Sponsored by

Tax Breaks Awarded To Costco, Midtown Projects

Two big projects in the city of Rochester were awarded tax breaks.
Two big projects in the city of Rochester were awarded tax breaks.

The first one is the Costco store going up at Westfall Road and East Henrietta Road. The County of Monroe Industrial Development Agency (COMIDA) granted the developer $3.6 million in tax breaks over 14 years. The $30 million project will create 200 jobs. Starting pay is $11 per hour.

"I might add that they're above-average paid jobs. A cashier, the average cashier, is paid something like 42,000 dollars a year and the average hourly rate is over 20 dollars an hour," developer Anthony Costello said.

The state does not allow tax breaks for retail projects, but Costco was given a waiver because the city of Rochester is considered a distressed area. The store is slated to open next summer.

COMIDA also awarded tax breaks to the Midtown Tower Project. Right now the tower is a steel skeleton. Developers Larry Glazer and Bob Morgan plan to spend $54 million to put in apartments. They will get $18 million in mainly property tax relief over the next 20 years.

"We are excited about the amount of investment here, the jobs being created, but the city will see substantial tax revenue, beginning in year one on a property that we don't get any tax revenue now," Bret Garwood said.

Construction will start next year and the first residents could move in by July 2015.
Page: [[$index + 1]]
comments powered by Disqus