Medley Centre is paid up, as far as the town, county, and East Irondequoit School District are concerned.
Developer Scott Congel met a February 1 deadline for a $355,901 payment to the Monroe County Industrial Development Agency, the town, and the school district. That was the amount owed under a 2009 payment in lieu of taxes agreement.
Congel has generally been on time with the payments, says Irondequoit Supervisor Mary Joyce D'Aurizio. But he has another obligation coming up. By April 7, Congel has to prove that he's invested $90 million in the Medley Centre redevelopment project. If he doesn't, he'll owe the town a penalty payment. The amount is set by a formula, but the fine would be, at minimum, several hundred thousand dollars.
Last year, Congel pushed off the $90 million investment milestone using two six-month extensions. At the time, county and Irondequoit officials said they had serious concerns about how much the developer had actually invested in the redevelopment project.
Comments for "DEVELOPMENT: Congel makes on-time tax payment" (1)
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clint said on Feb. 04, 2012 at 8:53pm
This topic is funny for me, but not because of the normal ranting and raving about the developer. First, the moment at which they were trying to do the deal was the moment that banks bailed on every project in the country! City and other newspapers have chronicled that, but not tied it to this project. Banks bailed, now, banks are looking at and liking the deal. But, along the way, we kill our young. We talk about why deals do not get done, then, frame them as not able to do, when in fact, they can be done! Congel may not be a media darling...but, I will bet he will get this project done!
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