Ref: the post two above this one (#1741), Looks like the developer is going to have it his way or nothing. btw, he's not the most highly regarded landlord in the city.
From the Ithaca Times:
Jason Fane: No Tax Abatement, No Project
By Michael Nocella
He Can Live Without It
Local developer Jason Fane.
Posted: Thursday, September 18, 2014 8:27 pm | Updated: 10:27 pm, Thu Sep 18, 2014.
By Michael Nocella
reporter@ithacatimes.com | 0 comments
ITHACA—Jason Fane holds all the cards. The well-known developer made that perfectly clear during a public information session for his proposed housing project at 130 East Clinton Street Thursday, Sept. 18 in the Tompkins County Public Library.
Although the project was approved by the city in Nov. 2012, Fane is now seeking tax abatement assistance from the city and county through the Community Investment Incentive Tax Abatement Program (CIITAP) incentive program.
The program—available to certain parcels within the downtown BID and West State St./Waterfront areas—offers seven years of stepped tax abatement to projects that qualify and are approved. The three requirements to be eligible for the program are size, density, and location. With its Clinton Street address and proposed three-story, 36 unit apartment building, Fane and his team confirmed the project is indeed qualified to apply. The next step will be the application process through the Industrial Development Agency (IDA), and then another public hearing before it gets approved.
One resident in attendance questioned why Fane—a millionaire developer who has made a lot of money from his properties in Ithaca—would need a tax break from local municipalities. Fane and his team noted that since they conceived the project in 2011, and since its been approved in 2012, materials to construct the project have escalated. According to the Downtown Ithaca Alliance (DIA), the project is $1.1 million over budget. DIA Executive Director, in a press release, noted the following as reasons why Fane’s project is worthy of tax incentives:
The project will locate 36 units of housing in downtown, within easy walking distance of shops, food and beverage, and entertainment. This is where we want to encourage housing to be built.
By locating at 130 East Clinton St., the project helps relocate transient residents and students out of South Hill, directly benefiting the South Hill neighborhood.
These are moderately priced units—not at the high end and not at the low end. They fill an existing and unmet niche.
This project has a funding gap. This is precisely why the CIITAP program was created; to fill such gaps and to incentivize projects to locate into the heart of our community where we want them to be.
Despite Ferguson’s enthusiasm, Fane bluntly admitted that he wasn’t the biggest fan of the project’s evolution.
“If I had to do this project again,” he said, “I wouldn’t.”
Fane added that the project still will be a welcomed addition to the city, and thinks it will ultimately be successful, however, he would not move forward with it without getting approved for the tax abatement.
“I’m not determined to do this project,” he said. “I have plenty of other projects in other cities that [he’s more enthusiastic about].”
Another resident said asked why the units won’t be “affordable housing.” Fane, who previously noted rent prices have yet to be determined, had some fun with his response.
“They’ll all be affordable—they’ll all be rented,” he quipped.
Here;s the link:
http://www.ithaca.com/news/jason-fan...d89512935.html