Ulster County and City of Kingston officials are celebrating a new pilot agreement with developers of a $58 million mixed use project in uptown Kingston.

The Kingstonian project would include apartments, a parking garage, and a hotel. The deal announced Friday means developers would give a portion of revenue from the project to the county, city and school district in lieu of paying property taxes.

An analysis by the National Development Council (NDC) found that Kingstonian developers would be getting $24 million in tax relief over 25 years.

In exchange, County Executive Pat Ryan negotiated for nearly $4 million in revenue sharing, along with green energy commitments. The new agreement must be approved by the county Industrial Development Agency, the school board and county legislature to be ratified.

Those votes could happen in the next month.

Spectrum News will have more on the NDC’s analysis in the coming days.