Troy

The state Authorities Budget Office is auditing 10 projects handled by the Troy Industrial Development Authority in 2014.

The IDA discussed Friday the ABO's request for documents and steps the authority can take to tighten oversight.

The 10 projects are City Station South; Columbia Chasan MT LLC; Hoosick Hospitality LLC (Hilton Garden Inn); Dinosaur Restaurants LLC; Uncle Sam Garages LLC; Troy LDC Main Street; City Station West LLC; Monument Square I Limited Partnership; O'Neil and City Station East.

The state agency has launched a series of audits of IDAs following a Times Union investigation last year that showed only a third of projects that get tax breaks through various Capital Region industrial development agencies met job projections.

The information requested by the ABO include project applications, payment in lieu of tax agreements, 2014 tax bills and PILOT bills, PILOT payments, sales tax exemption information and employment data.

"I don't think we're going to be surprised," Troy IDA Chairman Kevin O'Bryan said about the audit results.

The IDA has language in its agreements that allow it to take back benefits, such as property and sales tax breaks, that it grants developers working on projects in the city. The IDA board plans to begin an annual review of each project to obtain an update on the status of its promise to create jobs.

IDA members discussed how changing circumstances can affect projects after they are started.

The Troy Local Development Corp. meeting prior to the IDA heard updates on asbestos issues in South Troy at the King Fuels and Scolite properties.

Atlantic Environmental Services has taken over the work to determine asbestos contamination at King Fuels. Work was shut down there last year by the state Department of Labor.

Andrew Kreshik of the city planning department reported that once the evaluation is complete and the debris cleared, National Grid will be able to proceed with site remediation.

At the city-owned Scolite site, Angstrom Environmental will perform the asbestos work in preparation for capping of the location, Kreshik said. The city has attempted to sell the site to a developer but that did not win City Council approval.

kcrowe@timesunion.com • 518-454-5084 • @KennethCrowe