Property tax break approved for Hotel Syracuse developer
Tue, 19 Aug 2014 17:15:44 GMT —
The historic Hotel Syracuse is one step closer to reopening.
The Syracuse Industrial Development Agency (SIDA) unanimously approved a 14 year PILOT property tax reduction for the developers of the Hotel Syracuse. The deal saves developer Ed Riley close to $5 million in property taxes.
Riley says the $57 million dollar renovation of the historic downtown hotel would not be possible without the tax break.
SIDA Executive Director Ben Walsh says the 90 year old hotel, which has been closed for 10 years, is falling apart, and the deal will most likely end up saving the city money in the long run.
"The reality is if this project does not move forward than ultimately the taxpayers are going to be at risk for footing the bill to demolish the property. In the long run we feel this is the best shot at getting a renovated downtown hotel that will be connected with the convention center," he says.
Riley says when finished the new Hotel Syracuse will have 261 rooms and employ 180 full time workers.