Developers of The Inn of the Lake property want a financial break in the form of property tax benefits on a $48 million rebuild at the site. The request to the Ontario County Industrial Development Agency got a chilly response Tuesday from Canandaigua City Council. With a number of issues at play, one is why the developer — a younger generation of the Sands family who founded global alcoholic beverage giant Constellation Brands Inc. — needs such a break.
“I want to know why they need this from us,” said Council member Robert O’Brien during an hour-long discussion at the City Council meeting. “They are giving away our money without our permission,” he added.
The IDA has the final say on whether to grant the benefits. A public hearing on the request is set for July 23. The applicant, a Delaware limited liability company, L.L. R&M, LLC, wants a 20-year agreement. It would allow the company to pay property taxes only on the undeveloped property for 10 years. For the remaining 10 years it would pay property taxes on just 50 percent of the increased assessment based on improvements.
The old Inn on the Lake was totally demolished. Plans for 770 S. Main St. call for a modern, world-class lakefront conference center, event center and hotel on nine acres. It is expected to open next summer.