Southeast's town board gave the Industrial Development Agency the OK to offer tax abatements to a project along Peach Lake Road.
The 57- room hotel project proposed by Shelly Nichani would get 50 percent off its property tax bill in the first year. For the next nine years, the property owner would pay five percent less taxes each successive year.
Over a ten-year period, Putnam County is projected to lose about $33,770 in taxes, the town will lose $34,560, and the Brewster school system will lose $327,195 while the sales tax revenue lost will be about $65,000, according to a board member opposed to the tax breaks.
Another hotel, part of the Crossroads 312 project, could may seek tax breaks.
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