Tuesday, March 19, 2013

COMIDA approves I-Square benefits

Posted By on Tue, Mar 19, 2013 at 3:48 PM

During its meeting this afternoon, the Monroe County Industrial Development Agency approved tax exemptions for Irondequoit's I-Square project and for the potential new owners of the Monroe County Sports Centre.

COMIDA approved a "custom abatement package" for the $9.9 million I-Square mixed use project, according to a press release from County Executive Maggie Brooks' office. The press release doesn't include the details of the package. A previous public hearing notice said the board was considering exemptions for some state and local sales tax obligations, mortgage taxes, and property taxes. The exemptions were to be offset by a payment in lieu of taxes agreement, the notice said.

Irondequoit officials approved a PILOT that would last five years, with two five-year renewal options. Town officials also wanted an agreement with construction benchmarks.

COMIDA's board also approved mortgage tax exemptions for End 2 End Sports, which plans to buy the Monroe Sports Centre. The company will pay $4 million for the facility and also plans to spend $720,000 upgrading it. The facility has been in financial distress for several years.

The board also approved:
· Sales tax exemptions for ITT Space Systems on Lee Road in Greece. The company plans to relocate its Massachusetts operations to the site and will invest $3.65 million to renovate and equip space it already owns, says the press release. The project should create the equivalent of 50 new full-time jobs over the next three years, the press release says.
· Property tax exemptions for Alexander East LLC to renovate the Alexandrian Apartments on Alexander Street. The company plans to spend $7.5 million to renovate the building, create 60 new apartments, and add retail space, says the press release.
· Property tax exemptions for Riverview Commons LLC to renovate two apartment buildings at Water and Andrews streets. The company plans to spend $4.2 million to redesign the buildings and add 16 new lofts.

Tags: , , , , , ,

Speaking of...

Comments

Subscribe to this thread:

Add a comment

Latest in News Blog

More by Jeremy Moule

Browse Listings

Submit an event

© 2014 City Newspaper

Website powered by Foundation