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COMIDA in 2013 approved projects with $490M in investments

Rochester Business Journal
March 18, 2014

Investments in projects approved by the County of Monroe Industrial Development Agency totaled $490 million in 2013, an 84 percent jump from 2012, officials said Tuesday.

The project total of 41 was four more than the 37 approved in 2012 leading to investments of $266 million, officials said in presenting COMIDA’s annual report.

Some 41 percent of the projects were in the city of Rochester. They included big-ticket items such as the College Town project at the University of Rochester, the Costco Wholesale Corp. development at CityGate, development at the former Midtown Plaza location and work at Genesee Brewing Co.

Last year’s projects retained 3,138 jobs, with 1,447 to be created, data shows. The 2012 projects retained 1,501 jobs and projected to create 1,420.

COMIDA has offered tax breaks totaling $221 million over 10 years beginning in 2004, bringing a benefit to the community of $865 million, data shows.

In regular business Tuesday, COMIDA approved tax breaks for the construction of a Hampton Inn in Penfield.

It approved property tax breaks of $340,909, and sales tax breaks of $298,800 on construction, furniture and fixtures for Indus Panorama Trail Inc., an entity of Perinton-based Indus Cos. The developer also will get mortgage tax breaks of $64,000. The projected benefit to the community is $1.6 million.

Indus plans to build a six-story, 55,000-square-foot Hampton Inn with at least 75 rooms on 3.2 acres at 950 Panorama Trail South. The site is the former home of Rinky Dink Golf.

The $3.3 million project will create 16 jobs over three years, the developer said.

COMIDA also approved tax breaks for Sheridan Brothers Moving Inc. on its purchase of two trucks. The Rochester company will be exempted from sales taxes of $14,200 for two 26-foot box trucks. The community benefit is estimated at $44,491.

The company employs 30 and expects to add two full-time positions.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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