Ithaca Developer Approved for $70k Grant to Rehab Property in Downtown Cortland
Wednesday, September 18, 2013
The Cortland City Council has approved a $70 thousand dollar grant to a Main Street property owner who plans to fix up his building and create apartments on the second and third floors.
The City Council voted in favor giving Mark Zaharis of Ithaca $70 thousand dollars to help renovate the former JJ Newbery building at 45-49 Main Street. Zaharis plan to renovate the upper floors to create 6 new apartments as well as update the exterior of the building. The total project cost is around $650 thousand dollars.
The work follows the recently adopted downtown tax abatement program, the program locks the property assessment at pre-renovation levels meaning any new construction or updates on the upper floors will not result in an increase in the property assessment for at least 20 years. The goal of the abatement is to slow the increase in property taxes the building owners pay, in exchange the property owners create new housing to attract more residential living downtown and grow local sales tax receipts.
In previous interviews Zaharis said he plans to purchase the former B-T Jones building at the corner of Main and Court Street for a similar project, he would add another six apartments to the upper floors of that property which has sat idle since a fire in 2005.
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