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Wednesday 7 December 2022
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SIDA Gives Sibley’s Redevelopment Project $6 Million in Tax Breaks

By Staff

 

sibley

Sibley Building in downtown Syracuse

According to reports, the Syracuse Industrial Development Agency (SIDA) voted Tuesday to give the Sibley’s Department Store redevelopment project $5.74 million in tax breaks.

The agency voted 5-0 to give the project a 15-year property tax deal, which will exempt the $32 million project from an increase in property taxes for 10 years.

The property won’t be subject to paying full taxes for 15 years, following the exemptions’ phase-out, over the next four years.

Developers Robert Doucette and Richard deVito initially proposed the project, which will be the new home to Aspen Dental Management Inc.’s headquarters and a new performing arts center, two years ago. The building has been vacant since 2012.

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