Updated 09/19/2012 02:15 PM
Irondequoit Town Board Has Concerns About I-Square Project
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The Irondequoit Town Board wants at least another week to consider a tax credit proposal for I-Square developer Mike Nolan.
The board did not vote after a four hour meeting Tuesday night about the next stage in the Titus Avenue development.
Last night, the town board expressed concern about the 25 year length of the PILOT program. Nolan is seeking a 25-year payment in lieu of taxes to lock the property tax rate.
Board members said they are concerned about the Nolan's lack of a business plan. The town says it needs to consider things like infratructure, drainage and public safety.
Nolan wants to redevelop parts of Union Park, Titus Avenue and Stranahan Park into a seven building mixed-use property. Nolan said his project depends on the tax breaks and that his proposal would add no cost to the tax system.
"We are building I-Square for fun, we are building I-Square because we love Irondequoit, we are building it for so many good reasons," said Mike Nolan. "I do not want to be put on a schedule. I want to do this the way that it should be done, which is enjoy the process and build buildings that need to be built and do it in a comfortable way. If it leads to different things being in the buildings than that it where it leads then that is the way we want to build it."
"I have to worry about 52,000 residents and how their pocketbooks are affected by these decisions," said Mary Joyce D'Aurizio, Irondequoit Town Supervisor. "Yes, I-Square is a fantastic project, but when we come right down to it, the business plan tells us more specifically how each building will be profitable because, let's face it, if it's not profitable, those businesses are not going to survive."
The board will hold a special meeting next Wednesday, September 26, where they are expected to vote on the proposed I-Square tax credit.