A public hearing on the proposed financial assistance for the Keuka Outlet Development (KOD) project planned for the former Penn Yan Marine site will be held at 9 a.m. Oct. 21 in the Milo Town Hall, 137 Main St., Penn Yan.
The financial assistance package proposed by the Yates County Industrial Development Agency (Finger Lakes Economic Development Center) will give KOD abatement savings totaling an estimated $727,823 on property, sales and mortgage taxes.
KOD is proposing to build 41 condominium units, a club house, and a marina on the 14.7 acre parcel now owned by Yates County.
If the proposed financial assistance plan is approved by the Board of Directors of IDA, the exemptions will include:
• Exemption from mortgage recording taxes estimated at $50,000.
• Exemption from deed transfer fees.
• Exemption from sales taxes relating to the acquisition, construction and installation of the project, estimated at $496,400.
• Exemption from real property taxes estimated at $181,423.
Steve Griffin, CEO of the Yates County IDA says the estimated savings of real property taxes are based on the assumption that all the condominiums will be sold within five years. When a unit is sold, the new owner will become responsible for the property tax liability. KOD will be responsible for the property taxes on the land and common facilities.
Griffin based his figures on a current assessed value of over $1.3 million.
The proposed agreement is available for review at the FLEDC offices, 1 Keuka Business Park, Suite 104, Penn Yan.