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

By Staff



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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