A step forward for the Harold's Square project downtown (from the Journal):
A Green Street side view of the proposed Harold's Square project. The six-story apartment building is proposed at the south side of the complex, set back from The Commons, to the north of the Green Street parking garage that is superimposed but, out of place in this rendering. Plans may have changed slightly since this rendering. / Chaintreuil Jensen Stark
Harold's Square gets first OK for tax breaks
IDA also approves package for new Beechtree owners
6:51 PM, Nov 21, 2013
Written by
David Hill
Harold’s Square, the combined storefront, offices and apartmentcomplex planned for a site between The Commons and Green Street and reaching up to 11 stories tall, won initial approval Thursday from the Tompkins County Industrial Development Agency for tax breaks under the city’s downtown-density incentive program.
The board also gave initial approval for an incentive package for BTRNC, the company that took over running Beechtree Care Center, the 120-bed nursing home on Albany Street in Ithaca formerly known as the Reconstruction Home, in September, with plans to run it for profit.
Over 10 years, it will pay an estimated $656,000 in taxes combined to the city, county and Ithaca City School District, with about $679,000 abated over the period, whereas it pays none now as a not-for-profit organization, according to its abatements application. It will pay the full amount after the 10-year abatement period.
Harold’s Square is planned for space occupied by the former Race office Supply, Alphabet Soup and Night & Day stores on the Commons. At an estimated cost of $38 million to the developers, it will add an estimated $15 million to $20 million to the tax rolls when completed, and add nearly 57,000 square feet of much-needed office space downtown, said Heather Filiberto of Ithaca, director of economic development services for Tompkins County Area Development, which staffs the IDA.
Under the seven-year abatement plan, Harold’s Square would have about $2.2 million in property taxes forgiven but pay a like amount to the city, county and school district, and have about $1.4 million in sales taxes reduced over two years.
Harold’s Square principal David Lubin of Horseheads said the abatement is important because the first few years are the toughest in any new business. Construction is expected to take 18 months, starting likely in early 2014, he said.
Here's the link:
http://www.ithacajournal.com/article...-OK-tax-breaks