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Syracuse IDA approves tax relief and project agreements for renovation of 311 Gannett Drive
Summary
The Syracuse Industrial Development Agency on Sept. 9 approved inducement, pilot and final resolutions to provide exemptions and enable Swanson Fulton Street LLC to renovate a vacant historic building at 311 Gannett Drive into 75 apartments, including eight income-restricted units.
The Syracuse Industrial Development Agency approved a package of resolutions Sept. 9 to support a planned renovation of the historic building at 311 Gannett Drive into a 75-unit residential complex.
Under the actions approved — an inducement resolution, a pilot (tax exemption) resolution and a final resolution authorizing transaction documents — the agency will appoint the project company as its agent, provide exemptions from sales and use tax and mortgage recording tax, and execute lease/sublease arrangements needed to complete the project.
The project sponsor, Swanson Fulton LLC (or an entity to be formed), proposes to acquire an interest in roughly 1.99 acres improved by an approximately 83,402-square-foot, three-story historic building and to renovate it into 75 apartment units. The developer described a unit mix of 7 studios, 60 one-bedroom units and 4 two-bedroom units, with 67 market-rate…
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