The Seneca County Industrial Development Agency (IDA) board unanimously approved a financial aid package for Groggery Development LLC, supporting the redevelopment of the former Fayette Hotel into apartments and retail space.
The package includes a payment-in-lieu-of-taxes (PILOT) agreement valued at $75,631 over 10 years and a $28,000 exemption from state and local sales tax on materials. The total aid amounts to $103,631, while a cost-benefit analysis projects $1.9 million in economic benefits, equating to $18.10 in benefits for every $1 of aid.
Groggery Development, led by Chris Stamberger and Kyle Mosher, plans to convert the site into six two-bedroom apartments and retail space. The IDA meeting, where the vote took place, was held at the board’s new offices at 2456 Route 414 in Seneca Falls.
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