At a special meeting on Monday, the Cortland County Industrial Development Agency approved a 15-year PILOT agreement, or payment in lieu of taxes, with the developers of Crescent Commons on South Main Street in Cortland.
Developers will have five years of zero taxes and ten years of a graduated increase up to 100%.
“It’s gonna be, I think, a showpiece.” David Yaman
IDA Chair Michael McMahon says several state and local agencies are working together on this.
“We can sleep better knowing that the state auditor will know that this is a project that New York State saw as worthy and are putting more than a million dollars themselves into,” said McMahon.
“This is a pretty major project and it requires the support of a lot of agencies – state, federal and local,” said Yaman. “I’m very appreciative of what the local organizations have done. It’s very important.”
The county IDA’s main focus is growing and retaining jobs here, and Chair Michael McMahon says this project qualifies under the agency’s overall goal of economic development.
“Creating nice housing for young professionals, which we lack in this county, and creating some new commercial space.” McMahon added, “Basically, saving a building which is in jeopardy at this point in time, and if something isn’t done for it pretty quickly, we’re going to have a blight on the neighborhood.”
David Yaman would like this project to be the first of many here.
“I hope it’s going to be a model for what can happen in this community in the future. It’s the conversion of an industrial building into something that’s more currently in demand.”
Yaman and the Housing Visions will convert the historic Crescent Corset building into first floor retail space and second floor, market rate, loft-style apartments
“The important thing is that the building will be totally refurbished to historic quality,” said Yaman. “It’s gonna be, I think, a showpiece.”
The developers plan to finish the improvements by August.