Ontario County report favors North Shore lakefront project
By Megan Brandow,
CANANDAIGUA — The Ontario County Industrial Development Agency approved a cost-benefit analysis Monday that lays out the proposed North Shore project as a positive investment.
The project will stretch along 21 acres on Lakeshore Drive — across from Kershaw Park — and will be constructed in five phases by Rochester-based developer Morgan-LeChase. When all stages are complete, the mixed-use development will include retail stores, restaurants, apartments and condominiums.
The IDA's analysis estimates that the net benefit of the development — benefits minus costs — will be nearly $29 million over 30 years throughout all five stages of the $116 million project. The report essentially looks at the tax breaks as costs and the anticipated tax revenues as benefits. The difference in those estimated numbers would benefit all the affected taxing jurisdictions — the City of Canandaigua, the Canandaigua City School District and Ontario County — as well as the state, according to the analysis.
- See more at: http://m.mpnnow.com/article/20140225/NEWS/140229777#sthash.wx87wDes.dpuf
