story.