$3.7 Million Housing Development Proposed in Le Roy
Posted by admin at 8:00 AM on Jul 8, 2022
BATAVIA, NY – The Genesee County Economic Development Center (GCEDC) Board of Directors accepted 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.
The proposed project will be located on 16 acres off Lake Street with easy access to village amenities and is a twenty-minute drive to downtown Rochester. In each phase, construction would be comprised of 10 duplexes creating 20 units. The first phase building will be approximately 35,312 square feet.
“We are excited to see more and more developer interest in our economic development efforts to increase the housing stock of rental and single-family homes across Genesee County,” said GCEDC President and CEO Steve Hyde.
A 2018 study by LaBella Associates determined that there is a significant long-term demand for approximately 4,800 new units of housing, including market rate housing in Genesee County.
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. The project will create 2 new jobs.
The project plans to construct an additional two future phases to bring the development to 60 total units.
A public hearing will be scheduled on the proposed financial assistance.