COMIDA Approval of Tax Breaks Means Big Changes For Sibley Building
By: Caroline Tucker
Updated: December 18, 2012
Over the next 10 years, the Sibley building in downtown Rochester will get a complete overhaul.
COMIDA approved $3.2 million in state and local incentives on the Sibley building project. The 12-story building will be a mixed use site for retail, offices and apartments. The deal committed to with COMIDA is for more than two decades. In return for incentives, Winn Development will invest $5.8 million into the building and create five new jobs during the first three years of the project.
Work is already happening inside the building to create escalators that fit in historically with the building. The Rochester Police substation will move in on the first floor in July.
"It gives Winn confidence that they are going to be able to move forward with this project and it gives us confidence understanding how they are going to operate," business commissioner Carlos Carballada said.
"Redeveloping brings a lot of vitality to the area and that combined with what is happening with Midtown, with what the county and the city is doing is wonderful," vice president Joseph Eddy said.
Monroe Community College is still in the Sibley building and Winn Development is building the college a new staircase. But the question is will the school stay. MCC says it wants to move to the Kodak building and says it is the best option. The city wants to keep it at the Sibley building to help with continuing on the path to downtown development. That has yet to be decided.
COMIDA approved $3.2 million in state and local incentives on the Sibley building project. The 12-story building will be a mixed use site for retail, offices and apartments. The deal committed to with COMIDA is for more than two decades. In return for incentives, Winn Development will invest $5.8 million into the building and create five new jobs during the first three years of the project.
Work is already happening inside the building to create escalators that fit in historically with the building. The Rochester Police substation will move in on the first floor in July.
"It gives Winn confidence that they are going to be able to move forward with this project and it gives us confidence understanding how they are going to operate," business commissioner Carlos Carballada said.
"Redeveloping brings a lot of vitality to the area and that combined with what is happening with Midtown, with what the county and the city is doing is wonderful," vice president Joseph Eddy said.
Monroe Community College is still in the Sibley building and Winn Development is building the college a new staircase. But the question is will the school stay. MCC says it wants to move to the Kodak building and says it is the best option. The city wants to keep it at the Sibley building to help with continuing on the path to downtown development. That has yet to be decided.
