One-time Tax Exemption for Crossgates Hotel OK'd

Guilderland's Industrial Development Agency has approved a one-time, $1 million tax exemption for a hotel at Crossgates Mall.  The deal means parent company Pyramid Companies, which will operate the hotel, will not have to pay mortgage recording or sales taxes, but will pay an estimated $400 thousand in property taxes to the town.

Pyramid had been seeking a 10-year tax exemption worth about $2.4 million.

Plans call for a $31 million, 192-room hotel adjacent to the mall.

photo:  WGY news

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