Rochester, N.Y. -- Plans for The University of Rochester’s College Town project received a boost Monday after the developer received approval for nearly $15 million in tax breaks. The County of Monroe Industrial Development Agency approved incentives that include breaks on sales, mortgage and property taxes over the course of ten years, according to COMIDA Director, Judy Seil.
“Anytime something like this happens it strengthens the momentum and encourages us as a development team to continue to spend hundreds of thousands of dollars a month as we have over the past couple of years toward the groundbreaking of this project,” said Randy Ruttenberg, Principal Fairmount Properties.
The approved tax breaks are tied to a 14-acre piece of land which is bordered by Elmwood Avenue, Mt. Hope Avenue and Crittenden Boulevard. College Town plans call for a hotel, Barnes & Noble bookstore and supermarket that will be known as “Flour City Provisions,” according to Ruttenberg. He declined to name the company who will operate the supermarket.