08.20.2014  |   | Subscribe  | Contact us

All News & Blogs

E-mail Alerts

KYBECCA MISSES DEADLINE page 2
Not much to know about incentivized projects yet

Date published: 8/6/2009

continued

That will happen in March 2010, the same time Capital Ale House and Wegmans will collect their first year's worth of incentives.

Kybecca and Capital Ale House both have collected the Economic Development Authority grants that were part of their incentive agreements.

The EDA wrote a $25,000 check to Capital Ale House as partial reimbursement for the facade work it did before opening, and $24,000.45 in checks for the heating and cooling awning Kybecca installed at its wine bar.

Some of those checks went directly to the contractors who performed the work.

These grants are made from the funds the EDA collects in fees it charges private businesses to access tax-free financing. They are not made with tax dollars.

Capital Ale House's agreement gives it a 10-year, $75,000 reduction of its business license taxes. The bar must generate at least $100,000 a year in sales and meals taxes to be eligible for the incentive.

Wegmans' agreement promised it a $1.7 million reduction of its business license taxes over 10 years. The grocery store must generate at least $300,000 a year in local taxes to qualify.

When March rolls around, these three businesses will have to report to the city that they've made the investments and maintained the employment levels that made them eligible for economic incentives in the first place.

Emily Battle: 540/374-5413
Email: ebattle@freelancestar.com


Previous Page  1  2