$30M Marketplace Mall Redevelopment On Table

$30M Marketplace Mall Redevelopment On Table

Asking for 25-year PILOT amid plans for improvements.
Wilmorite plans to redevelop Marketplace Mall. The plan appears to be similar what the company did at Greece Ridge Centre.

According to a public hearing notice posted by the County of Monroe Industrial Development Agency, Wilmorite plans to demolish the 95,000-square-foot Bon-Ton store and the 49,000-square foot former DSW store.

The mall plans to do roof work and build a store for a "regional anchor draw," as well as shops and restaurants. In addition, the mall will build a restaurant at the corner of Jefferson Rd. and Hylan Drive.

“With the eminent closure of the Bon-Ton at Marketplace Mall, we are preparing a dynamic redevelopment plan that will generate new jobs and sales tax growth for Henrietta.  We expect to announce more details in the coming weeks,” said Dennis Wilmot, Vice-President of Leasing for Wilmorite, in a statement.

COMIDA says the project would cost $30.3 million and create 318 jobs. It would bring in $3.8 million in sales and income tax revenue over 10 years, and $2.5 million in additional property tax revenue over 25 years.

Wilmorite is asking for a payment-in-lieu-of-taxes agreement that would run for 25 years. The initial PILOT payment would not go up, even with the new improvements, and would increase 1 percent a year.

The PILOT agreement is similar to one initially proposed in Greece. The school board rejected the measure and replaced it with one that gives the town more money and is up for review after 15 years.

Incoming Henrietta Town Supervisor Jack Moore said he was concerned with the length of the PILOT and the fact payments would go up only 1 percent a year. But he said he understands the mall needs improvements.

"They pay lots of taxes as it is now in this community. I think they pay close to $3 million of property taxes on that mall. So they are already paying lots of taxes in this community. So if we can help them enhance the mall, bring in more people, which will give more sales tax dollars it's a win-win for everybody," said Jack Moore, (R) Henrietta Town Supervisor-Elect.

"We are formulating a position regarding the proposal, which we will review with the Board of Education tomorrow night," said Rush-Henrietta central School District spokesman Travis Anderson.

A public hearing on the proposal is scheduled for Monday, December 16 at 11 am. The meeting will be held at the Henrietta Town Hall.
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