Further Discussion Needed On Tax Agreement Between Utica and Redevelopment Company
Utica, NY (WIBX) – A tax agreement between the City of Utica and a redevelopment company has been tabled.
Genesee Crossing Housing Development Fund Corporation was organized to improve and rehabilitate housing units in the Sunset-Hobart-Noyes-Elm Street area.
The tax agreement between them and the city would exempt the redevelopment company from all city, county and school taxes.
Councilman Frank Vescera says there’s some questions about the agreement.
“Some of those are concerning the structure of the assessment and what the city is actually going to get as far as taxes once these buildings are put into place.”
He says the company is asking to keep the current tax assessments while they do the renovations for 20 years, with a two-percent annual increase until the 20 years is reached. After that time, he says, they will pay what the taxes are under the assessment of the new structure.
Vescera, along with other council members, will be addressing the tax issue on Monday at an Urban and Economic Development Committee meeting in the council chambers at 5 p.m.