TROY – Bow Tie Cinemas wants financial support from the Troy Industrial Development Authority for its $22.7 million multiplex theater proposed to be built at 1 Monument Square.

The New York-based movie theater company that operates in Schenectady, Saratoga Springs and Wilton is looking at savings on payments of $720,000 in sales tax and $229,375 in mortgage tax.

Box Tie is also expected to ask the IDA for a break on property taxes. When the sale is completed, the property, currently owned by the city, is expected to return to the tax rolls. While Bow Tie wants property tax breaks, details of a potential payment-in-lieu-of-taxes agreement and the amount it could save the company have not been negotiated by Bow Tie and the IDA.

Once construction is complete, the site could have estimated annual property tax bill of $459,000, according to the application.

Bow Tie is expected to present the tax proposal during a meeting with the IDA on Friday.

The company wants to expand its Capital Region presence and capitalize on the beauty of downtown and the influx of new residents.

Bow Tie wants to build a luxury movie theater with reclining chairs, gourmet food and other services on the site where City Hall once stood. The application calls for eight to 10 theaters in a 42,000-square-foot building. An application filed with the city Zoning Board of Appeals suggests the project could eventually offer 11 screens.

"Though an untested market, this location is perfectly situated to be walking distance for local moviegoers and potentially an attraction for surround areas, as the closest complexes are 15-20 miles away and do not provide the same experience," Bow Tie officials wrote in the application filed with the IDA.

Bow Tie's application says the project will return the site to the tax rolls, continue the city's revitalization, create vibrancy in downtown and beautify the access from River Street to Riverfront Park.

"Bow Tie carefully selects the community they will build in and a big part of that decision is the financial model. Troy is an untested market and would not be a consideration if not for the IDA assistance," according to the application.

Bow Tie will make its initial appearance before the IDA at 10 a.m. Friday in City Hall, 433 River St.

In addition to talk about tax breaks, the IDA is expected to hear a proposal for restoring the closed American Theater building at 285-289 River St. as a movie theater.

The estimated costs of the $22,715,000 project as outlined in the application are $600,000 to purchase the 1.18-site between River Street and the Hudson River from the city; $17 million in construction costs; $4 million for equipment; $350.000 for engineering, legal and architect costs; and $765,000 for construction loan fees and interest.

This is the fourth attempt to develop the site. The movie theater project is scheduled to break ground this fall and be completed in a year.