The County of Monroe Industrial Development Agency has approved tax incentives for the soon-to-be new owner of Rochester Technology Park — the former Kodak Elmgrove facility.
Tech Park Owner LLC, an affiliate of Brooklyn-based Tryad Group, will assume the PILOT incentives initially awarded to California developer Brad Cohen.
PILOT is payment in lieu of tax payments and essentially means a separate payment is made on the property tax — reducing the tax burden, said county economic development director Judy Seil. It is pending approval from the town of Gates.
Tryad Group purchased the 5 million-square-foot facility for $55 million and plans to invest $12 million in upgrades.
The company will receive a lower mortgage tax and sales tax exemption, which means it will not have to pay taxes on materials purchased for improvements. The new Tech Park owner expects to create 30 jobs at the facility over the next five years.
The tax incentives should help attract new businesses to Rochester Technology Park, said Josh Yashar, partner at Tryad Group. The deal should close next month, he said.
The COMIDA board also approved a tax-exempt civic facility bond for The Friendly Home, a nonprofit residential health care organization.
The $22 million project will affect 279 existing jobs with The Friendly Home seeking up to $19 million in civic facility revenue bonds.
COMIDA is a nonprofit, public benefit corporation and government agency that works to promote and attract jobs and businesses to the county.