Lake’s Edge Seneca development, set to take shape on former Geneva American Legion property on Lochland Road, seeks $ 8 million tax breaks.
According to the Finger Lakes Times, the developers say the construction cost will be about $ 25.2 million.
A 111-room luxury hotel with a rooftop bar and restaurant is planned. 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 30th for the city’s IDA to hear contributions from the community on the grant package.
What types of tax breaks are developers looking for? Approximately $ 1.4 million in construction sales tax exemption and $ 176,476 mortgage tax exemption. There is also a tax cut package worth around $ 6.9 million over 15 years.
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