Otsego County IDA Approves Tax Agreement with Newman Development

The Otsego County IDA yesterday voted 8-0 to approve a payment-in lieu of taxes agreement with Newman Development group of the Hillside Commons project on Blodgett Drive.

The 15-year tax abatement calls for the developers to pay a little over $92,000 in taxes in the first year. In the 15th year, the number climbs to $418,000.