Aug. 27: Yates County Planning Board will review the project at 7 p.m. in the county office building.
Sept. 16: Finger Lakes Economic Development Center will hold a public hearing on the proposed payment in lieu of taxes agreement. Time to be announced.
In order to consider tax break incentives for the proposed Keuka Commons development on the campus of Keuka College, the Finger Lakes Economic Development Center (FLEDC), Yates County’s industrial/economic development agency, will hold a public hearing before the next FLEDC meeting Sept. 16.
Before that meeting, however, the Yates County Planning Board will review the proposed site plan for multiple area variances, including building setbacks and total lot coverage at its Aug. 27 meeting. Some questions about stormwater management are already being brought up by county and town officials. The planning board meeting will be held at 7 p.m. in the legislative chambers of the Yates County Office Building.
Both meetings are open to the public.
In a lease-leaseback arrangement with the college, Krog Corp. of Corning will own the building as a taxable property on land leased from the college by Keuka Commons LLC. The college will then, in turn, lease space in Keuka Commons back from Krog for academic offices and campus services.
According to FLEDC CEO Steve Griffin, FLEDC will consider a standard 10-year schedule for payments in lieu of taxes (PILOT) with 0 percent paid the first year, rising to 100 percent by year 10, totaling $422,000 in property tax abatement over the span of the PILOT.
Griffin reports the $5,395,000 project will also be considered for mortgage tax abatement totaling $37,765, and sales tax abatement of $220,000, mostly for construction materials.
The project is expected to bring 55 construction jobs for one year, create 20 new jobs, and retain 66 existing jobs.
Griffin states the planned two-story 28,000+ square foot building will incorporate retail space on the ground floor, including the college bookstore, the Terrace Café with a planned Tim Horton’s franchise, a fitness center, the campus health office, and 2,000 square feet of space yet to be allocated.