The $60.8 million College Town project was approved for tax abatements of nearly $15 million Tuesday by the County of Monroe Industrial Development Agency.">
|PRINT | CLOSE WINDOW|
The $60.8 million College Town project was approved for tax abatements of nearly $15 million Tuesday by the County of Monroe Industrial Development Agency.
College Town Rochester LLC has proposed a mixed-use development on 14 acres next to the University of Rochester, resulting in retail, office and residential space, along with a hotel and parking facilities.
Anchor tenants will include Barnes & Noble Inc. and UR, with 180 jobs created over three years, officials said.
The city of Rochester requested a custom abatement from COMIDA. The projected benefit to the community is $21.5 million, COMIDA officials said.
In other business, Morgan Depot Plaza LLC was approved for incentives totaling $771,865 for the proposed redevelopment of the former Kmart plaza on East Ridge Road in Irondequoit. The community benefit is estimated at nearly $2 million.
The entity will be exempted from mortgage and sales taxes on $10.7 million in construction and renovation costs, and on $2 million for renovations and equipment, COMIDA officials said.
The developer, an entity of Morgan Management LLC in Perinton, wants to demolish a portion of the plaza and build a 52,000-square-foot Tops Friendly Markets grocery at 999 Ridge Road East.
The Tops grocery at 1455 Ridge Road East is to relocate to the site, which will include a fueling station. The $16 million project will retain 79 jobs and create 18 more over three years, officials said.
PharmaSmart International Inc., a designer and maker of blood pressure screening equipment, was approved for sales tax breaks of $11,600 on its move to the Rochester Technology Park in Gates from Winton Place near Brighton-Henrietta Town Line Road.
The community benefit is pegged at $273,061.
PharmaSmart plans to spend $145,000 to equip the new location on Elmgrove Road, including fiber-optic wiring, wireless network hubs, material handling equipment and a bar-code system.
Two full-time positions will be added to the current workforce of 29, representatives said.
Merlin International Corp., a provider of four-color printing and related services, was approved for sales tax exemptions of $3,186 on its purchase of a $103,220 document production system. The benefit to the community is $96,967.
The company, located on Bermar Park in Rochester, plans to add two full-time workers to its 17-person workforce.
Pontarelli Associates LLC, a maker of wet- and dry-process equipment, was approved for exemptions of $73,157 for the $712,800 expansion of its 33,165-square-foot facility on Paul Road in Chili and a $100,000 investment in software.
The community benefit is $531,503, COMIDA officials said.
The company, which employs 40, plans to add six workers over three years.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email firstname.lastname@example.org.