The County of Monroe Industrial Development Agency (COMIDA) has approved incentives for a housing development on the former Colgate Divinity campus in Rochester, New York. The project, led by developer Mark IV Enterprises, aims to transform the 14-acre site into a mixed-use community with a mix of housing types, including apartments, townhomes, and single-family homes.
The COMIDA board approved a package of tax incentives, including a payment-in-lieu-of-taxes (PILOT) agreement, which will provide significant tax savings to the developer over a 15-year period. The PILOT agreement will allow the developer to make annual payments based on a percentage of the project’s overall value, rather than paying traditional property taxes.
The project is expected to bring significant economic benefits to the area, including the creation of construction jobs and the potential for new businesses to locate in the area. The development will also help to revitalize a long-vacant site, which has been empty since the Colgate Divinity School relocated to a new campus in 2011.
The housing development will include a range of unit types and prices, with a focus on creating affordable and workforce housing options. The project will also include amenities such as parks, trails, and community spaces, which will be available to residents and the broader community.
The approval of the tax incentives by COMIDA is a significant milestone for the project, which has been in development for several years. The project has received support from local officials and community groups, who see it as an opportunity to bring new investment and energy to the area.
The next steps for the project include finalizing the design and engineering plans, obtaining necessary permits, and beginning construction. The developer expects to break ground on the project in the coming months, with completion anticipated within the next few years. Overall, the approval of incentives for the Colgate Divinity campus development is a positive step forward for the project, and is expected to have a significant impact on the local community and economy.
The incentives are expected to save the developer around $10 million over the 15-year period, which will be used to offset the costs of developing the site. The project is expected to generate around $1 million in annual tax revenue for the county and local municipalities, once it is completed.