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Library Place and Arthaus get approval for tax abatements

first_img Your Economy & Development news is made possible with support from: Kelsey O’Connor ITHACA, N.Y. — Two large housing developments — Arthaus and Library Place — got approval for tax abatements from the Tompkins County Industrial Development Agency this week.The abatement request for Library Place was the most controversial of the two, as many community members have consistently voiced opposition to the project at multiple stages. At the TCIDA vote Wednesday, a few people spoke up once more to ask members not to approve the tax abatement.Neighbor to the project, Suzy Kramer, read a part of a letter to TCIDA members before their vote. She raised concerns about the completeness and accuracy of Frost Travis’ applications. She and others were also concerned by the demolition process of the building. Another issue people have raised is the lack of affordable units. The City of Ithaca has a Community Investment Incentive Tax Abatement Program — or CIITAP —that allows property owners to apply for abatement for a portion of their property taxes for up to seven years. As of 2018, one of the requirements is for the property to have affordable housing. That’s not really part of the plan for Library Place. But, as TCIDA and Common Council member Laura Lewis explained Wednesday, the application for Library Place was submitted before that stipulation went into effect.The feedback for the project was not all negative Wednesday. Tom Butler, board president for Lifelong, said he is excited about the partnership Lifelong will have with the project. Lifelong will be able to use about 1,800 square feet of space for programs, he said. “This is an expansion of our capabilities we could not have afforded otherwise,” Butler said. center_img Tagged: arthaus, Cayuga Street, development, ex libris, ithaca, library place, old library, TCIDA, travis hyde properties, vecino Travis Hyde Properties was seeking a 10-year Energy Incentive enhanced property tax abatement and sales and mortgage recording tax exemptions. The exemptions would save the project about $5.32 million in new taxes and generate about $1.7 million in new property tax revenue over 10 years on the previously tax-exempt property, according to the application. In its previous application, Travis Hyde Properties said it has taken three years for Library Place to get to this point and eight design iterations. Without the property tax incentives, the project will be “rendered financially infeasible.”Ultimately, the TCIDA approved the tax relief for Ex Libris, though not unanimously. Legislator and TCIDA member Leslyn McBean-Clairborne was opposed.For a quick recap of the project, Library Place, Ex Libris, or the Old Library Project, at recently demolished 316 N. Cayuga St., is proposed to have 66 market-rate, age-restricted apartments for people 55 and older. It is being developed by Travis Hyde Properties. It will also have 26 to 30 parking spaces, a community room operated by Lifelong, a public restaurant, spa and wellness center, and an office meant for a home health care agency that residents can elect to contract with for home health care services, according to their IDA application. The rents of the units are expected to range from $1,900 per month for a one bedroom up to $3,000 per month for a three-bedroom apartment.Meanwhile, Arthaus is an affordable housing development proposed for 130 Cherry St., right on Cayuga Inlet. It would have about 120 affordable units. Recently, the project received environmental approval from the city’s Planning and Development Board. It received unanimous approval from TCIDA. Kelsey O’Connor is the managing editor for the Ithaca Voice. Questions? Story tips? Contact her at [email protected] and follow her on Twitter @bykelseyoconnor. More by Kelsey O’Connorlast_img read more

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