In what is believed to be the final hurdle in the redevelopment of the former Penn Yan Marine property along the Keuka Outlet, the Finger Lakes Economic Development Center (AKA Yates County IDA) approved the signature of the Payments in Lieu of Taxes (PILOT) agreement June 21.
Keuka Moorings Developer Chris Iversen made a presentation to explain the changes in the project since the PILOT was approved over 2 years ago; the proposed marina has been eliminated, but the same number of slips will be available in parallel dockage on the outlet, and the number of condominium units has risen from 38 to 42. No property taxes will be paid during the development phase, but FLEDC CEO Steve Griffin explains that the incentives in the 12-year PILOT actually decrease with the changes. The real savings will be in the mortgage and sales tax abatements, since the base land value as a brownfield cleanup site is only $100,000 to $150,000.
Iversen says the project changes and land issues required a remake of the triune agreement with Yates County and Penn Yan. He adds that the brownfield cleanup is complete and checked by the N.Y. State DEC, but the regulations are under review and they need to get the project done before any regulatory changes are made.
More detailed architectural plans for the condos are still to be approved by the state, but Iversen says he hopes to begin selling units in 2018, at an estimated range of $450,000 to $540,000 per unit.
The final closing on the property is scheduled for noon today.
In other business:
• KanPak tour: The FLEDC meeting was held at the KanPak dairy processing plant in the Horizon Business Park. General Manager Bryan Bartee took the members on a tour of the plant, which has greatly expanded in size and production since it was purchased in late 2014. Here in Penn Yan, KanPak produces aseptic pouches of dairy creamer for commercial use, as well as a range of Siggi’s Yogurt.
• Solar Project PILOT: The Middlesex Solar Farm was approved for a deviated 30-year PILOT. Griffin says that the solar farm would be grandfathered in a state tax relief law, and could have paid no taxes at all for 15 years, so the 30-year PILOT is better for the town.
• Main Street grant: FLEDC approved $4,250 to municipal consultants LaBella Assoc. of Rochester to apply for a $500,000 grant to redevelop the upper stories of buildings in downtown Penn Yan as a revitalization and improvement project.
• Irrigation Cooperative: a group of farmers in Torrey have asked FLEDC to take the lead in negotiating an irrigation project using water from the Keuka Outlet and/or Seneca Lake.