Tax breaks considered for developer of former Pond Street Wegmans location
The Syracuse Industrial Development Agency will hold a public hearing for tax exemptions to bring a TOPS Friendly Markets to Syracuse's North Side.
The grocery store would go into the building which used to be Wegmans on Pond Street.
The agency voted 4 to 0 Tuesday to have a public hearing.
"We're excited that TOPS has identified the Pond Street location for a new store and we look forward to working with them and the developer to bring the deal to fruition over the next few months," says Ben Walsh, deputy commissioner of neighborhood and business development.
SIDA received two applications; one of the applications is from Morgan Management LLC. Morgan Management is the developer who has contracted to buy the building from Wegmans.
The company is requesting a 10 year agreement. Under that agreement, they would pay taxes for the first seven years based on the current assessment of the property. It would go up the final three and year 11 would be fully back on the tax rolls. The company is also looking for a sales tax exemption on construction materials and a mortgage recording tax exemption.
Ben Walsh says they are working out the financial details.
"I think we need to focus on the long term financial benefit to the city associated with the improvements to the property as well as the immediate benefits associated with a new grocery store on the north side," said Walsh when asked how much will the deal could cost the city.
SIDA also received an application from TOPS Markets LLC requesting an exemption on sales tax on construction materials. The agreement, according to officials, can still be negotiated.
SIDA'S next scheduled meeting September 18th at 8:30 am. The agency could do it then or they could call a special meeting.
The Pond Street Wegmans closed in June and neighbors, many who don't have transportation, are eager to see a grocery store return.