The Cornell Steamboat Company Building™ (Cornell) has historically been used for steamship construction repair and maintenance. The Cornell Steamboat Company operated on the facility until the mid 1940’s. As part of the operation the facility included a machine shop, a carpenter’s shop, a boiler repair shop, lumber storage sheds and a garage. The property was used as a lumber yard and building supply company (Miron) until the mid-1970’s. Prior to the current owners’ purchase of the property, it has been used as an artist’s studio and storage depot. HKWR also owns the intellectual property associated with this Historic Building. HKWR owns the Corporate Name and the trademark for “Cornell Steamboat Company” The Cornell Building is located in an “eligible historic district”. The Cornell Steamboat Company™ Building History: Circa Mid-19th Century Cornell Steamboat Company Operated largest fleet of Tugboats in the Country Maintained a fleet of 62 Tugboats Barged a million tons of coal annually to surrounding regions including NYC Employed hundreds of people In 1963, due to major transportation disruption went out of business. The Future of the Cornell Steamboat Company Building: The Historic Cornell Steamboat Building™ can be invented as a new beacon of adaptive reuse in the Rondout that depicts a new future combined with the history of the past. The historic bones lend themselves to an amazing transformation that captures the spirit of a new progressive waterfront mixed use building. The Historic Cornell Steamboat Company Building can house a mix of uses that may include an event space, creative office space, educational activities, a food hall, and a maritime outpost. This new hub and resource can create an important balance to future residential and water dependent uses on the Rondout. This unique building was recently used in conjunction was ArtPort Kingston to host various Art related events. It is also currently the home office of Fleet Obsolete Restoration Project. Fleet Obsolete Restoration Project is a Not for Profit 501c3 charity that is chartered by the New York State Education Department. Its mission is to rescue and preserve historic vessels of the 19th and 20th centuries and create accessible museum exhibits, educational opportunities, and public spaces while safeguarding the history of these vessels and sharing it with the community. Opportunity Zone Benefits - Kingston: HKWR’s waterfront development site is located in an area designated as an Opportunity Zone. Opportunity Zones are meant to spur investment in undercapitalized communities. Any corporation or individual with capital gains can qualify. The program provides three tax benefits for investing unrealized capital gains in Opportunity Zones: Temporary deferral of taxes on previously earned capital gains. Investors can place existing assets with accumulated capital gains into Opportunity Funds. Those existing capital gains are not taxed until the end of 2026 or when the asset is disposed of. Basis step-up of previously earned capital gains invested. For capital gains placed in Opportunity Funds for at least 5 years, investors’ basis on the original investment increases by 10 percent. If invested for at least 7 years, investors’ basis on the original investment increases by 15 percent. Permanent exclusion of taxable income on new gains. For investments held for at least 10 years, investors pay no taxes on any capital gains produced through their investment in Opportunity Funds (the investment vehicle that invests in Opportunity Zones).