The Genesee County Economic Development Center (GCEDC) board of directors will consider a final resolution for Countryside Apartments LLC’s proposed $15 million development of four 24-unit market-rate apartment buildings at its board meeting on Thursday, Oct. 26.
Countryside Apartments LLC is proposing to construct the project in phases at 8900 Alleghany Road in Pembroke. Each building will have eight 1-bedroom and 16 2-bedroom units, totaling 96 market-rate units throughout the complex.
The project aligns with Genesee County’s recognized need for housing availability, and housing growth spurred by $1 billion of investment and over 600 careers announced by projects at the nearby Western New York Science & Technology Advanced Manufacturing Park.
The project is requesting assistance from the GCEDC with a sales tax exemption estimated at $739,200, a property tax abatement estimated at $2,020,688 based on the incremental increase in assessed value via a fixed 60% 20-year PILOT (Housing PILOT for 20+ market-rate units), and a mortgage tax exemption estimated at $130,000.
The fiscal impacts on local benefits are estimated at over $10 million. For every $1 of public benefit, the company is investing $5 into the local economy.
A public hearing for the proposed project agreements is scheduled in the town of Pembroke at 6 p.m. on Wednesday, Oct. 25 at Pembroke Town Hall.
The Oct. 26 GCEDC board meeting will be held at 4 p.m. at the MedTech Center’s Innovation Zone, 99 MedTech Drive, Batavia. Meeting materials and links to a live stream/on-demand recording of the meeting are available at www.gcedc.com.