Press Release:
The Genesee County Economic Development Center (GCEDC) board of directors will consider an initial resolution for Country Side Apartments LLC’s proposed four 24-unit market rate apartment buildings at its board meeting on Thursday, October 5. The project’s capital investment is estimated at $15 million and would be located in the town of Pembroke.
The project is requesting assistance from the GCEDC with a sales tax exemption estimated at $739,200, a property tax abatement estimated at $2,020,688 based on the incremental increase in assessed value via a fixed 60% 20-year PILOT (Housing PILOT for 20+ market-rate units), and a mortgage tax exemption estimated at $130,000.
Each building will have eight 1-bedroom and 16 2-bedroom units, totaling 96 units throughout the complex. The project aligns with the Genesee County Economic Development Center's recognized need for housing availability.
The fiscal impacts on local benefits total $10,032,176 ($8,705,683 in temporary and ongoing payroll and $1,326,493 to the public in tax revenues). For every $1 of public benefit, the company is investing $5 into the local economy.
If the project application is accepted, a public hearing will be scheduled on the proposed project agreement in the town of Pembroke.
The October 5, GCEDC board meeting will be held at 4 p.m. at the MedTech Center’s Innovation Zone, 99 MedTech Drive, Batavia. Meeting materials and links to a live stream/on-demand recording of the meeting is available at www.gcedc.com.
