Wednesday, February 20, 2013

College Town gets tax package

Posted By on Wed, Feb 20, 2013 at 9:27 AM

The Monroe County Industrial Development Agency has approved a package of tax breaks for the College Town mixed-use development.

The University of Rochester initiated the project, which would be located on the west side of Mount Hope Avenue between Elmwood Avenue and Crittenden Boulevard. The project will include a Barnes and Noble, a grocery store, other retail, and apartments. Materials provided by COMIDA say the project is expected to create the equivalent of 180 full-time jobs over the next three years

Yesterday, the COMIDA board approved state and local sales tax exemptions and mortgage tax exemptions for the $60.8 million project. It also approved property tax exemptions to be offset by a payment in lieu of taxes agreement.

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