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Project

Potsdam Hotel Associates, LLC

At a Glance

Status

concluded

Agency

St. Lawrence County IDA

Potsdam Hotel Associates, LLC was formed in August 2011 as the development company for the development of a
97-room structure in Potsdam, New York. Since formation, the Company has added investors and recently closed on
the purchase of property on Market Street in the Village of Potsdam, which is the intended development site for this
project. The Company has no operating history at present.
The C ompany app lied to th e St. Lawre nce Co unty In dustrial D evelopment Age ncy fo r a Mortg age R ecording Ta x
Exemption and Sales & Use Tax Exemption benefits as the Company works to construct and equip the facility.
While project of this nature would normally be prohibited under General Municipal Law (“GML”), the project’s location
within a “highly distressed area” as defined in GML Section 854(18)(c) provides exception to the prohibition. With
respect to projects authorized pursuant to this citation, no project shall be approved unless the SLCIDA shall find,
after the public hearing required by GML Section 859-a that undertaking the project will serve the public purposes by
preserving permanent, private sector jobs or increasing the overall number of per manent, private sector jobs in the
state. The C hief Executive Officer of St. La wrence County must co nfirm the proposed action of the S LCIDA before
the provision of any financial assistance.

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