The project is called I-Square. It's a series of new shops and offices, set to be built at Titus Avenue and Cooper Road. The developer wanted a 25 year tax break, but the town board rejected it, and offered 10 years, instead.
Project developer Mike Nolan says the 10 year tax freeze is not economically feasible for the project. Right now, he says he won't move forward with the development.
This is the first big project the town's board has considered since the Medley Centre's 25 year PILOT which didn't spur any new development.
Board member Paul Marasco says the disappointment from that project factored in to the decision, however, he says he voted, "no," because Nolan was asking for $14 million of taxpayer money, "
Irondequoit taxpayer Heidi Mittiga was excited about the development and is disappointed the project has halted, "I thought that this was going to go through and now it's not and I'm really disappointed it's just one more blow for Irondequoit."
Marasco says the board would re-consider any other proposals Nolan brings to the table.