On October 11th, the Tompkins County Industrial Development Agency (TCIDA) Board of Directors met and approved the following items:
Public Hearing for PILOT Request: Visum Development (327 W. Seneca Street) Project
The TCIDA Board approved a public hearing for Visum Development’s proposed a $1.7 million, 3-story, 12-unit affordable housing project at 327 W. Seneca Street. Visum applied under the Community Investment Incentive Tax Abatement Program which phases in new property taxes over 10 years. All twelve units will be affordable for households earning below 80% of area median income for 49 years.The applicant is proposing to use 100% local construction labor on the project. It is anticipated that $250,362 will be paid in new property taxes during the ten year term of the IDA incentive.
Public Hearing for Sales Tax Incentive: Hotel Syracuse, LLC (Hilton Garden Inn)
The TCIDA Board approved a public hearing for the Hilton Garden Inn. The new owner of this downtown hotel is requesting a sales tax exemption valued at $105,888 to assist with a $3,050,000 renovation of the hotel rooms, hallways and lobby to bring the hotel up to Hilton’s 2020 standards.
Heather McDaniel presented the 2019 TCIDA budget update and the draft 2020 budget TCIDA budget, which was approved by the Board. Heather McDaniel also presented the draft 2020 TCAD work plan to the Board at the meeting.
For more information on TCIDA projects visit www.tompkinsida.org