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Tax Breaks for Sibley Building Helps Move Project Along

wikimedia.org

At its meeting this week, the County of Monroe Industrial Development Agency, or COMIDA, approved around $2.3 million in exemptions for the developers of the Sibley Building  downtown.

Attorney and partner with Winn Development on the project, Gerry DiMarco, says work is underway to have the High Tech Rochester incubator occupy the sixth floor, and the commercial mixed-use portion will include 96 apartment units and space for retail and commercial use.

He says it's important that this project on an iconic building in downtown Rochester is completed.

Gerry DiMarco at this week's COMIDA meeting

And the project needs tax assistance from COMIDA.

"The Sibley Building in particular, is such a large structure that the only way that this could ever be developed is by everybody that can contribute, contribute to it," said DiMarco. "We need as much help as we can get. And it's going to be returned, obviously to the community in jobs, in taxes, in all kinds of payments, plus the fact that this one block structure will be magnificent."

He says when the project started in 2012, it was expected to take 5 to 10 years to complete.