City agency could vote on tax breaks Tuesday for South Crouse Avenue construction project
Ally Moreo | Photo Editor
A Syracuse city agency on Tuesday could approve tax breaks for the developers of the South Crouse Avenue construction project that would require the demolition of Hungry Chuck’s and several other businesses.
Syracuse’s Industrial Development Agency will hold a public meeting at 8:30 a.m. on Tuesday in the Common Council Chambers at City Hall. Developers at BLVD Equities, a real estate development firm based in New Jersey, have submitted a proposal to the IDA for $1.7 million in mortgage and sales tax breaks for their project to demolish the structures at 721-23 and 727 S. Crouse Ave. and construct an eight-story “mixed-use building.”
The IDA has been accepting public comments in recent weeks regarding those tax breaks, and Tuesday’s meeting will be the agency’s first opportunity to either approve or disapprove the tax breaks.
Jared Hutter, a manager of BLVD Equities, said in a recent interview that he believes the concept of tax exemptions are often misconstrued.
“Everyone thinks developers are taking money out of peoples’ pockets. That couldn’t be farther from the truth,” he said, arguing that taxpayers will benefit from the mixed-use building.
Hutter also said a number of construction jobs will be created through the project and that the developers will still pay the city a fee.
“The city of Syracuse actually benefits tremendously from programs like this,” he said.
— Enterprise Editor Jacob Gedetsis contributed reporting to this article.
Published on February 27, 2017 at 9:48 pm
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