The future of the Geneva Enterprise Development Center hangs in the balance as the city’s Industrial Development Agency contemplates extensive, necessary renovations.
The Finger Lakes Times reports the IDA, having assumed ownership of the facility in 1994, faces the decision of investing millions in improvements or selling the property potentially below its appraised value.
Last Wednesday, a special committee evaluated the building’s condition, where various businesses operate, receiving a somber evaluation of the structure’s needs.
Tracy Verrier from MRB Group provided three potential options: Investing in substantial upgrades to the existing infrastructure, subdividing parts of the property for potential partial sales or outright selling the building after determining necessary improvements for marketability.
One significant expenditure includes a $3 million roof replacement, with total renovations potentially costing up to $17 million. The discussions also highlighted the need for modifications to align with the city’s vision of fostering a conducive environment for budding businesses.
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