Kearney Realty PILOT and development agreements
Summary
The Smith/Montgomery Streets redevelopment deal — with a PILOT tax agreement — is one step from a vote, with new attention on whether MWBE hiring promises are enforced for real.
At a glance
- Total mentions
- 4
- Last 30 days
- 0
Last discussed May 11, 2026.
Impact analysis
PILOT agreement affects property tax revenue from the redevelopment parcels; specifics not detailed in the session.
Future residents of the new units and firms working the construction, if MWBE requirements hold.
Minority- and women-owned businesses if MWBE commitments remain unmonitored 'lip service,' as Councilmember Stewart put it.
Mentions & discussions (4)
City Council - May 11, 2026
The council approved the amended site development agreement and PILOT for Kearney's project, pitched as 'development without displacement' with a right-of-return policy for families displaced by urban renewal. One council member voted no on the development agreement.
City Council - May 7, 2026
The Smith/Montgomery Streets redevelopment deal — with a PILOT tax agreement — is one step from a vote, with new attention on whether MWBE hiring promises are enforced for real.
City Council - Apr 27, 2026
The Kearney project would bring 122 units with deep affordability (down to 40% AMI), a first-in-the-nation 'right to return' preference for descendants of urban renewal families, MWBE retail priority and paid YouthBuild internships — but the council tabled both the site agreement amendment and the PILOT until the full financials are in hand.
City Council - Apr 23, 2026
A 122-unit mixed-income affordable housing project is weeks from a June closing, but the PILOT tax deal — starting at $175,000/year versus an appraiser's $264,000-$300,000 estimate — drew heavy scrutiny. The council wants the pro forma, a written right-to-return guarantee, habitability protections, and paid youth internships before voting.
Related development
Kearney Realty Site Development Agreement Amendment (137 Smith Street; 140 and 146 Montgomery Street)
The altered Schedule E changes retail space and residential unit counts; the rental-license requirement binds long-term property maintenance.
Kearney Realty Site Development Agreement Amendment and PILOT Agreement
Brings long-term affordable housing to Newburgh, with a first-priority right of return for families displaced by urban renewal and priority hiring.
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