Keuka Development could get $727,000 in incentives
Keuka Outlet Development LLC, the condominium project by Chris Iversen planned for the for Penn Yan Boats factory site, should receive about $727,000 in Payment in Lieu of Taxes economic incentives over the course of five years. The PILOT includes approximately $500,000 in sales tax abatement and $50,000 in mortgage tax relief.
At the public hearing for the PILOT Tuesday morning, Oct. 21 at the Milo Town Hall, Finger Lakes Economic Development Center CEO Steve Griffin explained that the 36 to 41 unit project is structured so that no property taxes will be paid until the units are sold, at which time they will be individually taxed at their full assessed value.
With an estimated pre-development value of $1 million, that amounts to the remaining $177,000 in tax relief. Both Griffin and Iversen expect all units to be built and sold well within the five-year frame of the PILOT. Iversen expects demolition bids for the Penn Yan Boats factory to be in by next month. Further site cleanup will continue before construction begins.
There were no comments from the public at Tuesday’s meeting, but Griffin says comments can still be submitted, and before the agreement can be approved it must go through the state environmental review process.
At the regular FLEDC meeting Oct. 22, the board approved:
• A $64,000 loan at 2.6 percent for five years to George Reigelsperger as gap financing for his purchase of the Wagner Estate Bed & Breakfast.
• The loan/lease of a hops harvester to Finger Lakes Hops Harvesters for $34,800 for 7 years, with a $3,500 purchase payment at the end of the lease.
• Mold remediation for $2,800 by Connect-a-Service to tear out flooded sheetrock.
• Sewer pipe repair for $3,350.