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Dinolfo Announces Imagine Monroe Year-End Results: 1,000+ Jobs Created, 3,000+ Retained

Dinolfo Announces Imagine Monroe Year-End Results: 1,000+ Jobs Created, 3,000+ Retained

Monroe County Executive Cheryl Dinolfo announced the year-end results of Imagine Monroe’s economic development efforts. Since the beginning of the year, Imagine Monroe has approved 107 projects that have created 1,042 jobs, retained 3,099 jobs, and attracted a total of $1.3 billion in private investment in Monroe County.

“We’ve seen incredible interest this year from employers looking to locate or expand in Monroe County as a result of Imagine Monroe’s reputation as a one-stop-shop for economic development,” said Dinolfo. “In addition to boosting our economy by attracting over $1 billion in local investment, Imagine Monroe projects created over 1,000 jobs and retained over 3,000 jobs for residents in 2017. Our strong year-end job creation results are just the latest sign that Monroe County is open for business!”

Dinolfo today also announced two economic development projects approved at Imagine Monroe’s December meeting for 49 Stone Street LLC and 2695 Apartments II LLC. The projects are expected to retain a total of 4 jobs and create a total of 4 new full-time jobs.

December 2017 Approved Projects:
Applicant:
49 Stone Street LLC
525 Union Street, Suite 101, Schenectady, NY 12305
Total Project Cost: $ 4,768,626 Mortgage and Sales Tax Exemptions
New Jobs Created: 1 new full-time job

49 Stone Street LLC, a Schenectady-based property development company, is proposing to purchase and renovate the property located at 49 Stone Street in the City of Rochester. Twenty 1-bedroom apartments and a studio apartment will be developed along with street level commercial space. The new apartments will include new, high-efficient furnaces and air conditioning along with other modern amenities, a rooftop deck, and will be pet-friendly. There will be 10% set aside for affordable housing. Rental rates will range between $1,200 and $1,600 per month. The $4.8 million project will create 1 new full-time job, and is estimated to create another 14 new full-time jobs from the leasing of the commercial space. 49 Stone Street LLC is seeking Mortgage and Sales Tax Exemptions for the project.

Applicant:
2695 Apartments II LLC
1080 Pittsford Victor Road, Pittsford, NY 14534
Total Project Cost: $44,666,935 – Sales and Mortgage Tax Exemption
New Jobs Created: 3 new full-time jobs

2695 Apartments II LLC, (2695) proposes to construct 249 market rate rental units on 34 acres in Henrietta’s Town Center as identified in the Comprehensive Plan. This property is adjacent to the former Dome Arena site. The proposed 11 buildings will create 1 to 3 bedroom apartments and townhouses, totaling 365,140 square feet. This $44.6 million project is projected to create 3 new full-time jobs over the next three years. The Town of Henrietta has requested the conveyance of these incentives as it supports the strategic plan for the community. This is the second phase of the residential development by these owners. Phase 1 included the construction of 124 apartment units as well as a clubhouse and received approval for sales and mortgage recording tax exemptions in July 2016. The applicant is seeking approval of sales and mortgage tax exemptions only.