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The Dutchess County Industrial Development Agency (DCIDA) has approved financial incentives for POU Development LLC to build two 40,000 square foot aircraft hangars at Hudson Valley Regional Airport in Wappinger. The project, valued at $40.8 million, is expected to modernize the airport and boost economic activity in the region.
The DCIDA's approval includes a mortgage tax filing fee exemption, a sales tax exemption on materials, and a 10-year payment in lieu of taxes (PILOT) agreement. Neil Szymzak, senior vice president of Sky Harbour, the parent company of POU Development LLC, stated that the hangars will accommodate up to 10 late-generation aircraft. Each aircraft is expected to support seven to eight jobs, including pilots, schedulers, and dispatchers, which will contribute to local employment.
The project is divided into two phases, with the first phase addressing PFAS contamination. Across the Hudson River, Sky Harbour also plans to construct corporate hangars at New York Stewart International Airport in Newburgh.
The DCIDA aims to foster economic development by providing financial assistance to private entities through tax incentives, encouraging capital investment, job creation, and an increased tax base in Dutchess County. The approved incentives for the hangar project align with the agency's mission to improve the quality of life for county residents.