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MATTER OF PSC, LLC v. CITY OF ALBANY INDUS. DEV. AGENCY

532952.

200 A.D.3d 1282 (2021)

158 N.Y.S.3d 379

2021 NY Slip Op 06907

In the Matter of PSC, LLC, Petitioner, v. City of Albany Industrial Development Agency et al., Respondents.

Appellate Division of the Supreme Court of New York, Third Department.

Decided December 9, 2021.

Attorney(s) appearing for the Case

Tabner, Ryan & Keniry, LLP, Albany ( Brian M. Quinn of counsel), for petitioner.

Hodgson Russ LLP, Albany ( Charles W. Malcomb of counsel), for City of Albany Industrial Development Agency, respondent.

Young/Sommer LLC, Albany ( Joseph F. Castiglione of counsel), for Capitalize Albany Corporation and another, respondents.

Egan Jr., J.P., Lynch and Colangelo, JJ., concur.

In August 1988, petitioner's predecessors in interest entered into a lease agreement whereby they agreed to lease 10 of their properties "for parking and or other lawful purpose[]" at a base rate of $8,500 per month with such rate to increase by $1,000 per month every five years for 50 years. Eventually, the lease was assumed by the...

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