Irondequoit, N.Y. – I-Square, the proposed development project in Irondequoit, was pulled back from the brink Thursday night.
In a two-hour meeting at Irondequoit Town Hall, I-Square’s developer Mike Nolan and town board members crafted a tax deal that suited both sides.
Last month, the board refused to approve a 25-year tax deal, also called a PILOT agreement.
Thursday, both sides agreed to a 25-year deal, but the last 10 years would be contingent upon unspecified milestones.
Basically, both sides sat down and compromised.
"We were able to hear where he has changed some of his figures and we know more about what he needs to work on this project,” said Irondequoit Town Supervisor Mary Joyce D’Aurizio.
“It was clarified where we felt differently because we’ve all done the same analysis and the same projections and we were coming up with different answers and today helped us bring that all together and I think we’re heading in the right direction,” Nolan said.
A vote on the deal is expected in January, and Nolan hopes to have shovels in the ground by spring.
Nolan said I-Square will be a $13 million project that will include business and residential space.
On Wednesday, New York’s Regional Economic Development Council promised $450,000 in state funding to I-Square.