Syracuse Inner Harbor Developer – COR Development SHOPS For A Better Deal With The County
Public Hearing: This Tuesday, December 1st at 9 am Onondaga County Industrial Development Agency (OCIDA) 333 W Washington St. at Franklin St
Come to the SUN office by 8:30 am and
we will go down together. Please RSVP the SUN office: 476-7475
COR Development has applied for a 15 years of tax exemptions from the County – OCIDA, they want to build a $324 MILLION development in the Inner Harbor for residential, retail, office
and hotel attraction. COR wants a sales tax exemption for 15 years — $12.9 million on construction materials and state mortgage recording tax valued at $2.9 million. On the City side, the standard Syracuse Industrial Development Agency (SIDA) TAX BREAK is generally 12 years. > Here is where COR wants a longer tax break.
COR wants to develop PRIZED CITY LAND, the Inner Harbor, get a TAX BREAK without the Mayor and Common Council approval. The Payments In Lieu of Taxes (PILOT) would be split with the County and City getting their usual share. BUT the developer’s fee would go to OCIDA. In the past when SIDA, Syracuse Industrial Development Agency, received a developer’s fee it went to the Land Bank who used it for demolitions, to build public sidewalks and other city expenditures. Its unlikely that City would benefit from the fees paid for by COR if the agreement was with OCIDA. > That’s 1.25% of $324 MILLION or $4,050,000 !
The seven member OCIDA Board is picked (controlled) by the County Legislative Chairman Ryan McMahon. The seven members do not report to the County Legislature.
Now this makes the THIRD DEVELOPER who is running to OCIDA for a better deal instead of SIDA. > It threatens the financial health of our city.
AND COR has refused to sit down and negotiate a jobs hiring agreement consisting of construction workers and permanent jobs with the Urban Jobs Task Force which SUN is a member. > WE DEMAND JOBS FOR PEOPLE THAT LIVE IN OUR NEIGHBORHOODS. COR estimates that they will create 1,000 jobs.
Call if you want a ride to the SUN office –so we can all leave Tuesday, 8:30 AM or drive down to the SUN office by 8:30 AM
Syracuse United Neighbors (SUN) 1540 S Salina St. 13205 476-7475