The Seneca County Industrial Development Agency (IDA) is set to hold a public hearing on March 14 at 6 p.m. at the Fayette town offices to deliberate on financial assistance for Groggery Development LLC. The developers, Chris Stamberger and Kyle Mosher, aim to transform the historic Fayette Hotel into a mixed-use property featuring six two-bedroom apartments and retail space, requesting exemptions from sales tax and a 10-year payment-in-lieu-of-taxes (PILOT) agreement.
To facilitate the development, the IDA plans to acquire and lease back the property, ending its leasehold interest at the lease’s conclusion. The proposal includes significant savings and benefits, as outlined in a cost-benefit analysis available for public review at the IDA office.
The financial aid sought totals $103,631, balancing property tax savings against sales tax exemptions, against projected benefits of $1,928,009. This includes job creation, PILOT payments, and additional revenue, indicating a substantial return on investment for the community.
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