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Syracuse IDA approves inducement, PILOT and final resolutions for 283-unit GW Syracuse project
Summary
The Syracuse Industrial Development Agency held a public hearing and approved inducement, PILOT and final resolutions allowing GW Syracuse LLC to pursue a 7-story, mixed-use development of about 283 apartments and 6,000 sq ft of retail with tax exemptions and a PILOT schedule.
The Syracuse Industrial Development Agency on July (public hearing date not specified) held a public hearing on GW Syracuse, a proposed 7-story, mixed-use project and approved an inducement resolution, a 20-year PILOT schedule and a final resolution to authorize lease transactional documents that will allow the project to proceed.
Agency staff read a public notice that said GW Syracuse LLC or an entity to be formed requested the agency undertake a project that would acquire interests in five parcels on East Washington and East Fayette streets totaling about 1.3 acres, demolish three structures, remediate contaminated soil under New York State Department of Environmental Conservation oversight and build an approximately 346,000-square-foot building with about 283 residential units and roughly 6,000 square feet of first-floor retail. The project would include surface parking for about 75 cars and a subsurface parking structure for about 107 cars and deliver the building, the applicant said, in 2028.
The inducement resolution approved by the board authorizes the agency to undertake the project and appoints the company as agent during the period before closing. Sue (staff member) told the board the inducement included authority to grant state and local sales and use tax exemptions up to $3,886,400 and mortgage recording tax exemption in the approximate amount of $642,000, and noted that 12% of residential units will be set aside to meet the income requirements under the City of Syracuse zoning ordinance.
James Trasher, an engineer for the applicant with CHA Consulting, said the development is part of a Brownfield cleanup program and that the team is coordinating with the New York State Department of Environmental Conservation. “We are working through that with the New York State DEC … deliver this building in 2028 is our goal,” Trasher said.
Board member Dirk moved to approve the inducement resolution; Ricky Brown seconded. The board voted in favor and the motion carried. The board next approved a PILOT resolution; Sue said it was the first PILOT schedule adopted under the agency’s updated Uniform Tax Exemption Policy (UTEP), runs 20 years and requires the company to continue paying 100% of real property taxes as the property currently sits. Dirk moved the PILOT resolution; Ricky Brown seconded and the board approved it.
The board then approved a final resolution authorizing the agency to execute and deliver standard lease transactional documents that will confer the approved benefits to the project. Ricky Brown moved the final resolution; Steve seconded and the board voted to approve it.
No members of the public spoke in opposition during the hearing, and the agency’s finance committee previously reviewed the Gateway (GW Syracuse) project and recommended the board consider approval, staff said.
