Greece, N.Y. – The Greece Board of Education voted against a proposed tax agreement for The Mall at Greece Ridge.
Wilmorite had been seeking a tax break for the mall, reducing its bill by about $620,000 a year for the next 10 years. The company said the costs associated with keeping tenants has increased in recent years.
Further financial strain, the company says, has been caused by retailer bankruptcies and industry-wide closures.
Wilmorite released the following statement Wednesday:
While the outcome of last night’s vote was a setback, it does not eliminate the need for an amendment to the PILOT. We are very aware and deferential to the budgetary constraints and challenges all school districts face, including Greece. We respectfully disagree that the school district would not receive a ‘return on its investment’ by agreeing to the modification. The benefits of this assistance will be far more profound in the long term by stabilizing and growing commercial property tax values along the Ridge. The alternative may ultimately cost the district considerably more than what has been requested. We intend to continue dialogue with the respective taxing jurisdictions in the hope a compromise can be reached. If there was one thing we all agree upon, it’s the importance of keeping the mall and W. Ridge retail corridor prosperous for many years to come.