^ Yippee, the IDA approved the tax breaks for the Marriott Hotel project. From the Ithaca Journal:
IDA approves tax breaks for proposed Ithaca Marriott
New hotel would have 159 rooms, be situated on Commons
10:06 PM, Mar 20, 2013
Written by
David Hill
The Tompkins County Industrial Development Agency approved a package of tax incentives Wednesday for the proposed 10-story, 159-room Marriott hotel for the east end of The Commons.
The IDA voted 6-1 in favor of the measure. Will Burbank was the only member of the agency to vote against the plan.
The developers of the hotel, led by Urgo Hotels of Bethesda, Md., contend the project is not financially feasible without the breaks on property taxes and sales taxes for construction materials offered under the City of Ithaca’s downtown density incentive program.
The program aims to stimulate development in the urban core instead of the suburban fringe. The incentive program is overseen by the county IDA as it involves county and Ithaca City School District property taxes, as well as those for the city.
The enhanced version of the incentive program forgives 100 percent of the added value of the property in its first year, 90 percent in the second, 80 percent the third and so forth for 10 years until, at the end of the period, the owner would be responsible for the full value.
The estimated abated taxes in the period would be $3.6 million, with $3.4 million in new taxes paid, according to the company’s application. The company also is applying for abatements on the mortgage recording tax.
Labor interests, with several elected officials’ endorsements, have urged the IDA to have the developers commit to using local construction workers and to pay all employees a living wage.
Urgo Hotels has pledged to pay housekeeping staff about $11.31 an hour, and said they would pay everyone competitive wages, but has not made a public commitment to a specified living wage. The developers expect about 75 permanent full-time jobs by the hotel’s second year in operation.
The hotel has been endorsed by much of the business community and Ithaca Mayor Svante Myrick.
The project has received the necessary city planning approvals. The developers hope to begin construction this spring and finish in 2014 at an estimated cost of $32 million.
It’s to be built on a narrow triangular site between Green Street, Aurora Street, and the Rothschild Building, with its main parking facility being the city’s Green Street garage. The main street entrance would be on Aurora Street.
Here's the link:
http://www.theithacajournal.com/arti...thaca-Marriott