$3.72 million investment would create 60 units over various phases of development; board will meet in person for first time post COVID
Press release
BATAVIA, NY – The Genesee County Economic Development Center (GCEDC) Board of Directors will consider an application from Ivy Village Corp. for a $3.72 million investment that would create 20 units of market-rate senior housing in the village of Le Roy at its board meeting on Thursday, July 7, 2022.
To be constructed in three phases, the proposed project is located on 16 acres off Lake Street with easy access to village amenities and is a twenty-minute drive to downtown Rochester. Each phase calls for the construction of 10 duplex residences for a total of 20 units. The first phase building will be approximately 35,312 square feet and the project will create 2 new jobs
The GCEDC has proactively pursued new housing developments to meet the significant long-term demand for 4,800 new units identified in a 2018 study by LaBella Associates. This effort has been matched by developer interest in growing rental units and single-family homes.
“Housing is a critical element to our continued economic success and growth for Genesee County,” said GCEDC President and CEO Steve Hyde. “Projects like the proposal from Ivy Village Corp support active seniors who want to transition from their current homes without having to worry about maintenance is in strong demand. This movement has the added benefit of generating single-family housing availability for our workforce.”
Ivy Village Corp. is seeking approximately $805,000 in mortgage, property and sales tax incentives. The project’s fiscal impacts (indirect payroll and tax revenues) are estimated at over $3.5 million over the PILOT’s term, with $6 of local benefits from the project for every $1 of public investment.
If the application is accepted, a public hearing will be scheduled on the proposed financial assistance.
The July 7, 2022, GCEDC Board meeting will be held at the MedTech Center’s Innovation Zone, 99 MedTech Drive across the street from Genesee Community College. On-demand recording of the meeting also will be available at www.gcedc.com.