At their monthly meeting Nov. 15, following a public hearing where no objections were voiced, the Finger Lakes Economic Development Center (FLEDC) Board of Directors unanimously approved the Payment in Lieu of Taxes (PILOT) agreement for Hideaway on Seneca; the redevelopment of the Rainbow Cove Motel in Milo by Geneva investor David Bunnell. Bunnell previously built, owned, and operated Starkey’s Lookout Winery and Brewery at Glenora Corners in Starkey.
FLEDC CEO Steve Griffin explained that Bunnell is investing approximately $2.8 million in the project, which will create six new full time jobs and retain four and a half full time jobs. The base value of the property is $669,000, and the taxes paid on that value will continue. Taxes on the improvements Bunnell will add to the property will be phased in at 10 percent increments over the 10-year PILOT period.