One of the largest and most significant multi-use complexes currently available for single or multi-tenant users in the United States.
Tax Incentives for Tech Park Approved
Thursday, August 16, 2007View Printable Article
New owner hopes deal helps attract businesses
The County of Monroe Industrial Development Agency has approved tax incentives for the soon-to-be new owner of Rochester Technology Park - the former Kodak Elmgrove facility.
Tech Park Owner LLC, an affiliate of Brooklyn-based Tryad Group, will assume the PILOT incentives initially awared to California developer Brad Cohen.
PILOT is payment in lieu of tax payments and essentially menas a separate payment is made of the property tax - reducing the tax burden, said county economic development director Judy Seil. It is pending approval from the town of Gates.
Tryad Group purchased the 5 million-square-foot facility for $55 million and plans to invest $12 million in upgrades.
The company will receive a lower mortgage tax and sales tax exemption, which means it will not have to pay taxes on materials purchased for improvements. The new Tech Park owner expects to create 30 jobs at the facility of the next five years.
The tax incentives should help attract new businesses at Rochester Technology Park, said Josh Yashar, partner at Tryad Group. The deal should close next month, he said.
The COMIDA board also approved a tax-exempt civic facility bond for The Friendly Home, a nonprofit residential health care organization.
The $22 million project will affect 279 existing jobs with The Friendly Home seeking up to $19 million in civic facility revenue bonds.
COMIDA is a nonprofit, public benefit corporation and government agency that works to promote and attract jobs and businesses around the county.