New Project Blocks From Inner Harbor Seeks Tax BreaksPosted: November 21, 2013
Two blocks from the proposed Inner Harbor project of COR Development, developers are proposing the rehabilitation of a commercial building for use by two different firms–one a financial services firm and the other a sports medicine practice.
The financial firm estimates that 100 jobs will relocate from the Onondaga Co. suburbs and they will create an additional 50 jobs over 5 years.
Unlike COR, the developers are not being coy about their intentions to ask for public benefits. The group 706 N. Clinton LLC has applied for a $500,000 state grant to do asbestos and lead paint remediation. They are also asking for a 10 year, $1.2 million package of tax incentives from the Syracuse Industrial Development Agency: $896,720 in property tax discounts, $240,000 in exemptions from sales taxes on construction materials and $65,000 from an exemption from the state mortgage recording tax.