|PRINT | CLOSE WINDOW|
The CityGate development and the refurbishing of a mixed-use building on East Avenue were among four projects approved Tuesday by the County of Monroe Industrial Development Agency.
CityGate developer Anthony Costello was approved for property and mortgage tax incentives of $18.6 million for his $101 million project. The estimated community benefit is $25.9 million, COMIDA representatives said.
The work will include more than 550,000 square feet of new construction, including a 150-room hotel, a 300-unit apartment complex, 78,000 square feet of retail space and a 560-space parking garage.
As many as 255 jobs are expected to be created over three years, officials said.
Homestate Asset Management LLC, an entity of DHD Ventures LLC in Rochester, was approved for a 10-year shelter rents abatement as part of $15 million in renovations at 111 East Ave. The shelter rents abatement was requested by the city of Rochester.
The community benefit is projected to be $445,226.
Although the shelter rents abatement originally was calculated at $1.1 million, it will be recorded as no incentive because the previous assessment was $1.2 million and the new owner will pay $1.3 million, COMIDA executive director Judith Seil said.
The work includes code compliance, health and safety improvements; a new heating, ventilation and air-conditioning system; and 900 new windows. Four jobs will be added to the current workforce of four.
Linton Crystal Technologies Corp. was approved for sales and mortgage tax exemptions of $21,264 for the $668,000 renovation of its 21,000-square-foot building at 2180 Brighton-Henrietta Town Line Road in Brighton. The community benefit is pegged at $296,765. Two jobs are to be added over three years to the present workforce of nine.
Linton Crystal Technologies was formed in June by former employees of Chili-based Kayex Corp., which closed in May. Kayex was a wholly owned subsidiary of SPX Corp.
Linton is to use Kayex technology for research and development for silicon crystal growing furnaces for the semi-conductor and solar/photovoltaic industries.
Van Hook Service Co. Inc. in Rochester was approved for sales tax breaks of $19,040 for its $238,000 purchase of eight vehicles. The community benefit is $116,413.
The refrigeration and air-conditioning services company employs 40 and expects to add three jobs.
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email email@example.com.