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IDA authorizes public hearing for Swanson Fulton Street apartment renovation at 311 Gannant Drive
Summary
The Syracuse Industrial Development Agency authorized a public hearing for Swanson Fulton Street LLC’s proposed renovation of a three-story building at 311 Gannant Drive into 75 apartments, a step toward considering tax exemptions and a PILOT.
The Syracuse Industrial Development Agency on July (date not specified) authorized a public hearing for a proposed Swanson Fulton Street project at 311 Gannant Drive that would renovate an existing three-story building into 75 apartments and add indoor and outdoor parking.
Sue (staff member) told the board the applicant, Swanson Fulton Street LLC, seeks financial assistance in the form of state and local sales and use tax exemptions of approximately $805,000 and mortgage recording tax exemptions of about $101,000; the applicant also seeks a PILOT, the amount of which will be determined after a cost-benefit analysis. Sue said the total project cost is about $22,500,000. The authorization was to schedule a public hearing at the agency’s next meeting, which staff indicated will be held on August 19 (date provided in meeting discussion).
Representatives of the applicant were present but declined to speak at length. Ricky Brown moved to authorize the public hearing; Steve seconded and the board approved the motion by voice vote.
