By Tim Knauss | firstname.lastname@example.org The Post-Standard
on April 02, 2013 at 4:12 PM
SYRACUSE, N.Y. – The Onondaga County Legislature today unanimously – and enthusiastically — approved a 25-year payment in lieu of taxes for the proposed Township 5 development in Camillus. Legislators predicted the deal also will be embraced by a school district and a development agency that have yet to vote.
“I’ve never seen an economic development project that had such unanimous support,’’ said veteran Legislator Kathleen Rapp, R-Salina, who chairs the economic development committee.
Under the PILOT deal, developer Cameron Group LLC would make $41 million in PILOT payments over 25 years, about the same as what it would pay in property taxes. But roughly $9 million of the PILOT money would be used to pay for the estimated $6 million cost (plus interest charges over 25 years) to make improvements to four nearby intersections, build an access road and install a sewage pumping station.
That would leave local taxing jurisdictions – the county, the town of Camillus, and the West Genesee School District – with approximately $32 million in PILOT payments. Camillus has approved the PILOT, and the school district is expected to approve when it votes April 10. The Onondaga County Industrial Development Agency also must vote on the deal.
Township 5, a retail, office and apartment development off Hinsdale Road, will include Upstate New York’s first Costco Wholesale store. Other likely tenants include Frank Theatres’ CineBowl, and Buffalo Wild Wings, Olive Garden, Mesa Grande Taqueria, Longhorn Steakhouse and Papaya Asian Kitchen & Bar restaurants. The development will include 96 apartments.