UJTF Testifies At SIDA Hearing On Inner Harbor Tax BreaksPosted: July 17, 2014
Over 20 members of the Urban Jobs Task Force testified at the monthly Syracuse Industrial Development Agency meeting on June 17th and according to the Syracuse.com article on the meeting
“beseeched the Syracuse Industrial Development Agency, one after another, to impose stricter local hiring requirements on tax-subsidized projects including COR Development Co.’s development of the Inner Harbor.
Unfortunately, the SIDA Board unanimously, AND WITHOUT COMMENT, approved the tax breaks proposed for the entire first phase of the project–a hotel to be built by the Starwood Hotels and Resorts Corp. and planned, yet not detailed luxury apartments. The tax breaks were an exemption from paying the County’s mortgage recording tax and a break on sales tax for materials purchased during construction.
The loss of both of these forms of tax revenue from the project have real-world implications for the residents of our city. Ten percent of the annual budget for Centro, the area’s mass transit system comes from the mortgage recording tax. In addition, the city’s share of area sales tax has become the largest portion of locally-raised revenue for financing city services–police, fire, DPW, Parks etc.