The Lake’s Edge Seneca development, which is expected to take shape at the former Geneva American Legion property on Lochland Road are seeking out $8 million in tax breaks.
According to the Finger Lakes Times, developers say construction costs will run approximately $25.2 million.
The plan is for a 111-room luxury hotel with rooftop bar and restaurant. There will also be a wedding and event venue, as well as a 7,000 square foot restaurant and brewery.
A public hearing is scheduled for Tuesday, November 30 for the city’s IDA to hear input from the community about the financial assistance package.
What kinds of tax breaks are developers seeking? Around $1.4 million in a sales tax exemption on construction, as well as a $176,476 mortgage tax exemption. There’s also a tax abatement package worth around $6.9 million over 15 years.