Indus Hospitality Group is requesting a 20-year tax incentive for a new hotel project in Newark, which is twice the usual duration offered by the local Industrial Development Agency (IDA).
According to the Finger Lakes Times, CEO Jett Mehta presented the $10.17 million plan for a four-story, 72-room Microtel Inn and Suites by Wyndham during a virtual IDA meeting on April 24.
This project follows Indus Hospitality’s previous developments in the area, including a Microtel and a KFC in Macedon.
The new hotel, proposed for a 2-acre site at 434 E. Union Street, has received all necessary approvals from the village, but construction has yet to begin.
Mehta highlighted recent economic challenges such as rising interest rates and construction costs as key reasons for needing the extended tax relief.
The IDA concluded the meeting without a decision, planning to further discuss the proposal in their next session, according to Brian Pincelli, Wayne County’s director of economic development and planning.
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