It's the first PILOT approved since mayor appointed new SIDA board members.
The exterior of the future Hotel Skyler at 601. South Crouse Ave. in Syracuse is seen in September 2009.Syracuse, NY - The Syracuse Industrial Development Agency approved a 14-year property tax break Tuesday for the Hotel Skyler project, the first PILOT approved since Mayor Stephanie Miner appointed new SIDA board members.
Developer Norman Swanson won unanimous approval for tax breaks that will be worth $1 million more than what he could have otherwise received under state breaks for sustainable buildings, said Benjamin Walsh, SIDA’s executive director.
The PILOT, or payment in lieu of taxes, must still win approval from Common Council, which is expected to discuss the deal today.
Swanson plans to spend $6.7 million to renovate the former Temple Adath Yeshurun, 601 S. Crouse Ave. He hopes to open the proposed 58-room hotel by April 1, 2011.
If Swanson’s project gets a platinum LEED certification from the U.S. Green Building Council, he would receive 100 percent exemption from taxes on the increase in his property assessment for three years, a 75 percent exemption in the fourth year, a 50 percent exemption the fifth year, and an exemption that drops by 5 percent in each of the next nine years.
“The model we used for Hotel Skyler we hope to replicate for future LEED-certified properties,” Walsh said.
SIDA also voted to give Swanson’s project an exemption worth about $100,000 from sales taxes and mortgage recording taxes.
» Syracuse gives Renaissance Hotel owners a $370,000 tax exemption
Contact Mike McAndrew at mmcandrew@syracuse.com or 470-3016.