ROCHESTER, N.Y. – The Monroe County Industrial Development Agency yesterday approved a $2 million tax benefit for ESL FCU’s new downtown office project, one of the lynchpins to this decaying Upstate city’s rehabilitation plans.
The benefit will allow the $3 billion credit union to claim a property tax abatement for 14 years in exchange for constructing an environmentally friendly “green building,” according to Judy Seil, executive director of the agency.
The action comes a week after the Rochester City Council approved the sale of downtown property to the credit union, which plans to build a six-story headquarters and parking garage at the site. The project is one of two being facilitated by the city – including new worldwide headquarters for telecom firm PAETEC – aimed at reviving the downtown area.
