Press release:
The Genesee County Economic Development Center (GCEDC) Board of Directors approved incentives for a $12.8 million renovation of an existing apartment complex in the City of Batavia at its Oct. 1 board meeting.
Batavia Senior Housing Preservation LLC’s project will invest approximately $21,400 per unit in hard construction costs, assuring the apartment complex at 1 State St. remains viable as a safe and affordable housing option for low-income seniors. Current residents will not be displaced during the renovation and construction.
The project has been approved for a private activity bond, sales and mortgage tax exemptions and a property tax abatement. The property tax abatement is limited to the increase in future value only. Project incentives are estimated at approximately $376,466.
