Tax deal approved for new Syracuse University bookstore, fitness center
Mon, 09 Jul 2012 19:33:52 GMT —
The developer who wants to put a new bookstore and fitness center on the Syracuse University campus is getting a tax break.
On Monday, the Syracuse Common Council approved a 30-year tax exemption for Cameron Group LLC. The final vote was 5-4.
Under the deal, Cameron will pay the City of Syracuse $64,400 a year for 30 years. Right now the land where the center will be built is owned by Syracuse University, which plans to lease the space to Cameron for $1 a year.
The Syracuse Industrial Development Agency (SIDA) approved the PILOT last February.
Common Council President Van Robinson said the deal comes with several contingencies.
Cameron agreed to hire at least 10 minorities during the construction, according to Robinson. Syracuse University also plans to allow 7th-12th graders from Syracuse to use the workout facility.
The bookstore and fitness center will be located at 601 University Avenue, not far from the Whitman School of Management. Construction is expected to start this fall.