CLARIFICATION: Regarding the headline and the item below: The GCEDC board approved the COR project being set for a public hearing, but its project has not yet received final approval.
COR Development Company, owners of property at 4180 Veterans Memorial Drive, Batavia, is planning a $4.5 million investment in the former Lowe's location for renovation, adding space and retrofitting the existing structure. The renovations will pave the way for one or more retailers to lease the space. Total tax incentives: $1,052,104. The project is part of Town Center Batavia, which is 350,000-square-feet of "destination retail space," according to the Genesee County Economic Development Center's release. In 2007, COR received incentives to build the project. The former Lowe's location is currently 138,778 square feet. Under the proposal, COR will receive $180,000 in sales tax exemptions, a $43,750 mortgage tax exemption and a $828,390 property tax exemption on the increased assessment value of the property. COR projects 120 new retail jobs as a result of the project.
Batavia Showtime, 6 Alva Place, Batavia, is planning a $52,200 investment for the purchase and installing of a digital movie projector. Batavia Showtime is approved for a $4,176 sales tax exemption on purchase of the projector. GCEDC's release states that the board is looking to assist in the project because it qualifies as a tourism destination and provides a service to the area, being the only local movie theater, that would not otherwise be available. The theater was in danger of closing prior to Batavia Showtime purchasing the facility. The owner is planning upgrades beyond the purchase of the digital projector. An estimated three new jobs will be created and four jobs retained.
Le Roy Plastics, 59 Lake St., Le Roy, is planning a $885,000 investment for the consolidation of all operations and processes into one facility. The company plans to renovate portions of the new facility and purchase furniture, fixtures and equipment. The GCEDC board approved $43,931 in tax abatements for the project, including a $24,800 sales tax exemption, $9,063 mortgage tax exemption and a $10,068 exemption on property taxes above the current assessed value.
If COR had not raised the
If COR had not raised the rent there would be a better chance that Lowes would still be there. I forget what Lowes employed but it was close to that amount of people full and part time. So they are getting 1 million to replace what they had already taken away. There is still a space for rent plus Lowe's space. I am not saying I want that space vacant, but it is their bed so they should lay in it.
Can anyone clarify why there would be a $800,000 property tax increase from the increased assesment value? I am assuming they are not adding more SF. That whole deal with COR stinks. 4.5 million to retrofit a new building, really?
On a happy note the Theater getting upgrades and the help they are getting makes sense.
COR Development Company has
COR Development Company has already received a property tax break on that property..Because a tenant in this case Lowes broke their lease and left they now want the tax payer to give them another tax break...To me its called the cost of doing business.They made a bad business move by dealing with Lowes and now they want us to give them another tax break on top of the one they already have...No way should we allow this...This is just away for the owners of COR Development Company to avoid paying property taxes and put more money in their pocket collecting rent on a building they already own..If i build a apartment complex do i get a property tax abatement..It is the same thing..I'm renting property to make money..
Am I missing something
Am I missing something here... ?
If a new business comes into the former Lowe's property, I think it safe to say that this would create new jobs and therefore be a reason to consider incentives to secure such a deal. But it should also be a major consideration as to the likelihood of the new business surviving, as well as the negative impact on already existing [competing] businesses and the jobs they have/do provide now.
But to give incentives to businesses like Leroy Plastics... how many jobs is this going to create? In fact perhaps by their consolidating, they will ultimately cut some jobs.
And as far as incentives for Showtime... so it will create 3 new jobs along with saving 4 others. This sounds good, but what kind of jobs are we investing in here? Part-time, minimum wage, no benefit, jobs???