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Keuka Moorings project PILOT updated

In what is believed to be the final hurdle in the redevelopment of the former Penn Yan Marine property along the Keuka Outlet, the Finger Lakes Economic Development Center (AKA Yates County IDA) approved the signature of the Payments in Lieu of Taxes (PILOT) agreement June 21.

Keuka Moorings Developer Chris Iversen made a presentation to explain the changes in the project since the PILOT was approved over 2 years ago; the proposed marina has been eliminated, but the same number of slips will be available in parallel dockage on the outlet, and the number of condominium units has risen from 38 to 42. No property taxes will be paid during the development phase, but FLEDC CEO Steve Griffin explains that the incentives in the 12-year PILOT actually decrease with the changes.

The real savings will be in the mortgage and sales tax abatements, since the base land value as a brownfield cleanup site is only $100,000 to $150,000.

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