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August 2, 2022 - 11:59pm

GCEDC board to consider subsidies for senior housing complex in Le Roy

posted by Press Release in GCEDC, news, Le Roy, Ivy Village Corp, business.

Press release:

The Genesee County Economic Development Center (GCEDC) Board of Directors will consider final approval for a $3.72 million financial investment by Ivy Village Corp. that would create 20 units of market-rate senior housing in the village of Le Roy at its board meeting on Thursday, August 4, 2022.

The GCEDC board also will consider an initial application for a proposed $17.6 million project by Nexgistics to construct a 140,000 sq. ft. warehouse distribution center and national headquarters on 30 acres of land on Vision Parkway in the town of Pembroke.

Nexgistics is a fast-growing third-party logistics provider specializing in consumer electronics, sporting, and outdoor goods, e-bikes, and related products with operations in New York and Nevada.  Nexgistics currently leases buildings at two locations in western New York and is seeking to build a centrally located facility that will enable the company to retain 21 full-time positions and create three new jobs.

Nexgistics has requested sales tax exemptions estimated at $812,000, a property tax abatement estimated at $1,116,360, and a mortgage tax exemption estimated at $154,650.  For every $1 of public benefit, the company invests $7 into the local economy.

Ivy Village Corp. proposes to build market-rate residential units in three phases, each calling for the construction of 10 duplex residences.  The development is located on 16 acres off Lake Street with easy access to village amenities and is a twenty-minute drive to downtown Rochester. 

Ivy Village Corp. has requested approximately $805,000 in mortgage, property, and sales tax incentives. The project's fiscal impacts (indirect payroll and tax revenues) are estimated at over $3.5 million over the PILOT's term, with $6 of local benefits from the project for every $1 of public investment.

The Aug. 4 GCEDC Board meeting will be held at 3 p.m. at the MedTech Center’s Innovation Zone, 99 MedTech Drive across the street from Genesee Community College.  On-demand recording of the meeting also will be available at www.gcedc.com.

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