AUBURN - The Cayuga County Industrial Development Agency is prepared to offer incentives to a prospective Sterling Renaissance Festival buyer.
A proposed deal with Oswego-based Ontario Realty includes a 10-year payment in lieu of taxes, waiver of the mortgage recording tax and eligibility for sales and use tax exemptions. The realty firm is owned by Douglas Waterbury, who is credited with turning around the Santa's Workshop theme park near Lake Placid.
“It's eligible because it is a regional tourist draw and it does provide significant economic benefits to the town of Sterling and northern Cayuga County,” said Steven Lynch, director of county Planning and Economic Development.
Renaissance Festival co-founders Gerald and Virginia Young have been looking to sell the property for a few years so they can retire from the event, which has been ongoing for more than 30 years. Attendance has dipped in recent summers, though.
Ontario Realty would purchase the business, grounds and equipment and continue running the festival. The buyer would pay taxes on the current assessed value, which is around $565,000, Lynch said.
Using the current assessment as a base, the PILOT would be applied to any additional value added to the property over time. As the property assessment increases, the PILOT will be applied to the difference between the added value and the base.
The festival owner would pay 90 percent of the difference the first year and the PILOT would decrease by 10 percent in each of the following nine years.
Each of the taxing jurisdictions would receive a predetermined cut of the PILOT. The 83-acre property at 15385 Farden Road is taxed by the county, town of Sterling and the Hannibal Central School District.
The IDA will have a public hearing on the PILOT proposal at 2 p.m. Jan. 22 in the Sterling Town Hall. Because of the inconvenient timing of the hearing, an information meeting is slated for 7 p.m. Thursday.
“We did that on our own to get the word out to the residents,” Lynch said.
The IDA board is expected to meet after the public hearing date to vote on a deal before the end of the month.
“It's eligible because it is a regional tourist draw and it does provide significant economic benefits to the town of Sterling and northern Cayuga County,” said Steven Lynch, director of county Planning and Economic Development.
Renaissance Festival co-founders Gerald and Virginia Young have been looking to sell the property for a few years so they can retire from the event, which has been ongoing for more than 30 years. Attendance has dipped in recent summers, though.
Ontario Realty would purchase the business, grounds and equipment and continue running the festival. The buyer would pay taxes on the current assessed value, which is around $565,000, Lynch said.
Using the current assessment as a base, the PILOT would be applied to any additional value added to the property over time. As the property assessment increases, the PILOT will be applied to the difference between the added value and the base.
The festival owner would pay 90 percent of the difference the first year and the PILOT would decrease by 10 percent in each of the following nine years.
Each of the taxing jurisdictions would receive a predetermined cut of the PILOT. The 83-acre property at 15385 Farden Road is taxed by the county, town of Sterling and the Hannibal Central School District.
The IDA will have a public hearing on the PILOT proposal at 2 p.m. Jan. 22 in the Sterling Town Hall. Because of the inconvenient timing of the hearing, an information meeting is slated for 7 p.m. Thursday.
“We did that on our own to get the word out to the residents,” Lynch said.
The IDA board is expected to meet after the public hearing date to vote on a deal before the end of the month.
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